JPM to shut Gregson's mining fund amid sector sell-off

J.P. Morgan Asset Management (JPMAM) is closing two underperforming funds, including a commodities fund run by Neil Gregson which has suffered sizeable losses following the sell-off in the mining sector.

Investment Week can reveal the group is liquidating Gregson's £4m Global Mining fund pending FCA approval, as well as the £9m Balanced Total Return fund managed by Talib Sheikh. The J.P. Morgan Global Mining fund was launched in January 2011, in response to what the group called "investor demand for a focused mining sector fund". However, dire performance from mining stocks has seen the fund shed 13.9% of its value in the last year, according to Morningstar, as concerns about slowing growth in China led to savage falls in commodities prices. Gregson will continue to run the popular...