JP Morgan Fleming is adding five Asian country funds to its Luxembourg Sicav range, writes Fiona Hen...
JP Morgan Fleming is adding five Asian country funds to its Luxembourg Sicav range, writes Fiona Henderson.
The portfolios, all to be launched over the next six weeks, are Pacific Income, managed by Miles Geldard, Greater China, run by Steve Luk, Hong Kong, run by Chung Man Wing, Singapore, managed by Joshua Tay and Taiwan, which is headed by Jack Pan. The launches are effectively transfers of five existing portfolios in Flemings' Hong Kong domiciled range of funds.
Adam Fairhead, head of product development, at JP Morgan Fleming, said: "We believe there will be strong demand for these country portfolios. We do not currently have regulated funds of these kind available to pan-European investors."
At the same time 10 Jardine Fleming funds domiciled in Hong Kong will be merged into existing funds in the Luxembourg range. This will leave around 20 funds in Hong Kong.
The Hong Kong-based China, America, Eastern Europe, German Opportunities and European funds will be merged into their Luxembourg equivalents, which each have the same names. In addition the Global Securities fund will be merged into the Luxembourg-based Fleming Global Equity fund while the Continental European fund will be integrated into Fleming Euro Equity. The US Dollar and Sterling funds along with European technology will also be merging into the Fleming range.
The Asian funds will continue to be managed from Singapore or Hong Kong, while UK and European funds will be managed from the UK and US funds from the US, Fairhead said.
The charging structure for the new funds includes a 1.5% annual management charge and an initial charge of 5%. Commission is available on the JP Morgan Fleming range but this will vary from fund to fund.
The changes will take place in three stages. On 18 May the Hong Kong-based country funds will be added to the Luxembourg Sicav. On the 1 June the Global Securities, European, Continental Europe, US Dollar and Sterling fund will be integrated.
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