JPMorgan and Danske Among Funds Exposed to Gowex Fraud
This article is for subscribers only.
JPMorgan Chase & Co. and Danske Bank A/S funds are among investors in Let’s Gowex SA, the Spanish Internet startup that’s filing for insolvency after saying it falsified accounts for at least four years.
JPMorgan’s Euroland Focus fund had 2.9 percent of its holdings invested in Gowex as of May 31, while the bank’s Europe Focus fund had 2 percent of its portfolio dedicated to the stock, according to the most recently available data on their website. Danske’s Europe Absolute fund had 2.7 percent of its portfolio invested in Gowex as of June 30, data compiled by Bloomberg show.