Jupiter Asset Management will not launch a new closed-end fund, Jupiter China Sustainable Growth, because it couldnt raise sufficient assets. The fund was going to be listed on the London Stock Exchange, according to a news release.
The company said initial interest in the fund was high, but commitments fell just short of the $50 million minimum needed, according to a separate news release.
While we received significant interest from both institutional and private investors, the challenging global economic and market environment has meant that certain prospective institutional investors have been unable to commit to their early indications of interest, said Richard Pavry, director of investment trusts at Jupiter Asset Management, in the release. We are obviously disappointed not to go ahead with the launch at this time as we believe the long-term investment opportunities from the transformation of the Chinese domestic economy are significant.
The company said in the release that it will invest in some of the themes identified by Philip Ehrmann, portfolio manager slated to manage the proposed fund, in other investment strategies, in particular, the Jupiter China Unit Trust.