JP Morgan is to launch a UK Equity Fund and a global Capital Growth Fund to its UK clients during Oc...
JP Morgan is to launch a UK Equity Fund and a global Capital Growth Fund to its UK clients during October
Kathleen McKay, head of UK private banking business at JP Morgan, said the two funds both sterling-denominated Sicavs to be launched early next month will complement the full range of international products that JP Morgan already offers to UK clients
The UK Equity Fund, will be benchmarked against the FTSE All-Share index and will be managed by Steve Goldman, head of client portfolio management London equities and UK equities. McKay said the fund is likely to start off with a diverse portfolio of 75 to 100 individual securities. The Capital Growth Fund will be invested in global equities, with some fixed-interest securities
At any one time this portfolio, which is expected to hold up to 120 stocks, can hold up to 25% in fixed-interest securities. Ind-ices used to benchmark the fund will be the MSCI World Index for equities and the Solomon World Global Bond Index for the fixed-interest portion
The fund will be managed by Gabriel Zimenex, who was previously based in JP Morgan's Madrid office
McKay said the equity portion of the Capital Growth Fund is likely to be underweight in US and UK equities because stock valuations are stretched and will be overweight in Japan and Europe, on the back of corporate restructuring and merger and acquisition activity in both regions
Investors must be clients of JP Morgan to invest in these funds. A client's minimum investment in 'A' class shares is £30,000, in 'B' class shares £3m and in 'C' class the minimum investment is £6m
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress