Welcome to JPMorgan Asset Management Fantasy Fund Manager (“JPM FFM”). These terms and conditions, together with the “How to Play” page of the website, the Frequently Asked Questions (“FAQ”) on the website and the general Terms and Conditions that are applicable to your use of and access to www.jpmorganassetmanagement.co.uk (together the “Terms”), set out the rules of participation in the JPM FFM competition (the “Game”) which has a Game Period from 1 December 2008 to 30 October 2009 inclusive. By entering the Game you agree to be bound by these Terms.
1. Definitions:
1.1 “Overall Game Prizes” are the prizes awarded (as described in clause 2.1) to the top three participants in the Game (see cause 2.3.1 below) at the end of the Game.
1.2 “Occasional Prizes” are the prizes, other than the overall prizes, which may be awarded over the life of the Game as described in clause 2.4.3.
1.3 “Sharpe Ratio” is a measure of reward for risk taken, where risk is measured in terms of volatility.
1.4 “Game Period”:
00:00 GMT 1 Dec 2008 – 23:59 GMT 30 Oct 2009
1.5 “Game Months”:
The Game Period is divided into 11 calendar months. Each Game Month
being the calendar month during the Game Period.
1.6 “Game Quarters”:
00:00 GMT 1 Dec 2008 – 23:59 BST 31 Mar 2009
00:00 BST 1 Apr 2009 – 23:59 BST 30 Jun 2009
00:00 BST 1 Jul 2009 – 23:59 BST 30 Sep 2009
1.7 Times:
Are all UK time. (1 Dec 2008 – 28 Mar 2009 and 25 Oct 2009 – 30 Oct 2009 = GMT, 29 Mar 2009 – 24 Oct 2009 = BST).
2. Prizes
2.1 Eligibility for Prizes
Only individuals who qualify as participants from the beginning to the end of the prize period (see clauses 2.2 and 3.2) are eligible for prizes.
2.2 Participant Eligibility
2.2.1 To be eligible to participate in the Game, participants must be aged 18 or over and a UK resident.
2.2.2 It is not a requirement for a Game participant to be an existing client of JPMorgan Asset Management (“JPM”) or to make a purchase of any of JPM’s funds.
2.2.3 In addition, to be eligible to participate in the Game, each participant must be: an employee of, a partner in or an appointed representative of an FSA authorised firm and be
a) a registered advisor or an employee of a registered advisory firm; or
b) an advisor or professional investor at a discretionary asset manager, private bank, private client stockbroker or a family office; or
c) an employee of a life company and a member of that life company's intermediary sales team, distribution team or marketing team; or
d) a fund of funds manager or a member of their research team.
or:
a director, partner or employee of a service provider to an FSA authorised registered advisory firm.
The meaning of the following will be at JPM’s absolute discretion: registered adviser; registered advisory firm; adviser or professional investor at a discretionary asset manager, private bank, private client stockbroker or a family office; a member of a life company’s intermediary sales team, distribution team or marketing team; a fund of funds manager; a service provider.
However, this Game is NOT open to any individual who is an employee of any fund management company or product provider which JPM considers, in its absolute discretion, to be in competition with JPM.
For the avoidance of doubt, participants who are fund of fund managers, or members of a fund of fund management team, where the funds being managed are unfettered fund of fund vehicles, are NOT considered to be in competition with JPM and, therefore, may participate in the Game.
If you are in doubt about your eligibility to participate in the Game, you should check with the Game Administrator using the 'Help and Support' facility before entering.
2.2.4 This Game is not open to employees (or their direct family members/partners) of the JPMorgan Chase Group of companies or any of its subsidiaries. In addition, the Game is not open to anyone connected with the operation or management of any JPM funds or connected with the Game.
2.2.5 Individuals who enter the Game in contravention of this section are not eligible to win any prize and will be removed and disqualified from the Game by JPM at its absolute discretion.
2.3 Overall Game Prizes
2.3.1 At the end of the Game, the three participants with the highest percentage return (to six decimal places) will each receive a cash prize. Prize winners will be contacted by JPM (see clause 2.5.1). However, should JPM be unable to contact a winning participant or be unable to confirm their eligibility to a prize within 28 days of the prize being awarded, then JPM may, at its absolute discretion, determine that participant to be ineligible for the prize concerned and instead select the participant with the next highest percentage return as a prize winner, subject to being able to contact them and confirm their eligibility within 28 days.
