Jupiter has opened up its Neptune fund of funds to the wider retail market. The fund, which has been run with a predominant fettered bias, was created as a housing vehicle for employees' money following a legal battle over the New Star Investment Trust.
The fund will continue to be run by Jupiter's Independent funds team, led by John Chatfeild-Roberts, but as part of the move, Jupiter is changing the remit of the fund. Where previously half its assets were invested in Jupiter's in-house portfolios, the fund will now be completely unfettered. The £41m fund will change its name to Jupiter Merlin Balanced Portfolio
Originally called the Jupiter Investment Trust, the vehicle was used by employees to house payouts made from Commerzbank to Jupiter staff. This trust subsequently passed to New Star with the departure of Jupiter founder John Duffield in 2000 and was subsequently renamed and brought under New Star managers.
However, several Jupiter employees, including its joint CEO Edward Bonham Carter, had assets remaining in the trust. In September 2002, those investors that wished to exit were allowed to roll their assets into the Jupiter Neptune vehicle, managed by John Chatfeild-Roberts and team.
The Balanced fund of funds will fit almost as a halfway house between Growth and Income, although unlike many of its peers in the Balanced Managed sector, it will feature an income requirement. It will aim for a yield of around 2%, while Merlin Income currently has a yield of just over 3%. In keeping with the rest of the fund of funds range, Jupiter Balanced will have a 5.25% initial charge and a 1.5% annual fee.
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