JP Morgan closed down 'Global Catholic Ethical' investment fund
August 13, 2012
The JP Morgan investment bank has announced that it is closing down the Global Catholic Ethical Balanced Fund, which had been launched to attract Catholic investors seeking to place their investments in firms that did not violate the principles of Church teaching.
The Global Catholic Ethical Balanced Fund had produced disappointing results, both for investors and for JP Morgan. The fund brought in $4.4 million in investments, a figure far short of the $30 million that Morgan had hoped for. Investors earned only modest returns on their money.