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JPM loosens limits on €4.4bn fund as assets slip

JPM loosens limits on €4.4bn fund as assets slip

JP Morgan Asset Management has loosened restrictions on its €4.4 billion Europe Equity Plus fund following a drop of €680 million in assets since the start of the year, Citywire Selector has learned.

The European equity fund was soft-closed to new investors in October 2014 after reaching nearly €4 billion in assets following a strong surge in investment.

This is one of several funds overseen by Citywire AA-rated Michael Barakos, Citywire + rated Nicholas Horne and portfolio manager David Allen.

According to Citywire data, the fund has dropped in assets from €5.04 billion as at the end of January 2016 to its current level of €4.4 billion as at the end of April 2016.

In response to this fall, JPM has loosened the limitation on daily investments on April 22, with existing shareholders allowed to invest up to €10 million per day.

JPM had moved to further limit the amount existing investors could put into the strategy in February 2015 when investors were permitted a maximum daily investment of €1 million.

It is understood, as the fund continued to swell despite these limitations, this restriction was further tightened to €500,000 per day.

The change in stance reflects a wider phenomenon in the European equity market, with many investors pulling assets from this sector due to political and economic uncertainty.

Fund selector favourite Nicolas Walewski was particularly hard hit and has seen his flagship fund, the Alken Fund – European Opportunities, drop from €5.83 billion in April 2015 to €3.7 billion as at the end of March 2016.

The JPM Europe Equity Plus fund returned 34.2% in euro terms over the three years to the end of April 2016. This compares to a 24.6% rise by the FTSE World Europe TR EUR, its Citywire-assigned benchmark, over the same period.

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