2.3.2 The first, second and third prizes will be awarded to the participants with the highest, second highest and third highest percentage return (to six decimal places) at the end of the Game, respectively.
2.3.3 The prizes are as follows:
1st Prize: £35,000 (or equivalent charitable donation to a charity/charities (up to a maximum of five) of the participant’s choice)
2nd Prize: £5,000 (or equivalent charitable donation to a charity/charities (up to a maximum of five) of the participant’s choice)
3rd Prize: £2,500 (or equivalent charitable donation to a charity/charities (up to a maximum of five) of the participant’s choice)
2.4 Additional Prizes
2.4.1 Monthly Prizes
At the end of each Game Month, each currently registered participant, who has participated in the Game over the full Game Month period, and who has the highest percentage return (to six decimal places) over that Game Month will receive an Amazon® gift certificate to the value of £100. Second and third place prizes of Amazon® gift certificate to the value of £75 and £50 respectively will be awarded.
2.4.2 Quarterly prizes
At the end of each Game Quarter, each currently registered participant, who has participated in the Game over the full Game Quarter period, and who has the highest percentage return (to six decimal places) over that Game Quarter will receive an iPod Touch (or a prize of equivalent value if JPM has difficulty sourcing them).
2.4.3 Occasional Prizes
JPM reserves the right to introduce intra-Game mini-competitions with prizes and other promotions (the “Occasional Prizes”) leading up to and throughout the course of the Game, and over and above the Monthly and Quarterly sub-Games. The criteria for winning these Occasional Prizes will be announced at the time the mini-Game/promotion is launched.
2.4.4 Incentive Prize Draw
After participants have registered for the Game and the registration has been accepted, they may refer other participants to join the Game. Both the referring participant and the new participant will be entered into a prize draw for all referrals, which is to be made during the week commencing 1st December 2008 to win a prize of £2,500. The winner will be notified as soon as practicable after the prize draw. To be eligible to participate in the prize draw the referral needs to have been made and the participant referred accepted as eligible to participate in the Game by 23:59 GMT on 30th November 2008. The winner’s name will be posted on www.jpmorganassetmanagement.co.uk/ffm.
JPM may at its absolute discretion vary the prizes if it is not possible or practical to source them and participants agree that no liability shall attach itself to JPM as a result thereof.
2.5 Prize Winners
2.5.1 Prize Winners
JPM will contact prize winners by phone and/or email and prizes will be delivered within 28 days of such notification.
2.5.2 Cash prizes
Cash prizes will be awarded to the participants in the form of a cheque.
2.5.3 Cash Equivalent Charitable Donation prizes
A participant may elect to donate all or part of their cash prize to charity. The participant will be responsible for advising JPM of this election (see clause 3.3.2).
2.5.4 Tax
JPM will not be liable for any tax liability which is incurred by any person as a result of, or in connection with, or arising from the winning of any prize in the Game. Any tax liability will be the sole responsibility of the recipient of the prize. For the purposes of this Game, tax includes all taxes, VAT, national insurance or other similar liabilities.
2.6 Tie break for prizes
In the event that any of the leading positions for a prize is tied, the prize will be awarded to the participant with the highest Sharpe Ratio over the competition period.
If the result is still a tie, the prize will be awarded to the participant which is judged by JPM, at its absolute discretion, to have had the most consistent performance over the course of the Game.
If the result is still a tie, the prize will be awarded to the participant which registered for the Game first.
3. Registration
3.1 Registration
3.1.1 All participants must register in the ‘Register’ page of the website. Information about how to register is set out in the ‘Register’ page of the website.
3.1.2 JPM reserves the right to refuse to accept any participant names that have been duplicated or are felt, in JPM’s sole discretion, to be inappropriate or offensive. Game participants who seek to register under unsuitable names shall be refused entry into the Game, removed from the Game, or renamed by JPM at any time.
3.1.3 JPM reserves the right to remove a participant from the Game, at its absolute discretion, if they do not act in accordance with the Terms, or the spirit, of the Game. Any eligibility for prizes will cease immediately upon such removal from the Game in these circumstances.
