UK - JPMorgan Fleming Asset Management is to merge its two heritage life companies by October in a bid to open up its pooled fund range for the UK pensions market.

The new life company, which will be named JPMorgan Fleming Life, will comprise over 40 funds covering all asset classes and include both actively managed and index-tracking fund options.

The firm adds that clear and flexible fees structures that are stakeholder compliant will also be a feature of the new entity.
The funds will have different classes of units, and all fees will be calculated on a total expense ratio basis, meaning that there are no other hidden fees, no initial, exit or switching fees, and all costs such as custody and audit costs are inclusive.

Peter Ball, head of UK institutional pooled funds business,
comments: "Increasingly in the UK the pooled fund approach is seen as a cost effective solution for pension scheme investment, and the merger of our life companies, expected to be completed by 1st October 2001, further underpins our continued commitment to this market. Our approach to the design of our pooled funds ensures that
we not only have the competitive edge in performance terms, but also more importantly, provide our clients with the most appropriate way to manage their pooled pension fund assets."