Edinburgh-based Scottish Investment Trust seals JPMorgan fund merger

Two of the world’s oldest global investment trusts have officially merged creating a fund with assets in excess of £1.3 billion.

The move comes after JPMorgan Global Growth & Income (JGGI) confirmed that it had completed its merger with Edinburgh-based Scottish Investment Trust. Both trusts were incorporated in 1887 and agreed to merge back in October.

JGGI aims to pay shareholders an income of at least 4 per cent per annum while accessing exposure to the long-term growth of the “world’s leading companies”.

Tristan Hillgarth, chairman at JPMorgan Global Growth & Income, said: “Today’s news represents an exciting milestone for both groups of shareholders, who should benefit from the greater scale, enhanced liquidity and competitive fees of the trust.

The global investment trusts have officially merged creating a fund with assets in excess of £1.3 billion. Picture: Jon Savage

“JGGI, which recently entered the FTSE-250, has consistently provided investors with strong relative and absolute performance in spite of recent market volatility. We are positive that the newly combined trust will continue to grow and serve shareholders’ interests for many years to come.”

Investment manager Timothy Woodhouse added: “While the outlook for global markets remains uncertain, we are confident that JGGI’s style-agnostic, bottom-up approach will help navigate market turbulence.

“For us, it is all about remaining diligent to our process and partnering with our global network of more than 80 analysts to support our global search for great businesses which generate superior returns and outperformance over the long term.”

Over 2022 to the end of August, JGGI delivered a net asset value (NAV) total return of +0.9 per cent compared to its benchmark’s return of -3.6 per cent.