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JP Morgan raises half a billion for boats

Shipping finance fundraising comes at a time when institutional investors are venturing off the charts in search of yield

Full steam ahead: one of the investments in JP Morgan's shipping fund
Full steam ahead: one of the investments in JP Morgan's shipping fund Photo: JP Morgan - company photograph

JP Morgan, which once financed the voyage of the Titanic, has raised almost half a billion dollars from insurers and pension funds for investment in "distressed shipping".

The US bank's fund management arm, JP Morgan Asset Management, said today it has raised $480m - $80m more than targeted - for its second Global Maritime Investment fund, which buys ships in troubled areas of the global maritime transport industry. Investors include the Kentucky Teachers' Retirement System, which committed $30m in 2015.

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