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JPM Asset Management to slash fund range
by James Phillipps on Oct 07, 2013 at 08:03
JP Morgan Asset Management is to merge away more than 100 of its funds across the US and Asia as part of a larger worldwide cull.
The asset manager is already in the process of culling 49 funds in Europe in a move to streamline its product range.
This process is now being implemented in Asia and the US and will see around 100 of its 650 funds shut.
JPM has increasingly been pushing into the passive and liability-driven investment-style target dated funds markets and will blend this approach with its remaining active strategies.
JP Morgan Asset Management's global mutual fund chief George Gatch told the Financial Times: 'There has been a proliferation of mutual funds around the world and I think it's sensible for us to try and simplify our line-up.
With hindsight, I can say that over the years, some of our strategies and product launches have not been done in a thoughtful way so we are going back and making sure our product line-up makes sense.'
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