3.1.4 Removal from the Game
JPM may remove participants if it finds they are ineligible. From the point a participant is removed from the Game, they become ineligible for any prizes with immediate effect, [unless they are removed after the end of the Game Period, a Game Month or a Game Quarter (or any other such period required to be eligible to win an Occasional Prize) and before the prize for that particular period has been actually awarded to the participant, provided the reason for removal is not ineligibility.]
Participants may leave the Game at any time by following the instructions on the website.
3.2 Eligibility
3.2.1 All participants should have a Game participant name. This name, once reviewed and approved by JPM (see clause 3.2.2), may be displayed in the Game.
3.2.2 Each participant will be reviewed initially before they are allowed to complete registration and enter the Game. Only upon successful completion of this initial review will a participant’s registration be complete. If JPM believes that a participant should not be allowed entry into the Game, then JPM may, at its absolute discretion, reject the participant’s application for registration.
3.2.3 A participant’s eligibility may also be reviewed during the course of the Game to ensure it meets all the eligibility criteria. If a participant is found to be ineligible, at any time, they will be disqualified.
3.2.4 In order to be eligible to compete for the Overall Game Prizes, participants must enter an initial portfolio either by self selecting funds to create a valid portfolio, or by selecting a Lucky Dip (see clause 4.9) by 00:00 GMT on 1 December 2008. Any registered participant who has failed to select a valid portfolio by 00:00 GMT on 1 December 2008, will be automatically allocated a Lucky Dip portfolio for entry into the Game and will be eligible to compete for the Overall Game Prizes.
3.2.5 Participants who enter the Game in contravention of this section are not eligible to win any prize and may be removed from the Game by JPM at its absolute discretion.
3.3 Charity
3.3.1 In the event that a participant wins a cash prize and wishes to donate all or part of that prize to charity, then they will be responsible for advising JPM of this election immediately upon notification of the prize entitlement. Up to five charities may be selected by a participant and notification to JPM of amounts to be paid to each charity must be made by a participant within five days of notification of the prize entitlement.
4. The Competition
4.1 Competition objective
Each participant will be given a notional £100m to invest in a portfolio of JPM Funds and Investment Trusts. Participants will be able to trade their portfolios over a Game Period and the winning participant will be the participant that has the highest percentage return at the end of the Game (to six decimal places)
4.2 The Game commences at 00.00 GMT on 1st December, with funds being priced for the first time at the closing prices on 28th November 2008. Initial portfolio values will be available from 00:00 GMT on 1st December 2008.
4.3 JPM reserves the right, at its sole discretion, to terminate the game at any time if it becomes impossible or impractical to carry on with it.
4.4 Registration
4.4.1 Entry into the competition is free.
4.4.2 To enter the competition, entrants must register on the Game website at www.jpmorganassetmanagement.co.uk/ffm.
4.4.3 Registration will open on Monday 1 November 2008.
4.4.4 All participants must register in the ‘Register’ section of the Game website. The registration process is described on the ‘How to Play’ page of the Game website.
4.4.5 Registration Data
The data required from all participants for registration in the Game will be:
Mandatory Fields:
Full name – plus Game participant name
Company name
Business address
Business telephone number
Individual’s business email
Optional Fields:
Firm’s FSA number
Role at firm
JPM will use this data during the course of the Game to: i) display participants’ names on the leader board; ii) communicate with participants about the Game (see also clause 5), with information regarding their performance, fund news and promotions within the Game, fund events, and market updates; iii) promote the Game and any future JPM FFM games and iv) to check participants’ eligibility for the Game and entitlement to prizes.
JPM and other companies in the JPMorgan Group may also use the information supplied to provide participants with information about their products and services, seminars and product launches that may be of interest by mail, telephone and email. Any participant not wishing to receive such information should tick the opt-out box on the registration page, use the ‘Help and Support’ facility or contact their usual JPM representative.
4.4.6 Before entry into the Game, participants will be reviewed by JPM and registration of a participant will only be complete once this review has been completed and the participant has been approved by JPM (see clause 3.2.4).
4.4.7 Once a participant has completed registration, the participants name may be displayed in the Game.
4.4.8 JPM reserves the right, at any time, to close the registration to further participants should the Game capacity be reached, or indeed for any other reason at its sole discretion.
