JPMorgan unitholders approve funds merger

The JPM UK Strategic Equity Income fund and the JPM UK Equity Income fund have merged after a 95% approval of unitholders for the plan.

The move follows the renaming of the JPM UK Strategic Value fund as JPM UK Strategic Equity Income fund after a unitholder vote in December.

JP Morgan says that the merger is a natural progression because the two funds share a common investment philosophy. The UK Strategic Equity Income fund has returned 102.3% over five years and was first quartile for that period.

The change of name follows an expansion of the fund’s remit to include capital and income in its investment objective, which took effect on January 1.

Fees from the merged fund are taken from capital rather than income.