JPMorgan Funds is opening the spigots on a new fund even as it is turning them down on a second. The bank-owned fund will take the wraps off its JPMorgan Value Advantage Monday. Meanwhile, the bank also said that it will limit purchases in its JPMorgan Mid Cap Value Fund at the end of March.

Jonathan Simon is the portfolio manager for the all-cap strategy fund. Simon was ranked by Barron's as a "Top 100 Fund Manager" in 2004, 2003 and 2002. He is also the manager of the Mid Cap Value Fund.

"We think this is an opportune time to launch a product that seeks to identify undervalued companies across all capitalization levels," said Andrew Spencer, chief investment officer for JPMorgan Asset Management's U.S. Equity products.

The new fund is being offered in A, C, Select and Institutional share classes. It is benchmarked to the Russell 3000 Value Index.

Meanwhile, JP Morgan is attempting to limit inflows into the other fund managed by Simon.

"The JPMorgan Mid Cap Value Fund will only be available on a limited basis effective close of business on March 31, 2005. ," said officials. "The Fund is nearing capacity and the firm believes it is in the best interest of current shareholders to limit its availability to new investors, thereby preserving the ability to achieve the Funds' objectives." 

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