Co-portfolio manager of the £812.6m JPMorgan Indian investment trust, Ayaz Ebrahim, will step back from running the company from 1 April, according to a stock exchange announcement today (27 March).
He will instead take on the role of CEO of JPMAM Singapore and South East Asia, having managed the trust since July 2020.
Fellow managers Amit Mehta and Sandip Patodia, who have been at the trust’s helm since the end of September 2022, will continue to run the portfolio.
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Ebrahim has spent nine years working for JP Morgan and is also currently a managing director, as well as the co-head of the Asia Pacific regional team within the emerging markets and Asia Pacific team in Hong Kong.
Prior to JP Morgan, he was the CIO of Asia ex-Japan equities and deputy chief executive officer at Amundi Hong Kong. He has also held roles at HSBC Global Asset Management and Deutsche Asset Management.
Co-portfolio manager Mehta has been with JPMAM since 2011, having run emerging market portfolios during this time. Patodia joined JPMAM in September 2022 from Fundsmith, in order to co- run the trust’s portfolio following the departure of Rajendra Nair.
JPMorgan Indian’s board said: “[We] would like to thank Ayaz for his contribution to the management of the company’s portfolio and it looks forward to continuing to work with Amit, Sandip and the other members of the company’s investment management team to week to deliver strong long-term returns to shareholders.”
JPMorgan Indian is trading on a discount to net asset value of 19.2%, according to data from the AIC, and is currently 2% geared.
Since Ebrahim began managing the company’s portfolio, it has achieved a total return of 63.9%, compared to its average peer and MSCI India benchmark’s respective gains of 105.5% and 92.6%, according to data from FE Fundinfo.
