Miles Geldard, managing director of fixed income and balanced funds at JF Asset Management in Hong Kong, has taken over running the firm's $160 million JF Asia Absolute Return Fund. He replaces Roger Ellis, the firm's CIO, who has just departed. Piers Litherland is the new CIO.

Geldard's derivatives and currency experience made him the man to fill Ellis' shoes. Ellis had managed the fund since October, 1998, and enjoyed consistent positive returns. Ellis was also instrumental to the fund's raisings.

The fund's objective is to provide long-term capital growth in US dollar terms through an aggressively managed portfolio of equities, bonds and currencies, and derivatives of these. The manager primarily invests in the Asia-Pacific region, including Japan.

JPMorgan Fleming Asset Management, of which JF Asset Management is a unit, manages a total of $11.1 billion from Hong Kong and $32.3 billion regionally.