Removal of various JPMorgan funds from our defined fund ranges
We have been informed by JPMorgan of its decision to convert its retail ‘A’ shares (the “Affected Funds”) held within the JPMorgan ICVCs (UK domiciled funds), into its corresponding ‘C’ shares of the same funds on 10 September 2022. JPMorgan will stop accepting subscriptions into the Affected Funds on 2 September 2022.
As we do not feature the corresponding C share classes of these funds in our guided fund ranges, we will be switching all holdings in the Affected Funds into alternative funds (the “Receiving Funds”) that exist in the fund ranges, as detailed in the table below.
We have now closed the Affected Funds to new business and switches-in, however existing investors can continue to invest in the Affected Funds until we switch them out. For any plan owner who has a regular premium plan with allocation going into the Affected Funds, their allocation will also be re-directed into the Receiving Funds, after the switch date which we have scheduled for 31 August 2022 (the “Switch Date“).
| Affected Funds | Products Affected | Receiving Funds |
|---|---|---|
| JPM Emerging Markets A Net Acc GBP (GB0030881550) | Regular Savings Plan, Quantum (including Malaysia), Oracle, and Paragon | JPM Emerging Markets Equity A Acc USD (LU0210529656) * |
| JPM Emerging Markets A Net Acc GBP (GB0030881550) | Kudos | Invesco Money (UK) Acc GBP (GB0033029413) # |
| JPM Japan A Acc GBP (GB0030879471) | Kudos | Invesco Money (UK) Acc GBP (GB0033029413) # |
| JPM Natural Resources A Acc GBP (GB0031835118) | Regular Savings Plan, Quantum (including Malaysia), Oracle, and Paragon | JPM Global Natural Resources A Acc USD (LU0266512127) * |
| JPM Natural Resources A Acc GBP (GB0031835118) | Kudos | Invesco Money (UK) Acc GBP (GB0033029413) # |
* Please note that the Affected Funds are priced in GBP, while the Receiving Fund is priced in USD. This means that plans not denominated in USD will be subject to the normal foreign exchange movements from the point of switching into the Receiving Funds, and will continue for the period the funds are held.
# Please note that the Receiving Fund is a money market fund, whereas the Affected Fund is an equity fund. The risk/reward profile is therefore very different and potential for returns will differ.
All affected plan owners, or their appointed investment advisers, have been written to notifying them of the above changes, providing them with their options to switch into an alternative fund available if they are not happy with the choice of Receiving Fund.
Samples of the letters issued can be found opposite.