Just over 60% of shareholders voted through proposed mandate changes in the JP Morgan Russian Securities trust at the company’s annual general meeting yesterday (23 November).
This update involves an immediate renaming of the investment trust to the JP Morgan Emerging Europe, Middle East & Africa Securities, reflecting the new areas now open to the managers. The changes were initially signalled in the summer, back when the management claimed it still had enough resources to continue operating despite the closing of the Moscow Stock Exchange and the trust's over 95% net asset value decline. But with Russia's invasion of Ukraine now in its ninth month, the investment backdrop for the company remained bleak and the management sought a way out of its investment...
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