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October 6, 2013 4:50 am
JPMorgan Asset Management plans to axe 100 of the 650 funds in its stable of active funds and plough the money it saves into the creation of new products.
The move to cut as much as 15 per cent of its line-up across Asia and the US comes after JPMorgan opted to cull 49 of its funds in Europe by the first quarter of next year.
George Gatch, chief executive of the bank’s global funds management business, says: “There has been a proliferation of mutual funds around the world and I think it’s sensible for us to try to simplify our line-up.
“With hindsight, I can say that, over the years, some of our strategies and product launches have not been done in a thoughtful way. So, we are going back and making sure our product line makes sense.”
Plans to merge or axe a chunk of its standard repertoire of products comes as the company moves to introduce active strategies into exchange traded funds.
It will also roll out so-called target-date funds in the UK, which are popular with US pensioners.
Already earmarked for the axe are the JPMF Europe Dynamic Mega Cap fund, which is merging with the JPMF Europe Dynamic fund.
The JPMF Emerging Markets Infrastructure equity fund will be swallowed by the JPMF Emerging Markets Equity fund.
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