Retail investors plan to vote against JP Morgan Russian Securities mandate changes

Not told ahead of time

Eve Maddock-Jones
clock • 6 min read

Retail investors in JP Morgan Russian Securities trust are preparing to vote against a proposal to expand the investment universe, on the grounds that it devalues their investment and goes against what they signed up for.

The board of JRS announced last month (27 October) that it wanted to expand its investment opportunities to beyond Russia to invest in equities domiciled in central, eastern and southern Europe (including Russia), the Middle East and Africa, including those markets that are considered as emerging markets according to the S&P Emerging Europe, Middle East and Africa index. These changes were first hinted at back in July in the trust's half-yearly report, when management claimed it still had "adequate resources" to stay open, despite its then 95.2% drop in net asset value and as Russia's in...

To continue reading this article...

Join Investment Week for free

  • 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

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Trustpilot