JP Morgan Asset Management (JPMAM) has introduced renminbi share class for the JPMorgan Asia Equity Dividend Fund.
Prior to the introduction of the new renminbi share class, the fund has been offering eight currency choices, namely, USD, HKD, AUD hedged, CAD hedged, EUR hedged, GBP hedged, NZD hedged and SGD hedged classes, according to theasset.com.
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"The need for renminbi products is evident from the internationalization of the currency accompanied by the rapid growth of renminbi deposits in Hong Kong since 2010. The launch of this new share class provides investors with an option for investing their renminbi holdings in a proven Asian investment strategy for the longer term," the website quoted Eddy Wong, head of intermediary business at JPMAM, as saying.
The minimum investment amount with the new share class is RMB16,000 (US$2,589) and subscriptions can be done via any renminbi bank accounts.
JPMorgan Asia Equity Dividend Fund is designed to capture income opportunities and long-term capital growth potential in the Asia-Pacific region excluding Japan. The portfolio includes Asian stocks and Reits that are expected to pay dividends.
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