UK asset manager Jupiter Fund Management PLC is considering selling £1 billion of holdings in its own funds as one of its star managers prepares to leave the company, the Financial Times reported on Friday.
Shares in Jupiter Fund Management fell 0.7% to 90.10 pence each on Friday in London.
The FT reported that David Lewis, a manager of Jupiter’s Merlin range, said during an investor roadshow this week that the firm was considering pulling the money from Ben Whitmore’s mandates when he leaves Jupiter later this year, citing people familiar with the situation.
https://www.ft.com/content/9e527a46-17c9-4290-9ae2-7eccb4d0b65d
The FT said the Merlin range has nearly a fifth of its equity assets, or £1 billion, in two funds managed by Whitmore. These are the £2 billion Jupiter UK Special Situations fund, and the £930 million Jupiter Global Value Equity fund.
The Merlin team receives a discount on fees for investing in-house, people familiar with the arrangement told the FT.
Kiran Nandra, head of equities at Jupiter, told the FT: ‘As our independent funds team, Merlin will of course make any investment decision in the best interests of clients. This has been a hallmark of their very successful investment process since inception, combining Jupiter funds with non-Jupiter funds.’
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