FUND MANAGEMENT NEWS
JP MORGAN EXTENDS ITS OFFERING
Yesterday, JP Morgan announced the extension of its offerings direct to the consumer, to include funds from Smith & Williamson. JP Morgan Asset Management has added 10 funds from Smith & Williamson, bringing the total number of third party funds available to investors to just over 600. The funds are: UK Equity Income, UK Equity Growth, North America, Far Eastern Growth, Oriental Growth, European Growth, Global, Global Gold and Resources, Fixed Interest, and Multi-Manager Endurance Balanced funds. All will be available via the JP Morgan WealthManager+ platform.
CASHING IN ON CHINA’S CONSUMER BOOM
Fidelity International is attempting to tap into rising consumerism in China with the launch of the China Consumer Fund. Hong Kong-based portfolio manager Raymond Ma will hold companies involved in the development, manufacture or sales of goods or services to Chinese people. The portfolio will typically hold 80-120 stocks listed in China, Hong Kong and Taiwan. Ma believes Chinese wages and domestic demand will continue to grow strongly over the next five to ten years, further stimulating the current consumer boom. The Fidelity Funds China Consumer Fund is available for investment in an Isa and there is no initial charge for investments made before 20 June.
BNY MELLON AIS TOPS $400 BN
BNY Mellon Alternative Investment Services (AIS), announced that it has topped $400bn in assets under administration, making it the second largest provider of solutions to hedge funds, funds of hedge funds, and private equity investments globally. BNY Mellon AIS has doubled its alternative assets under administration since 2008. CEO of Alternative and Broker-Dealer Services Brian Ruane notes that global macro hedge funds and those offering exposure to commodities, distressed debt, or requiring prime custody services, are among the fastest growing segments of the global hedge fund services business. He expects these trends to hold steady in 2011.