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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.”


Mr Sipp retires after 40 years

Suffolk Life’s director of marketing John Moret has retired. Moret has worked in financial services for 40 years and earned the nickname “Mr Sipp” after spending much of his career promoting the product.


Aifa needs to show some fighting spirit

A couple of weeks ago, just before the new year, one of my regular correspondents sent me an email. This person is an IFA and has been round the block a few times. We do not agree on many things. Indeed, we tend to find common cause on very little. But his semi-regular caustic take […]

Standard Life creates regional tech consultant roles

Standard Life has created five regional technology consultant roles to support advisers using its Adviserzone platform. The group says the consultants will help advisers use online services to secure business benefits like cost reductions and revenue gains. Advisers are looking to technology in the run up to RDR as they try to de-risk their businesses, […]

Invesco Perpetual launches Asian equity income fund

Invesco Perpetual is to launch an Asian equity income fund. The fund will be managed by Stuart Parks and Tim Dickson and will invest primarily in Asia and Australasia (excluding Japan). The fund will target a dividend yield of 120 per cent of the MSCI Asia Pacific ex-Japan index. Parks says: “In tandem with their […]

Planning now for the residence nil-rate band

Graeme Robb, senior technical manager at Prudential, writes about the residence nil-rate band and the advice opportunities it presents for you when tax year-end planning with your clients. On our Planning Matters hub, we considered a widow, Margaret, and a married couple, John and Anne, for whom the residence nil-rate band (RNRB) is influencing planning […]


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