J.P. Morgan Asset Management (JPMAM) is to merge away three funds and launch a new retail product as it completes an overhaul of its UK fund range, Investment Week can reveal.
The group's UK Equity, Emerging Markets Infrastructure and Institutional Balanced funds are all set to be merged away, pending shareholder approval.
The moves follow last month's closure of Neil Gregson's £4m Global Mining fund as well as Talib Sheikh's £9m Balanced Total Return fund.
The £274m UK Equity fund, managed by Ian Butler and Tom Buckingham, is to be merged with the better-performing £6m UK Strategic Growth fund, also managed by the duo.
The funds both have a FTSE All Share benchmark and are run from JPMAM's behavioural finance desk, but UK Equity has a focus on value as well as growth stocks.
"From an investor's point of view they will be getting the same management team and objectives but a slightly different style," said head of retail sales Mike Parsons.
Meanwhile, the underperforming £17m Emerging Markets Infrastructure fund, managed by Leon Eidelman and Richard Titherington, is to be merged into the Eidelman and Austin Forey's more generalist £1.1bn Emerging Markets fund.
Titherington will continue in his role as emerging market equities CIO at the firm.
"The fund is a very thematic and specialist fund and is relatively small in size," Parsons said. "It hasn't generated a huge amount of interest since launch and isn't experiencing any growth."
JPMAM is also merging away the £34m Institutional Balanced fund into a newly-created retail Balanced Managed portfolio, run by the firm's multi-asset team headed by James Elliot.
The new fund will sit in the Mixed Investment 40-85% Shares sector, benchmarked 70% against global equities and 30% against global bonds.
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