Liquidation date brought forward - JPM Indonesia Equity fund

WHY HAS THE LIQUIDATION DATE BEEN MOVED?

We provided an update in May 2020 of JPM's intention to liquidate the fund on 27 July 2020. To view the update from May, click here. 

At the time of notification, JPM had left provision for it to liquidate the fund at an earlier date if the fund’s assets reduced to a level where the Investment Manager could no longer pursue the investment objective of the fund. Since the fund’s assets have reduced to such a level, JPM have exercised that right and have changed the liquidation date to 29 June 2020.

THE ACTION WE HAVE TAKEN WITH IMMEDIATE EFFECT FOR OUR DEFINED FUND RANGE PRODUCT PLAN OWNERS

We have therefore brought forward our own closure of the fund to existing investors and on 25 June 2020 switched them out of the closing fund and into the selected receiving fund, JPM ASEAN A Acc USD. For those making regular payments and allocating any of the payment into the closing fund, the allocation will also be redirected into the receiving fund. If clients are happy to remain invested in the receiving fund they do not need to do anything. 

We have written to those plan owners, or their appointed investment adviser, who are impacted by the fund liquidation informing them of the change of date, the action we have taken and their option for switching to a new fund if they prefer. Servicing financial advisers will receive a sample of the letter for their information. 

Samples of the plan owner and investment adviser letters can be found opposite.

ACTION TO BE TAKEN FOR OUR OPEN-ARCHITECTURE PLAN OWNERS

Following the liquidation on 29 June 2020, JPM will return proceeds to shareholders within a few days. When we receive these proceeds we will allocate them to the cash account on the affected plans.