JP Morgan Asset Management is to liquidate eight Luxembourg-domiciled Sicavs as part of a comprehensive strategic review of its entire fund range.
The Global Agriculture fund, Global Infrastructure Trends fund, Japan Small Cap fund, Pacific Technology fund, Japan Behavioural Finance Equity fund and the JPMorgan Series II Funds will all be shut down on 30 August 2013.
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The closure follows the merger of the £276.6 million UK Equity fund into the £5.8m Strategic Growth fund, and the £17 million Emerging Market Infrastructure merger with the £1.1 billion Emerging Markets fund, while the Oeic versions of Global Mining fund and the Balanced Total Return fund are set to close on 12 August 2013.
The Sicav versions of global mining and UK Equity will also be liquidated, following the closure of their Oiec counterparts.
JP Morgan said the strategic review is continuing and that affected investors will be contacted as and when fund liquidations and mergers are identified.
The bank’s focus on the simplification of its portfolio has ultimately resulted in the closure.
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By GlobalDataJP Morgan said: "These liquidations were identified as part of a comprehensive, strategic review of the overall JP Morgan Asset Management fund range, with the aim of simplifying and improving the offering, ensuring that shareholders have access to a broadly diversified and innovative product range.
"The review of the UK range helps ensure products ranges are fit for purpose for UK investors and that our offerings meet long-term client demands," the company added.
