IMA kicks JPM and Marlborough funds out of UK Equity Income sector

The Investment Management Association (IMA) has removed a further two funds from its UK Equity Income sector for undershooting minimum yield requirements over the past three years.

The £140m JPM UK Strategic Equity Income fund, managed by Ben Stapley, and the £23m Marlborough UK Income and Growth trust, run by Geoff Hitchin (pictured), have both been ejected from the sector. Investment Week revealed last December a number of funds would fall victim to the IMA's minimum yield threshold in 2013, which requires funds to achieve the IMA's basic yield target of 110% of the FTSE All Share yield over a three-year rolling period. JPM UK Strategic Equity Income has moved to the UK All Companies sector after consistently failing to meet that yield target. In 2010-2011 ...