JP Morgan US Smaller Companies Trust to Merge with BASC
JP Morgan US Smaller Companies Investment Trust will merge with Brown Advisory US Smaller Companies to increase scale and reduce management fees.
The JP Morgan US Smaller Companies Investment Trust (JUSC) and Brown Advisory US Smaller Companies (BASC) have agreed to a merger that will create an enlarged investment vehicle. Under the terms of the agreement, BASC will be reconstructed, giving its shareholders the choice to either roll their investments into JUSC or sell their holdings for cash.
JP Morgan Asset Management will continue to manage the combined trust, which will maintain its current investment objectives and policies. The merger is designed to provide greater scale, improved liquidity, and lower costs for investors. Specifically, the annual management fee will be reduced to 0.65% on the first £200m of net assets and 0.60% for assets exceeding that amount.
Dominic Neary, Chair of JUSC, stated that the combination offers significant benefits for all shareholders. Documentation for shareholders is expected by mid-November 2026, with the transaction scheduled for completion in December 2026 or shortly thereafter, pending necessary approvals.
