JPM to launch Global Convertibles Income trust

J.P. Morgan (JPM) Asset Management is adding to its 21 strong range of investment companies with the launch of a Global Convertibles Income trust.

The fund will target a 4.5% annual dividend by investing in global convertible securities, and will be managed by Antony Vallee, heads of JPM's convertible bond team. JPM said the firm made a conscious decision to launch the fund in a closed-ended structure to enable the manager to have greater flexibility to invest in new issues. Simon Crinage, the newly appointed head of JPM's investment trust business, added the trust will offer steady income at a lower cost than open-ended funds. "The company will focus on quality bonds that ensure investors get the benefits of stock market upt...