4.4.9 Once a participant has registered, an initial portfolio can then be created. This process is described in the ‘How to Play’ page of the website.
4.4.10 Any participant whose request to register after the Game commences at 00.00 GMT on 1 December 2008 will be considered to be a Late Entrant and the terms laid out in section 4.5 below will apply.
4.5 Late Registration
4.5.1 Participants can apply to register to play the Game after the Game has commenced but no later than 00:00 BST on 1 October 2009 (the start of the last Game Month).
4.5.2 The registration process will be exactly as described above except that participants registering after the Game has commenced will be ineligible for the Overall Game Prizes and their eligibility for Additional and Occasional Prizes will be determined by the Late Entrant Rules below.
4.6 Late Entrant Rules
4.6.1 Participants who register and are entered into the Game after the Game has commenced 00.00 GMT on 1 December 2008 will be classified as late entrants (“Late Entrants”) and subject to the Late Entrants rules and restrictions described below.
4.6.2 Late Entrants will, once they have been successfully registered in the Game, be given a notional £100m to invest in a portfolio of JPM funds. Participants will be able to trade their portfolios over the remaining period of the Game.
4.6.3 All the portfolio construction rules described below (clause 4.7.2) and in the ‘How to Play’ page of the website will also apply to Late Entrants.
4.6.4 Late Entrants will only be eligible to play in the monthly and quarterly and occasional Games subject to the criteria below. They will not be eligible to win the Overall Game Prizes and their name will not be displayed in the overall Game leader board. .
4.6.5 In order for Late Entrants to be assured of participating for a full Game Month they must be registered prior to the first day of the Game Month (see clause 1).
4.6.6 In order for Late Entrants to be assured of participating for a full Game Quarter they must be registered prior to the first day of the Game Quarter (see clause 1).
4.6.7 In order for Late Entrants to be assured of participating for a full Occasional Prize period they must be registered prior to the first day of the Occasional Prize period (see clause 1).
4.7 How to Create a Portfolio
4.7.1 The portfolio creation process is described in the ‘How to Play’ page of the website.
4.7.2 Portfolio Construction Rules and Restrictions
a) A minimum of 10 funds (and a maximum of 20 funds) must be held in a
portfolio at all times;
b) The maximum trading allocation exposure to equity funds in a portfolio is 70%;
c) The maximum trading allocation exposure to liquidity funds in a portfolio is 20%;
d) The maximum trading allocation in any one fund is 20%;
e) The minimum trading allocation in any one fund is 5%.
4.7.3 Any portfolio that does not comply with the trading allocation portfolio construction rules and restrictions set out in 4.7.2 will be invalid and participants will not be able to save and submit such portfolios.
4.8 Fund Universe
4.8.1 Funds available for investment within the Game will be restricted to a selected sub-set of JPM managed funds in its OEIC, Luxembourg SICAV and Investment Trust ranges. You can get information about the funds available in the Game from the Game website at www.jpmorganassetmanagement.co.uk/ffm. You should note that, although funds may be available to purchase within the Game, these funds may not necessarily be available for purchase in the same way in reality.
For further information about any JPM funds please either visit the JPM website at www.jpmorganassetmanagement.co.uk, call JPM’s Brokerline free on 0800 727 770 or contact your usual JPM representative.
4.8.2 Funds may be launched for inclusion in the Game during the course of the Game Period. Participants will be notified when any new fund is launched.
4.8.3 Funds may be closed or merged during the course of the Game. Participants will be notified if this happens and advised of their options. Participants will also be notified of the default outcome if they hold the affected fund and take no action within the Game. You should note that any fund closures and mergers which occur within the Game may or may not be reflected in reality and that equally, options available in these instances may not necessarily be the same as those offered in reality.
4.8.4 Should a JPM fund be “soft closed” in reality (i.e remain open to investment to existing shareholders only), this may not necessarily be mirrored in the Game.
4.9 Lucky Dip
The Lucky Dip is a feature of the Game whereby a portfolio of funds is generated from the fund universe for the Game, which meets all the portfolio construction rules and restrictions. When initially setting up a portfolio, participants can select a Lucky Dip portfolio if they do not want to select the funds themselves. Any participant who registers before the Game commences on 1 December 2008, and has failed to select a valid portfolio by the start of the Game, will be automatically allocated a Lucky Dip portfolio for entry into the Game.
