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Both the managers of the $600m (£340m) fund - Gregory Getschow and Troy Duncan - and the team currently running the portfolio will continue to be responsible for all investment decisions and other day-to-day activities, JPMorgan said.

According to Mr Getschow, the team had come under great pressure over the last few months due to the fund being associated with Bear Stearns, as negative investor sentiment followed the company after its near collapse earlier this year.

Mr Getschow admitted that he had travelled extensively to reassure investors the business was completely protected from the problems in Bear Stearns after the collapse of two hedge funds in July 2007 and following meltdown rumours last March.

David Barron, head of investment trusts at JPMorgan Asset Management, said: "JPEL’s manager has demonstrated excellent performance and is known throughout the private equity community for its superior approach to private equity investing.

"We are delighted JPEL is joining the JPMorgan platform, which includes the largest range of investment trusts in the UK, and look forward to working closely with this experienced team."

The name change will go into effect in late September, pending approval from the Guernsey Registry.

Following approval, the company’s tickers will be changed to “JPEL” and “JPEZ” for equity shares and ZDP shares, respectively.