J.P. Morgan Chase is readying a mutual fund that will invest like hedge fund, reports the New York Times. Hedge funds in mutual fund drag are an increasingly popular product among advisors seeking to attract new investors and leverage their existing capabilities.

In J.P. Morgan Chase's case, the new fund will be managed by Highbridge Capital Management, an affiliate that the bank purchased in 2004 and that already manages $9 billion of assets.

The Highbridge Statistical Market Neutral fund will follow the investment strategy reflected in its name. The bank will broadly market the fund, which will carry a minimum initial investment of just $10,000. The fund also will carry a 195 basis point expense ratio.

"We are offering individual investors the jewel in our crown," Glenn R. Dubin, the co-founder of Highbridge, told the NY Times.

Highbridge specializes in building quantitative models to decide which stocks to buy and sell. 

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