RaboDirect, Europe's largest online bank, has announced it is to partner with JPMorgan Asset Management to provide Irish retail investors direct access to JPMorgan managed funds. RaboDirect, which currently has €65 million funds invested and over €1 billion in deposits, expects to attract significant inflows of retail investors through the funds based on JPMorgan Asset Management's consistently strong track record and fund management expertise.
With managed assets of US$1,013 billion as of 31 December 2006, JPMorgan Asset Management will initially partner with RaboDirect to make four funds available directly to retail investors. The funds will be available from 4th July 2007 and will be offered on an execution-only basis with no entry fees applying until end July 2007, when the standard 0.75% entry and exit fees will apply. Details are available from www.rabodirect.ie.
Commenting Greg McAweeney, General Manager, RaboDirect said: "Investors continue to be drawn to the accessibility and control that RaboDirect offers through its online investment funds platform. RaboDirect continues to bring its Irish customers blue chip international fund managers with minimum investment amounts of just €100. The addition of JPMorgan managed funds to RaboDirect's platform brings to 31 the number of funds on offer facilitating portfolio diversification across all asset classes. JPMorgan Asset Management's consistently strong returns and reputation based on a proven approach to investment management will enable us to provide a compelling offering for investors attracted by JPMorgan's investment strategy."
JPMorgan Funds - Europe Strategic Dividend Fund
The Europe Strategic Dividend Fund aims to provide long-term returns by investing primarily in high dividend-yielding equities of European companies. The largest portion of the fund is invested in Financials (37.0%), followed by Industrials (14.4%), Consumer Goods (11.0%) and Utilities (7.8%). The fund has achieved a rolling one year performance of 12.8% to the end of March 2007 and an average annual return since inception of 20.5%. The fund is classified as a medium to high risk fund.
JPMorgan Funds - Europe Strategic Growth Fund
The Europe Strategic Growth Fund has a 3 star rating from Morningstar and an AA rating from Standard & Poor's. The fund aims to provide long-term capital growth by investing in a growth style biased portfolio of European companies. Some of the corporations that the fund currently invests in include Roche, Telefonica, Siemens, Tesco, BT and Danone. The fund has achieved a rolling one year performance of 14.8% to the end of March 2007 and is classified as a high risk fund.
JPMorgan Funds - Global Convertibles Fund
The Global Convertibles Fund has a 4 star rating from Morningstar and invests primarily in a diversified portfolio of convertible securities and warrants globally. The largest portion of the fund is invested in Financials (35.4%), followed by Industrial (10.9%), Consumer Non-Cyclicals (9.1%) and Technology (8.9%). The fund has achieved a rolling one year performance of 6.1% the end of March 2007 and is classified as a low to medium risk fund.
JPMorgan Funds - Global Focus Fund
The Global Focus Fund has a 5 star rating from Morningstar and aims to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, globally, believed to be in earnings recovery situations. The largest portion of the fund is invested in Industrial Cyclicals (13.0%), followed by Basic Industries (12.0%), Healthcare (8.3%), Banks and Finance (7.6%) and Transport Services and Consumer Cyclicals (6.3%). The fund has achieved a one year performance figure of 12.5% to the end of March 2007 and an average annual return of 22.2%. The fund is classified as a medium to high risk fund.
As with all RaboDirect investment funds, the minimum investment in each of the funds is only €100 with the fund provider's management fee of 1.50% per annum included in the daily fund price. Exit fees are 0.75% and investors can exit the fund partially or in full any time they like, as there are no additional early encashment penalties or switching costs.