JPMAM launches multi-asset trust but falls short of £150m target

Passed minimum raise of £50m

J. P. Morgan Asset Management (JPMAM) has officially launched its Multi-Asset trust, managed by Gareth Witcomb and Katy Thorneycroft, raising over £90m but not reaching its fundraising target of £150m.

The board confirmed 93,089,092 ordinary shares were issued and the initial public offering (IPO) raised £93.1m. In the trust's prosectus and previous statements from the group it said it was targeting gross proceeds of £150m but had set a minimum target of £50m. Chairman Sir Laurence Magnus said:"We are very pleased to launch JPMorgan Multi-Asset trust. In spite of the recent market volatility, the fundraising was well-supported by investors. "The company's objective of income generation and capital growth, to be achieved through a multi-asset strategy, is compelling. We can now turn ...