JPM trust launch misses target after Investec Wealth pulls out

The J.P. Morgan Senior Secured Loans trust has failed to meet its £100m fundraising target after Investec Wealth & Investment opted not to back the launch.

Investment Week understands the trust, which could list on the London Stock Exchange as soon as today, is thought to have amassed around £75m in assets during its subscription period, highlighting the difficult environment for new launches. “The company has received indicative demand for over 70 million shares under the placing and the offer for subscription,” the trust said in a statement to the stock exchange earlier this month. J.P. Morgan Asset Management said in October it was seeking to raise “at least £100m” for the launch; it is understood the group had hoped to raise as much ...