JP Morgan Asset Management is to merge away more than 100 of its 650 funds across the US and Asia as part of a larger worldwide cull.
The firm plans to axe 100 funds in its stable of active funds and plough the money it saves into the creation of new products.
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The move to cut as much as 15% of its line-up across Asia and the US comes after JPMorgan opted to cull 49 of its funds in Europe by the first quarter of next year to streamline its product range.
The merging plan follows the company moves to introduce active strategies into exchange traded funds.
JPM has increasingly been pushing into the passive and liability-driven investment-style target dated funds markets and will blend this approach with its remaining active strategies.
George Gatch, chief executive of JP Morgan AM global funds management business, said: "There has been a proliferation of mutual funds around the world and I think it’s sensible for us to try to simplify our line-up."
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