4.10 Trading
4.10.1 The trading process is described in the ‘How to Play’ page of the website.
Trading will be allowed at all times, except when essential Game updates are taking place.
4.10.3 Trades placed during the weekend or a Bank Holiday will be considered in the same way as a trade made before midday on the next business day.
4.10.4 Any trade placed before midday on any given business day will be traded using that day’s closing price and the outcome of the effected trade will be updated and reflected in the ‘Your Portfolio’ at midnight. Any trade placed after midday on any given business day, will be carried forward and traded on the next business day at that day’s closing price and the outcome of the affected trade will be updated and reflected in the ‘Your Portfolio’ page at midnight following the next Business Day.
4.10.5 If a trade has been placed before midday, the participant can only cancel the pending trade before midday. Similarly, if a trade has been place after midday, a participant can only cancel the pending trade before midnight.
4.10.6. If a trade has been placed before midday and not cancelled before midday then no further trades can be made for the remainder of the day whilst the trade is still pending. If a trade has been placed after midday, and not cancelled before midnight, then no further trades can be made during the following day whilst the trade is still pending.
4.10.7 There may be a cost for trading in funds within the Game. Information concerning the level of trading costs associated with a fund will be available on the Game website. JPM reserves the right to change the trading cost associated with any fund at any time in the course of a Game at its absolute discretion. You should note that any fund costs associated with trading in the Game may not reflect reality and any special offers/discounts/promotions within the Game may or may not be reflected in reality.
4.11 Performance Measurement
4.11.1 Participants will be able to view their own portfolio performance on a daily basis.
4.11.2 Closing prices will be used for portfolio valuation and performance measurement purposes.
4.11.3 If for any reason the price used for a fund in the Game is subsequently found to be incorrect then JPM may, at its absolute discretion, choose not to correct the fund price used in the Game.
4.11.4 Participants are reminded that their portfolio value will change depending upon the performance of their chosen funds and also the costs of trading.
4.11.5 Performance will be measured by measuring the percentage change over the relevant period to six decimal places. Performance information displayed in the game will be to two decimal places only
4.11.6 JPM’s decision is final.
5. Communication and Information about the Game
5.1 Regular Communication
You will receive regular communication from JPM by email over the Game Period. This communication will include: Game information, information regarding the participants performance within the Game, prize winners, fund news (including promotions and information about JPM funds within the Game), fund events and market updates. Receipt of this information is a condition of participation in the Game.
6. General
6.1 JPM’s decision in all Game related matters shall be final.
6.2 Winners’ names, their portfolio selections, photographs and any comments made in relation to a prize or the Game, may be used without limitation for future promotional marketing and publicity purposes in all and any media without notice and without any fee being paid. Entry and participation in the Game will be deemed to be your acceptance of these Terms.
Winners details will be published on the Game website at www.jpmorganassetmanagement.co.uk/ffm, and may also be published in other media at JPM’s discretion.
6.3 JPM shall not be liable for any loss or damage whatsoever which is suffered by any person as a result of, or in connection with, or arising from the Game, any prize or these Terms, or use of the same except for any liability which cannot be excluded by law.
6.4 Participants should keep their password confidential at all times. JPM shall accept no responsibility if password security is breached and any data is added, amended or deleted as a result.
6.5 JPM shall not be responsible for any transactions or data lost or altered in transmission. Evidence of submission of transactions or data will not be accepted as proof of transmission.
6.6 JPM reserve the right to change these Terms without prior
notice. Entrants will be advised of any such changes in the ‘Game
News’ section on the Game website.
7. Complaints
7.1 JPM is willing to investigate any complaints by participants to ensure that its high standards are maintained. However, its decision is final and it shall not be obliged to enter into any correspondence regarding the JPM FFM Game and/or the awarding of any prizes. In the event that a participant wishes to complain they should contact JPM by using the ‘Help and Support’ facility in the Game website.
8. Jurisdiction
8.1 These Terms shall be governed by and shall be construed in accordance with the law of England and Wales. The courts of England and Wales shall have exclusive jurisdiction to settle any claim arising out of or in connection with these Terms or the legal relationships established by it.
