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JPMorgan to launch Brazilian investment trust

JPMorgan Asset Management plans to launch an investment trust investing solely in Brazil, with a target size of £50m.

Managed by Sebastian Luparia, the JPM Brazil investment trust aims to invest in 25-50 Brazilian companies and will be benchmarked against the MSCI Brazil 10/40 index.

The offer period for ordinary shares is expected to begin tomorrow, and will close on April 16 after which time trading will commence. In addition to subscribing to ordinary shares at launch, investors will be offered a bonus issue of subscription shares on a one-for-five basis.

The trust will be the first that invests solely in Brazil, with BlackRock managing a Latin American trust.

David Barren, head of investment trusts at JPM, says the portfolio will have a bias to mid- and small-cap holdings so as to benefit from Brazil’s domestic economic growth.

The trust adds to the group’s existing China, Russia and India closed-ended-vehicles, which combined total £933.5m in assets under management.
In total JPM runs some £333m in Brazil only equity mandates which includes the Brazil Alpha Sicav. In total the group manage $1.4 billion in Latin American regional portfolios.

Luparia is based in the group’s Argentina office and has worked at JPM for 14 years. He will work on the fund with Luis Carrillo, who is head of JPM’s Latin America desk.



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