JP Morgan Asset Management has shut its Fusion fund range, run by Tony Lanning and Nick Roberts, as it failed to attract assets.
The asset manager said the decision to shut the £54m multi-manager fund range, which consists of five funds, was not due to performance.
“This decision is not performance driven, as all five funds have generated strong risk adjusted returns since inception, but rather due to JPMAM’s limited prospects to build significant market share in the retail multi-manager fund-of-funds space,” says a statement from JP Morgan.
Lanning and Roberts will stay at JP Morgan, with Lanning working on JP Morgan Global Wealth Management’s specialised strategies team.
Lanning will also be head of the multi-manager international thematic alpha platform, which aims to give clients access to outcome-oriented solutions. Roberts is a senior portfolio manager in that team.
The Fusion range consisted of the Balanced, Conservative, Growth, Growth Plus and Income funds.