JPMAM launches multi-asset trust but falls short of £150m target

Passed minimum raise of £50m

Jayna Rana
clock • 2 min read

J. P. Morgan Asset Management (JPMAM) has officially launched its Multi-Asset trust, managed by Gareth Witcomb and Katy Thorneycroft, raising more than £90m but not reaching its £150m fundraising target.

The board confirmed 93,089,092 ordinary shares were issued and the initial public offering (IPO) raised £93.1m. In the trust's prosectus and previous statements from the group it said it was targeting gross proceeds of £150m but had set a minimum target of £50m. Chairman Sir Laurence Magnus said:"We are very pleased to launch JPMorgan Multi-Asset trust. In spite of the recent market volatility, the fundraising was well-supported by investors. "The company's objective of income generation and capital growth, to be achieved through a multi-asset strategy, is compelling. We can now turn ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment Trusts

FCA and government lift investment trust cost disclosure requirements as they plan reforms

FCA and government lift investment trust cost disclosure requirements as they plan reforms

Legislation will be laid ‘as soon as possible’

Cristian Angeloni
clock 19 September 2024 • 2 min read
Investment trust sector rejoices 'seismic' changes to cost disclosure rules ending 'years of pain'

Investment trust sector rejoices 'seismic' changes to cost disclosure rules ending 'years of pain'

A year after first called for in parliament

Eve Maddock-Jones
clock 19 September 2024 • 4 min read
Witan merges with Alliance Trust to form £5bn investment trust

Witan merges with Alliance Trust to form £5bn investment trust

UK’s largest investment trust merger announced

Jenna Brown
clock 26 June 2024 • 1 min read