Citywire A-rated Howard Wang is stepping down as manager of JPMorgan China Growth & Income (JCGI ) and relocating to Taipei, the capital of Taiwan, where he will become investment adviser. Co-manager, A-rated Rebecca Jiang will continue to manage the trust from Hong Kong alongside newly-promoted Li Tan.

For regulatory reasons, Wang will be listed as an investment adviser instead of investment manager. He remains head of JPMorgan’s Greater China investment team and will provide investment advice to the named portfolio managers

Wang joined the group in 2005 after an eight-year stint heading up the Goldman Sachs office there, moving onto the JCGI team in 2006.

The £238m trust’s shares have climbed 16.8% over the last five years, beating the MSCI China’s fall of 13.7% and the 2.8% sector average, according to Numis data.

Over 10 years, the 5.6%-yielder’s shares have risen 136.2%, more than double the index, but falling short of Fidelity China Special Situations (FCSS ), which shot up 198.6%.

Year to date, the trust is the worst-performer in its sector as consumer names, which make up the bulk of the portfolio have proved volatile amid China’s reopening.

According to the latest factsheet, the trust’s top holdings include tech and entertainment group Tencent, e-commerce company Alibaba and shopping platform Meituan Dianping, which have respective weightings of 10.4%, 4.9% and 4.7%.

The fund’s 39.1% weighting to China A shares, or shares of Chinese companies traded on mainland exchanges, is almost double that of the index, while its 47.8% weighting to Hong-Kong listed shares is 27.6% short of the benchmark.

The shares currently trade at a 9.6% discount to net asset value, according to Numis, the narrowest discount among its sector peers.  

The Citywire ratings are based on the performance of the managers’ open-ended funds, not the investment trust.