More than 60% of JPMorgan Japan Small Cap Growth & Income (JSGI) investors tried to cash out ahead of its merger with JPMorgan Japanese (JFJ) to create a £1bn fund focused on the world’s fourth-largest economy.
The latest consolidation in the investment trust industry saw the £189m JSGI subsumed into its larger stablemate, with the backing of both sets of shareholders. The decision to roll the smaller-companies fund into the £849m JFJ provides managers Nicholas Weindling and Miyako Urabe – who run both of the closed-ended funds – with greater scale.
A total of 99.6% of JFJ votes were in favour of the deal that will see it acquire £144.3m of assets from JSGI, in return for 23.3m of ordinary shares being issued.
