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J.P. Morgan Global Liquidity announces timeline for intended European MMF changes

Published 

London: Following an industry first mover announcement in November 2017 of the new fund range that J.P. Morgan Asset Management (JPMAM) would offer as a result of the incoming European Union Money Market Fund (MMF) Regulations, JPMAM is disclosing their intended timeline for implementation. Funds will transition to the new regime over the weekend of 30 November 2018, subject to regulatory approvals.

The new regulations require providers to make a number of changes to their funds in terms of structure, composition, valuation, liquidity requirements and information reporting.

Under the new rules, MMFs will be split into two types, with three structural options available to investors. The new regulations will also preserve Constant Net Asset Value (CNAV) for government funds and will create a new type of fund — Low Volatility Net Asset Value (LVNAV).

“We are pleased to be leading the industry in announcing our timeline for implementing these changes. In providing our clients complete optionality under the re-categorisation required by the new regulations, we’re well positioned to continue to offer clients the benefits of short-term liquidity investing with a comprehensive range of products,” said Jim Fuell, Head of Global Liquidity Sales, International at J.P. Morgan Asset Management.

“We are committed to ensuring that our clients experience a smooth process as we transition to meet the new rules and that they have plenty of time to review their investment options,” said Kerrie Mitchener-Nissen, Head of Product Development, International, for the J.P. Morgan Asset Management Global Liquidity business. 

As previously communicated, subject to regulatory approvals JPMAM anticipates making the following short-term options available:

 

 

Government exposure 

Credit exposure 

Currency 

Public debt CNAV 

VNAV 

LVNAV 

VNAV 

USD 

USD treasury CNAV 

USD government CNAV 

USD treasury VNAV* 

USD government VNAV* 

 

USD credit LVNAV 

US credit VNAV 

GBP 

GBP gilt CNAV 

GBP gilt VNAV* 

 

GBP credit LVNAV 

GBP credit VNAV 

EUR 

EUR government CNAV* 

 

EUR credit LVNAV 

EUR credit VNAV 

AUD 

 

 

AUD credit LVNAV 

 

SGD 

 

 

SGD credit LVNAV 

 

*Continuing to evaluate investor demand. Proposed product offering may be subject to change. 

 

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