JP Morgan to merge Singapore fund
JP Morgan is set to deregister the JPMorgan Funds – Singapore Fund from the Hong Kong’s Securities and Futures Commission in antecipation of a merger with another sub-fund of JP Morgan Funds.
Shareholders of the fund will be notified and provided with details of the prospective merger in October. JP Morgan is yet to reveal into which fund Singapore Fund it to be merged.
The fund was launched in 2001 and invests primarily in Singaporean companies. With about $53m in assets, the fund returned 1.59% over the past year.
At least two thirds of the fund’s assets are invested in Singapore-listed equities, or in companies that are either domiciled in Singapore or carry out the main part of their economic activity in the city-state.
The fund also invests in assets denominated in any currency and currency exposure may be hedged, as well as financial derivative instruments.
The JPMorgan Funds – Singapore Fund is also registered for sale to accreditor investors in Singapore. JP Morgan Asset Management it the asset management and exchange traded funds arm of JPMorgan Chase.