![Bill Morgan](https://quoteddata.com/wp-content/uploads/2013/12/Morgan_William-126x190.jpg)
JP Morgan Senior Loans started trading this morning. 79m shares were issued at £1 per share. The fund is domiciled in Guernsey and managed by Jim Shanahan and Bill Morgan from J.P. Morgan Asset Management’s High Yield team, based in Cincinnati, Ohio.
![Jim Shanahan](https://quoteddata.com/wp-content/uploads/2013/12/131218-JPSL-Jim-Shanahan-160x190.jpg)
JPSL will invest in a broadly diversified portfolio of floating-rate debt instruments, at least 80% of which will be senior secured loans. The majority of assets (a minimum of 80%) will be in US or Canadian investments, and the portfolio will be hedged back to sterling. Fees are 0.75% of the lower of net asset value or market capitalisation.
Initially JPSL is targeting a dividend of 5p in its first financial period, paid half-yearly in the first year, with the intention of moving to quarterly dividend payments thereafter. In addition to the yield, there is also the potential for long-term capital growth.