J.P. Morgan Asset Management – A long history of serving UK investors
The UK referendum on whether to remain in Europe was an event I was watching very closely from a personal perspective. I was about to join J.P. Morgan Asset Management as a Client Portfolio Manager in their European Equities division. My first day was the Monday after the UK population had decided it no longer wanted to be part of the European Union. The weekend before I joined was one filled with concern about what the future held.
Pragmatism in the wake of Brexit
As I arrived for my induction, I was unsure what to expect. Was I, in the worst case, going to find that my services were no longer required? Or, if I did make it into the building, would I find an atmosphere of depression and despair? As it turned out, and to my relief, my fears were totally unjustified. Although it was clear the vote had not gone the way that many expected, the investment teams seemed very pragmatic and measured in their response. There was no undercurrent of despair but a continued belief in following the investment process and a determination not to be swayed by the subsequent panic in the markets.
The decision had been made—and it was now a question of dealing with the path ahead. In fact, the response to the event seemed very British indeed. A typical “stiff upper lip” in the face of a difficult time. However, this should not have been a surprise, as the UK heritage of J.P. Morgan is deep: deeper than I realised prior to joining, and deeper than many in the sector know.
Deep British roots
Far back into its history, the firm has had a strong connection to the markets in which it operates—and particularly to the UK. Junius Spencer Morgan, the father of J.P. Morgan’s founder, was a merchant banker in London from 1854 until his death in 1890. Since then, many British firms have, over time, played an integral part in the history of J.P. Morgan—from well-known names such as Robert Fleming & Co and Save & Prosper to little-known firms such as George Peabody and Co, founded in the UK by American philanthropist George Peabody in 1838.
As a result of this British heritage, it should not be a surprise that many of the funds in the J.P. Morgan Asset Management range have long histories. Our Mercantile Investment Trust has a heritage of over 130 years, and the relatively new kid on our investment trust block, JPMorgan Claverhouse Investment Trust, still has more than half a century of history, and the longest unbroken dividend record of any UK equity-only investment trust1. On the open-ended side, our first UK equity OEIC was launched in 1959, followed very shortly by our first European equity OEIC in 1964.
A broad UK fund range
The firm’s UK equity range now includes 9 OEICs and 4 investment trusts managed by the European Equity Group, offering investors a range of risk and return profiles in the two structures. Within our OEIC range, we offer investors strategies from the more conservative, such as JPM UK Equity Core Fund, to the more concentrated high alpha, such as JPM UK Dynamic Fund, as well style funds such as JPM UK Equity Growth Fund. The investment trust range offers strategies across the market cap spectrum, and for investors in search of income or growth.
Our fund ranges have evolved over the years to reflect the changing demands of investors and of the environment. For example, the JPM UK Equity Core Fund was the first fund to be restructured in response to the Retail Distribution Review (RDR)—with an accompanying renaming.
We believe that nothing beats local knowledge, and this is as true for our investment approach as it is for the way we work with our clients. J.P. Morgan can boast a British heritage that many British firms would envy, with the support and backing of a world-class global firm.
Read more about J.P. Morgan Asset Management’s UK equity fund range:
1JPMorgan Claverhouse Investment Trust has increased the total dividend paid to shareholders every year for the past 43 years. Source: London Stock Exchange as at January 2016.For Professional Clients only – not for retail use or distribution. Unless otherwise stated, all data sourced J.P. Morgan Asset Management as at 16.09.2016. Please be aware that this material is for information purposes only. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are, unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. JPMorgan Asset Management Marketing Limited accepts no legal responsibility or liability for any matter or opinion expressed in this material. The value of investments and the income from them can fall as well as rise and investors may not get back the full amount invested. Past performance is not a guide to the future. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP. 0903c02a81716f10