Meriwether takes lead role

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John Meriwether will be taking the lead role in managing a new directional macro fund that is being launched by JWM Partners in May. The fund will still focus on Meriwether's fixed income specialism, but will also include equity, foreign exchange and even commodities in a typical macro strategy.

The new fund represents a significant move up the risk curve for Meriwether and his team, which since the demise of Long-Term Capital Management in 1998 have focused on super-low risk returns in the main JWM Relative Value Opportunity Portfolio.

The relative value, fixed income strategy has notched up annualized returns