Lazards multimanager investors opt for switch to Jupiter's service

Some 97% of Lazards multi-manager investors have opted to switch across to Jupiter's service. The Lazards fund of funds and discretionary portfolio services were previously run by John Chatfeild-Roberts, who last year moved to Jupiter, where he set up a fund of funds range. Jupiter believes one reason for the high switchover rate is that investors in the Lazards tailored portfolio currently pay an annual fee of 1.5% plus VAT. The Jupiter fund of funds, which also has an annual fee of 1.5%, is not subject to VAT as it is classed as a unit trust, rather than a service, for taxation purpos...