JPMorgan Japan Smaller Companies changes manager

JPMorgan has appointed Shoichi Mizusawa as lead manager of its Japan Smaller Companies investment trust.

Mr Mizusawa, who is head of the group’s investment team in Tokyo, will take over as lead manager on the £56.3m trust from Nicholas Weindling, who has managed the trust since March 2008 and will remain on the vehicle as support.

David Mitchinson also managed the trust and in June 2011 relocated to Hong Kong. JPMorgan confirmed he would no longer be involved with management of the trust but would continue to work on the group’s open-ended Japan vehicle.

Naohiro Ozawa, along with seven other managers with regional research responsibilities, based in Tokyo and Hong Kong, will act as support on the investment trust.

The change of manager comes after continuing poor performance, with the board repeatedly expressing its disappointment.

In the past five years the trust’s net asset value is down 34 per cent, compared with a 21 per cent gain in the Topix Small Cap index.