JPMorgan Asset Management is to merge away three underperforming UK and emerging markets funds and launch a new retail product as it completes an overhaul of its UK fund range.
The group’s UK Equity, Emerging Markets Infrastructure and Institutional Balanced funds are all set to be merged away, pending shareholder approval.
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The £272.6 million UK Equity fund is being merged into the £5.8 million UK Strategic Growth fund and both the funds are run by Ian Butler and Ben Stapley. Both funds are benchmarked to the FTSE All-Share index and aim to provide long term capital growth but until now were managed with a different investment style.
The Richard Titherington’s £17 million Emerging Market Infrastructure fund will be merged into Austin Forey and Leon Eidelman’s £1.1 billion Emerging Markets fund, as it did not see sufficient investor demand.
The £34 million Institutional Balanced fund will be re-launched as a retail proposition and named as Balanced Managed fund, run by James Elliot. The renamed fund will have a composite benchmark made up of the MSCI World index and the JPMorgan Government Bond Index Global.
Mike Parsons, head of UK fund sales at JPMorgan AM, said: "It’s a strategic review of the overall fund range and this is the next stage in that process. We are constantly making sure the range is suitable."
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By GlobalDataThe changes are subject to a shareholder vote on 16 August 2013, and if approved they will become effective on 31 August 2013.
