JP Morgan Asset Management is introducing a global mining fund on February 1, just weeks after it soft-closed its Luxemburg-domiciled £2.7bn JPM global natural resources fund.
Managed by Neil Gregson, the JPM global mining fund will tap the expertise of the natural res-ources team and invest primar-ily in companies engaged in mining or miningrelated activities.
Gregson will focus on companies he expects to achieve growth of reserves and production while at the same time identifying undervalued mining assets. He joined JP Morgan last year after 20 years in the natural resources sector.
In December, the firm soft-closed its global natural resources fund amid concerns from the JPM global natural resources portfolio management team that if assets continued to grow, it could affect the management of the fund and result in a hard closure.
Hargreaves Lansdown senior analyst Meera Patel says: “There are already a few funds in the market that do this. I would not jump on the bandwagon to try to buy it. BlackRock does something similar anyway.”