JP Morgan Asset Management (JPMAM) is merging its £457m US fund into the smaller JPM US Select fund due to their "overlapping investment strategies".
Subject to shareholder approval at an Extraordinary General Meeting (EGM) on 13th April, the merger will take place on 28th April 2018. In a letter to shareholders, JPMAM said the £200m US Select fund, co-managed by Susan Bao, Scott Davis and David Small, has been chosen as the receiving fund by the ACD as it believes it "has better prospects for future growth". The merging funds will bear a one-off transaction cost, which is estimated to be around 0.21%, but no any additional legal, advisory or administrative costs associated with the merger will be borne by the funds. Investors i...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
