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JPM to liquidate EM diversified equity fund

JPM to liquidate EM diversified equity fund

JPM Asset Management is to close an emerging market equity fund just shy of its two-year anniversary after failing to gather enough assets to run the strategy effectively.

According to a note to shareholders seen by Citywire, the JPM – Emerging Markets Ultra Diversified fund sits at $9.6 million, which is well below the advised liquidation threshold of $30 million.

In the note, JPM Asset Management said it had not grown significantly and the expected interest in the fund had not materialized in the period since its launch in September 2014.

This will see the asset manager close the fund to new investment on October 21, on which date it will also be formally liquidated. All proceeds from the liquidation will be distributed on October 26.

The management team of Anuj Arora, Joyce Weng and George Iwanicki, who have overseen the Luxembourg-domiciled fund since its launch, will continue to work across several other strategies.

These include the $520 million JPM Emerging Markets Diversified Equity fund, which was launched in December 2010 and is co-run by Arora and Iwanicki, as well as the the $1.97 billion JPM Emerging Markets Opportunities fund, which Arora works on alongside Richard Titherington, Amit Mehta and Sonal Tanna.

Since its launch, the JPM EM Ultra Diversified Equity fund has lost 7.5% in US dollar terms, which compares with a 6.2% fall by the MSCI EM (Emerging Markets) TR USD, over the same 23-month period to the end of August 2016.

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Sonal Tanna
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33/515 in Equity - Global Emerging Markets (Performance over 1 year) Average Total Return: 30.67%
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