Shares of JPMorgan Chase & Co. (NYSE:JPM) ended Wednesday session in red amid volatile trading. The shares closed down -0.14 points or -0.21% at $66.40 with 12.65 million shares getting traded. Post opening the session at $66.27, the shares hit an intraday low of $66.21 and an intraday high of $67.25 and the price vacillated in this range throughout the day. The company has a market cap of $237.94 billion and the numbers of outstanding shares have been calculated to be 3.61 billion shares.
On Sept. 14, 2016 J.P. Morgan Asset Management announced the launch of its first alternative and actively managed ETF, JPMorgan Diversified Alternatives ETF (JPHF). The ETF provides investors with diversified exposure to hedge funds strategies including equity long/short, event driven and global macro strategies.
A global leader in alternatives investing, J.P. Morgan manages more than $120bn in alternatives globally. JPHF was designed and is managed by Yazann Romahi, Global Head of Quantitative Beta Solutions at J.P. Morgan Asset Management. A pioneer in hedge fund beta investing, Romahi created the ETF with the support of a team of 17 investment specialists who have been focused on beta philosophy research and development for more than a decade. In addition, the team manages over $3.5bn of assets in alternative beta with this ETF being the latest extension of their offering.
JPHF aims to democratize hedge fund investing by providing investors with institutional quality hedge fund strategy in a cost efficient, tradeable ETF wrapper. The ETF can serve as a core component of a portfolio’s alternatives allocation. The bottom-up approach results in a purer capture of the hedge fund exposure and better diversification than traditional hedge fund replication strategies, as it employs strategies that have true low correlation to traditional markets.
“In the past, alternative investments have been an exclusive option only accessible by a small portion of investors; however, JPHF now makes these investment vehicles available to a wider array of investors,” said Robert Deutsch, Head of ETFs for J.P. Morgan Asset Management. “Alternative beta strategies provide investors with true diversification with attractive liquidity, transparency and cost.”
“Since 2005, we’ve had a team dedicated to researching and developing a leading alternative beta capability and we are thrilled to adapt this strategy for a new investment wrapper,” said Yazann Romahi. “JPHF helps to increase diversification, reduce overall portfolio volatility and deliver higher portfolio risk-adjusted returns.”
Shares of Morgan Stanley (NYSE:MS) ended Wednesday session in green amid volatile trading. The shares closed up +0.10 points or 0.32% at $31.56 with 11.69 million shares getting traded. Post opening the session at $31.49, the shares hit an intraday low of $31.31 and an intraday high of $31.81 and the price vacillated in this range throughout the day. The company has a market cap of $58.88 billion and the numbers of outstanding shares have been calculated to be 1.91 billion shares.
On September 6, 2016 Investment funds managed by Morgan Stanley Global Private Equity (collectively, “MSPE”) announced that they have completed an investment in Cadence Education, Inc. (“Cadence Education” or the “Company”). Financial terms of the transaction were not disclosed.
Cadence Education, headquartered in Scottsdale, AZ, is one of the United States’ leading providers of early childhood education, focusing on the care and curriculum-based education of children between the ages of six weeks and twelve years old. The Company’s national platform of more than 150 schools has the capacity to serve more than 20,000 students across 20 different states.
Aaron Sack, Co-Head of Morgan Stanley Global Private Equity, said, “We are excited to invest in Cadence Education, which is a leading provider of high quality early childhood education in the U.S. We look forward to supporting the talented management team during the coming years of organic and acquisition-fueled growth.”
Jim Howland, Managing Director and Operating Partner of Morgan Stanley Global Private Equity, added, “We are delighted to partner with a management team committed to providing an exceptional educational experience for children and peace of mind for parents. As with our prior investments in education, we look forward to supporting management as they further strengthen the company and its educational offering through investing in sophisticated marketing, technology and educational capabilities.”
Dave Goldberg, President and Chief Executive Officer of Cadence Education, said, “We are excited to partner with Morgan Stanley Global Private Equity and enter a new phase of growth. We are proud of the accomplishments of the entire Cadence Education team and expect this new partnership to help us continue to deliver the highest quality care and education to families. We expect this partnership to help us to deliver on our brand promise and continue our mission of becoming the leading provider of early childhood education.”