Our clients
JPMorgan
We provided communications advice to JPMorgan Asset Management on the ground-breaking £412 million merger in 2006 of JPMorgan Emerging Markets Investment Trust plc with F&C Emerging Markets Investment Trust plc.
The rationale for the agreed merger was to create a significantly larger global emerging markets investment trust under the management of JPMorgan Asset Management. This was against a backdrop of industry calls for greater consolidation among investment trusts, which are often accused of not being run in the interests of shareholders.
The merger involved F&C Emerging Markets undertaking a scheme of reconstruction under Section 110 of the Insolvency Act 1986. The first announcement, made in October 2005, received significant industry and analyst approval. We advised on every stage of the communications process and followed up with key media to communicate the positive aspects of the deal. This resulted in strong media endorsements from the FT’s Lombard column and The Times’ Tempus column.
Despite support for the merger from a large majority of F&C shareholders, the scheme was withdrawn in December due to a significant dissenting shareholder. A new scheme was eventually put forward in April of this year with the full support of the dissenting shareholder. Resulting media coverage of the merger was very positive, portraying JPMorgan as an agent of significant and positive change in the investment trust industry.