JP Morgan Asset Management has launched 21 mutual funds in Singapore's retail market.
The majority of the funds are existing under the JP Morgan brand
and are now registered in Singapore. The funds, most of which
were involved in emerging markets and commodities, were
previously marketed to high net worth individuals in the
city-state through private banks. Included in the launch is JP
Morgan's Luxembourg line and a fund that targets African
equities. This is the first time the company is setting up a
retail presence in Singapore.
"If you look at Singapore, it has very good financial health, very good economic growth potential and rising affluence," Andrew Creber, director, said in a statement.
Creber will be heading the company's retail franchise in Singapore, along with four others. The new funds will be initially marketed through major global banks that have existing relations with JP Morgan AM, such as HSBC and Citi.