Suspension of Russia-related funds by JP Morgan AM
In the wake of the ongoing conflict in Ukraine, JP Morgan Asset Management has halted trading in three funds.
JPMAM confirmed to Investment Week, a sister publication of International Investment, that the firm's Russia Equity Fund and Emerging Europe funds have been suspended indefinitely.
At 12 p.m., trading in the funds was halted at the valuation point.
"Due to the escalating conflict between Russia and the [sic] Ukraine, local market trading conditions are not currently operating as they normally would do and accordingly, we are unable to manage the fund in accordance with the investment objective and policy," UK funds COO Andrew Lewis wrote in a letter to Emerging Europe fund investors.
"We understand that being unable to deal in the fund is frustrating and we will take the decision to lift this suspension as soon as we consider it is in the best interests of existing shareholders to do so."
"We are closely monitoring the risks and remain focused on acting in the best interests of our clients and shareholders, at all times, as part of our fiduciary duty." JPMAM said in a statement.
The suspension will be re-examined on an "ongoing basis"
By fLEXI tEAM