Asset Management

JP Morgan Asset Management Launches Emerging Markets Trust

Devina Shah, London, 30 July 2010

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JP Morgan Asset Management has launched the JP Morgan Global Emerging Markets Income Trust, for which it has raised £104 million (around $162.4 million) for an initial public offering,

The fund will target an initial dividend yield of at least 4 per cent and will aim for long term capital growth from investing in a diversified portfolio of emerging markets investments, the firm said.

While the fund will predominantly invest in listed equities, it will have the freedom to invest in a range of assets including, but not limited to, unlisted equities, convertible bonds, preference shares, debt securities, cash and cash equivalents, JP Morgan said.

The fund will not be restricted in terms of market, sector or country in the global emerging markets sphere and the initial portfolio will comprise approximately 65 equity holdings.

A large majority of the funds were subscribed by discretionary private client brokers, the firm said.

The new vehicle will be managed by chief investment officer of emerging market equities Richard Titherington, who was appointed head of the global emerging markets business in 2001.

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