JP Morgan plans wind-down of real assets fund

JP Morgan Asset Management is set to wind down its £183m JP Morgan Global Core Real Assets fund. In a stock market notice, the firm said that having consulted with shareholders, the move is seen as in their best interests. It will now be put to a shareholder vote.  As of the end of August, some 54% of the fund’s exposure was to North America, with 26% to Asia-Pacific and 20% to the UK and Europe. The largest exposure by asset type, at 38%, is to real estate equity. The remainder is split between transport (26%), infrastructure (25%), real estate debt (10%) and cash (2%). “Following receipt of the required approvals, the company will conduct an orderly realisation of its assets, and the investment manager will effect redemption requests to the relevant underlying private funds,” the statement said. More than half of the portfolio could be liquidated by the midway point of 2025, the firm said, with the remainder sold over the following 12 months. In addition to the assets held in the private funds, the company has about 15% invested in listed real assets and other liquid securities that are easily realisable. These will be sold, with capital returned to shareholders.