Investments  

Hargreaves removes JPM Global Equity Income from Wealth 150

Hargreaves Lansdown has removed the £91.9m JPMorgan Global Equity Income fund from its Wealth 150 list of recommended funds, citing concerns about the fund’s performance.

The fund, which was launched with Gerd Woort-Menker as lead manager in February 2007, is in the bottom quartile of the IMA Global Equity Income sector for performance in the past five years, according to FE Analytics, although it is the second quartile for one and three years.

In a note on the fund, Hargreaves Lansdown analyst Kate Marshall said the performance of the fund “has failed to match our expectations”.

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She added: “Our analysis suggests the fund’s sector and geographical positioning have been positive, however stock selection has detracted from returns.”

Ms Marshall said that while Hargreaves had “no major concerns” about the investment approach on the fund, it was removing the fund from the Wealth 150 because it has “not delivered the level of outperformance we would have expected”.

In November last year, JPMorgan hired James Davidson from Bank of America Merrill Lynch to be a deputy manager on the fund behind Mr Woort-Menker.