JPM renames Discovery Trust

JPMorgan has changed the name of its US Discovery investment trust following a change in the investment objective.

The vehicle, managed by Glenn Gawronski, has been renamed the US Smaller Companies investment trust with immediate effect, following a shareholder vote at the company's annual general meeting. Davina Walter, the company chairman, says the new name better reflects the trust's aim to achieve long-term capital growth through investing in the US smaller companies sector. JPM says the former name implied a mandate to invest in early stage and unquoted companies. The US smaller companies universe comprises over 2,500 companies and represents the bottom 10% of the US stock market by marke...