J.P. Morgan to close US Growth Alpha Plus fund

J.P. Morgan has decided to close its £9m US Growth Alpha Plus fund as significant outflows have seen the portfolio dwindle in size.

Letters have been sent to investors informing them the fund is to be wound down. The proposed closure date is 31 October. The fund, headed up by Gregory Luttrell, launched three years ago but performance has disappointed, with the fund returning 8.3% compared to the IMA North America sector average of 19.5%, according to FE. "On 14 September the fund was valued at £9m, which is well below the £20m threshold stipulated in the prospectus," the group said. "Due to the small size we have decided to put the fund into liquidation, with effect from the close of business on 31 October 2011...