JPMAM shutting Global Mining and Balanced Total Return funds

Following period of critical underperformance, JPMorgan Asset Management is shutting down its Global Mining and Balanced Total Return funds.

The £3.6m JPMorgan Global Mining portfolio, managed by Neil Gregson, launched in early 2011 and is in the fourth quartile of over the three, six and 12 months to 11 June 2013.

The £8.8m JPMorgan Balanced Total Return fund, run by Talib Sheikh, has also under-performed against its peers, delivering fourth quartile numbers over one, three and five years.

A spokesperson for JPMorgan Asset Management says: “JP Morgan Funds recently notified impacted shareholders of our intent to liquidate two Oeic funds. The JPM Global Mining fund and the JPM Balanced Total Return fund will be liquidated pending FCA approval.

“These liquidations were identified as part of a comprehensive, strategic review of the overall JP Morgan fund range, in which we sought to simplify and improve our offering, ensuring that shareholders have access to a broadly diversified and innovative product range.”