J.P. Morgan Asset Management announced the launch of the JPMorgan Income ETF (JPIE), an active fixed income ETF that targets debt securities across the fixed income space, seeking to deliver yield with lower volatility and attractive distributions.
JPIE draws upon the combined expertise of the firm’s Global Fixed Income Currency and Commodities (GFICC) platform, providing the best ideas from diverse asset class expertise and broad investment capabilities.
“This current cycle has shown that passive fixed income investing has some limitations and may not be able to deliver the full range of portfolio stabilization, diversification and return enhancements benefits most investors now expect. In this environment, investors can benefit from intentional exposure to securities and sectors that active management can provide,” said Bryon Lake, global head of ETF solutions at J.P. Morgan Asset Management. Lake added, “for when our clients need the active expertise to navigate macro and micro market challenges, JPIE uses a flexible, opportunistic approach that combines strategy and sector rotation, delivering a liquid, cost-effective and efficient way to build and manage a diversified fixed income portfolio.”
JPIE expands J.P. Morgan Asset Management’s suite of active fixed income funds to 10 products. The full suite of 38 U.S. funds commands over $68 billion AUM. Other products include the award-winning JPMorgan Ultra-Short Income ETF (JPST ), which won Fund Intelligence’s 2020 Fixed Income ETF of the Year.
The fund is managed by Andrew Norelli, Andrew Headley, and Thomas Hauser, the same team that manages the JPMorgan Income Fund (JMSIX). The experienced managers bring high yield, securitized, and macro backgrounds, and draw on the best income ideas of a global team of more than 290 investment professionals.
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Andrew Norelli, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in Columbus, he is a portfolio manager for several multi-sector fixed income strategies, both benchmarked and unconstrained, and is a member of the Asset Allocation Committee for JPMorgan Investor Funds. Andrew focuses on portfolio construction, asset allocation, macroeconomic strategy, and global market dynamics. Additionally, Andrew’s specialist knowledge of emerging markets and distressed credit resolution are integral to the assessment of global investment opportunities and proactive risk mitigation. Prior to joining the firm in 2012, Andrew spent eleven years as a trader at Morgan Stanley, ultimately serving as co-head of the firm’s emerging markets credit trading desk from 2008 to 2012. Andrew holds an A.B. summa cum laude in economics from Princeton University.
Andrew Headley, managing director, is the Head of Securitized Strategies within the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, he is responsible for overseeing the agency & non-agency mortgage-backed securities, commercial mortgage-backed securities, commercial mortgage loan (CML) investment teams and securitized credit research. He is also responsible for managing mortgage portfolios as well as developing and implementing mortgage strategies for multi-sector portfolios. An employee since 2005, Drew previously worked as a portfolio manager at Bear Stearns Asset Management, overseeing the mortgage and asset-backed sectors for the core fixed income strategies. Prior to this, Drew was a portfolio manager at Fischer Francis Trees & Watts (a subsidiary of BNP Paribas Asset Management) for eleven years, specializing in mortgage and broad market portfolios. Drew holds a B.S. in economics from the Wharton School of the University of Pennsylvania and is a CFA charterholder.
Thomas Hauser, managing director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group and is responsible for managing high yield investments for the Fund. Based in Indianapolis, he is a senior portfolio manager for GFICC High Yield Fixed Income Team and is responsible for overseeing high yield total return strategies, sub-advised mutual fund assets and absolute return credit products. Prior to joining the firm in 2004, Thomas was at 40|86 Advisors, most recently serving as a co-portfolio manager on three mutual funds and as the co-head of the Collateralized Bond Obligation (CBO) Group. Previously, Thomas worked at Van Kampen Investments co-managing several high yield mutual funds and leading the high yield trading desk. Thomas holds a B.S. in finance from Miami (Ohio) University and is a CFA charterholder.
J.P. Morgan Asset Management, with assets under management of USD 2.7 trillion (as of 30 September 2021), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.
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