JP Morgan Russian Securities: New mandate will help avoid 95% losses

60/40 split in favour

Eve Maddock-Jones
clock • 4 min read

Just over 60% of shareholders voted through proposed mandate changes in the JP Morgan Russian Securities trust at the company’s annual general meeting yesterday (23 November).

This update involves an immediate renaming of the investment trust to the JP Morgan Emerging Europe, Middle East & Africa Securities, reflecting the new areas now open to the managers. The changes were initially signalled in the summer, back when the management claimed it still had enough resources to continue operating despite the closing of the Moscow Stock Exchange and the trust's over 95% net asset value decline. But with Russia's invasion of Ukraine now in its ninth month, the investment backdrop for the company remained bleak and the management sought a way out of its investment...

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