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JP Morgan Fleming plans October launch for guaranteed fund of funds

JP Morgan Fleming has confirmed it is introducing a guaranteed

fund-of-funds product in October, investing in a selection of its own funds.

The product, revealed in Money Marketing last month, will aim to achieve

growth over five years while providing a 100 per cent capital guarantee.

The closed-end fund will invest in a basket of JPMF funds, with 30 per

cent in fixed interest and 70 per cent in equities. It will be allocated

according to global market weightings.

As well as returning 100 per cent of capital, the fund will aim to offer

80 per cent participation in the performance of the underlying funds. But

this could be subject to change during the offer period between mid-October

and mid-November.

The starting price will be a six-month average of the prices of the

underlying funds, while the end price will be an average over the final 12

months.

Investors will have the option to exit the fund quarterly although they

will be subject to an exit fee to cover costs.

The fund will have no initial or annual charges but IFAs can take upfront

commission of 3.5 per cent or lower initial of 1 per cent with 0.5 per cent

trail.

The fund is still subject to final regulatory approval.

Head of IFA & third-party distribution Barry Richards says: “We know

people are scared of losing their capital so we wanted to give them an

alternative.”

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