JP Morgan Asset Management is to planning merge nine Luxembourg SICAV sub-funds as part of a review of its overall European fund range.
The funds which will be merged include JPMorgan Funds – Emerging Markets Infrastructure Equity fund into Emerging Markets Equity fund and JPMorgan Funds – Europe Micro Cap fund into Europe Dynamic Small Cap fund.
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Other changes include JPMorgan Funds – Europe Dynamic Mega Cap fund into Europe Dynamic fund and JPMorgan Funds – Euro AAA Rated Government Bond fund into EU Government Bond fund and JPMorgan Investment Funds – Europe Bond fund into Euro Aggregate Bond fund.
JPMorgan Funds – Global Duration-Hedged Corporate Bond fund will be mergged into Global Corporate Bond fund and JPMorgan Investment Funds – Japan Focus fund will be marged into Japan 50 Equity fund.
The company has also revealed that the JP Morgan Funds America Large Cap Fund will be merged into the JP Morgan Investment Funds (JPMIF) US Equity Fund, and the JPIF Global Total Return Fund will be merged into the JPMIF Global Capital Appreciate Fund.
JP Morgan chief executive officer of global fund management George Gatch told Financial News that the closures were "a culmination of a comprehensive strategic review of the company’s global mutual fund product line" and similar reviews were scheduled to get underway in the US and Asia.
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By GlobalDataGatch said, "The process is to ensure a highly diversified fund range with the right products across asset classes to satisfy our client needs. The reason we have done this is to ensure that our product line is evolving to meet the needs of our clients and investors."
"We believe that there is a fairly seismic shift that is happening as a result of what has happened over the past decade in change of demographics. It is a long term trend with an aging of the population, increasing number of people who are moving towards or in retirement and their requirements for investments that are focussed around providing income versus just accumulating assets."
