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Advisers question JPM soft-closing global fund

Advisers have questioned JP Morgan Asset Management’s decision to soft-close its £2.7bn Luxemburg-domiciled global natural resources fund without looking at future asset flows into the £2.5bn onshore version.

Last month, Money Marketing revealed that as of December 10, 2010, all future investment into the global fund is restricted to existing investors only. It is understood the portfolio management team have expressed concern that if assets continue to grow, it could affect the management of the fund and force a hard closure.

The flagship JPM natural resources fund has been managed by Ian Henderson since 2000 and operates a similar strategy to the offshore version.

Skerritt Consultants head of investments Andy Merricks says: “I take it as a hint that something may happen with the UK version. We may see a new version crea-ted with a similar strategy.”

Hargreaves Lansdown investment manager Ben Yearsley says: “Maybe they think if more assets are to come into the range, it would be best that they come into the UK as it is their only real big seller in the market.”

JPM head of UK retail sales Mike Parsons says: “We chose to slow assets into the Sicav as these assets tend to come in great quantities from a small number of organisations. The UK offering remains open.”

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