JPMAM to liquidate Lanning multi-manager range
JPMorgan Asset Management (JPMAM) is to close its Fusion funds range, citing “limited prospects to build significant market share” in the retail multi-manager space.
The firm had cut fees for its five Fusion funds this March in a bid to “improve competitiveness” but has now called time on the products.
The range, which launched in March 2013 and has £54m in assets under management, will be liquidated on January 18, 2016, the firm said.
Managers Tony Lanning and Nick Roberts will continue to work as portfolio managers in JPMorgan Global Wealth Management’s Specialised Strategies team.
Mr Lanning is head of the International Thematic Alpha Platform multi-manager product, and Mr Roberts remains as a senior portfolio manager in his team.
A company statement said: “This decision is not performance-driven, as all five funds have generated strong risk-adjusted returns since inception, but rather due to JPMAM’s limited prospects to build significant market share in the retail multi-manager fund-of-funds space.”