JPM Overseas trust to change name after 129 years

JPM Overseas trust to change name after 129 years

The JPMorgan Overseas Investement Trust is to change its 129-year old name and add an income focus amid a raft of proposals submitted to shareholders.

The £306m trust, managed by Jeroen Huysinga, will propose to change to the JPMorgan Global Growth & Income trust.

By adding a new dividend yield target, the vehicle will also make the shift to becoming an income trust and move into the AIC Global Equity Income sector from its current Global placing. However, the board said there would no changes to the investment-style or manager.

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A dividend yield target of 4 per cent will be put in place, with the board intending to provide a more specific target of 4 per cent or higher at the start of each financial year (July 1).

The existing strategy is growth-focused and has no emphasis on income. However, the trust does have a policy to distribute the income received in the previous year.

Trust chairman Nigel Wightman said the income focus should broaden demand for the trust and help reduce its 14.8 per cent discount.

He added: “Investors are increasingly seeking a reliable level of income alongside capital growth and this demand for income generating investments has become firmly entrenched.”