JPMAM's Lanning opts for mining tracker in place of active options

J.P. Morgan Asset Management (JPMAM)'s Tony Lanning has bought into a resources ETF across his multi-manager range, after exhausting the search for an active alternative.

The former Henderson director of multi-asset, who joined JPMAM in January to run its five Fusion fund of funds, said a bearish view on gold and oil forced him to consider the DBX Stoxx 600 Basic Resources ETF, a pan-European fund investing primarily in general miners. Natural resources managers, including the firm’s own Neil Gregson, have been forced to diversify into assets including oil and diamond miners, after being hit by the sell-off in commodities. Lanning said this had led him to move away from active managers. “Where we have exposure to commodities across the range it is thro...