JPM fund manager, Michael Barakos, has stepped back from the team that manages the JPMorgan Funds - Europe Equity Absolute Alpha fund, a spokesperson confirmed with International Investment's sister title Investment Week.

He has been at the helm of the €46.2m fund since it launched in 2013. Nicholas Hoarne and Ben Stapely will remain on the fund, joined by Matt Jones as the third manager. 

According to JPM, the move to name Jones as a manager on the fund was part of a "natural progression" in the firm. 

The Luxembourg-domiciled SICAV fund, which targets a total return through long and short investments in European companies, has returned 27.9% over five years, compared with a sector average of 7.4%, according to FE fundinfo data. Over one year, the fund returned 17.1% against a sector average of 6.3%.

It has consistently been ranked in the first quartile among its peers.

Away from the fund, Barakos (pictured) is co-chief investment officer for the J.P. Morgan Asset Management International Equity Group - behavioural finance team, having joined the firm in 1999.