Funds run by JPMorgan Asset Management and UBS are among the holders of convertible bonds in the collapsed construction group Carillion, and will likely now face a fight for recoveries in the liquidation process.

JPMorgan Asset Management is the largest holder of these Carillion bonds, with a stake worth £14.3m in total, according to Factset data; chiefly split between its Global Convertibles Fund and Global Convertibles Income Fund. A spokeswoman confirmed the holdings but declined to comment further.