Jupiter is launching two onshore unit trusts for Philip Gibbs, an international financials fund and a global absolute return vehicle, subject to FSA approval.
The two portfolios, slated for launch in the New Year, will utilise the Ucits III powers to synthetically short areas of the market on which Gibbs is bearish.
Gibbs' £1.3bn Jupiter Financial Opportunities fund posted a positive return in 2008, gaining some 7.2% despite a 47.9% decline for the FTSE Financials index. Over one year 24 August, the fund is up 35.3%, according to Morningstar.
This gain in such extreme market conditions and his experience running both a hedge fund and broader investment company mandate are the reasons why the group has decided to launch the two new portfolios for Gibbs.
The planned international financials fund will enable Gibbs to profit from short positions, via derivatives.
His global macro fund will be a ‘go anywhere' mandate, enabling Gibbs to invest across a variety of asset classes and sectors.
The fund will mark the first time UK retail investors will be able to access a generalist mandate from Gibbs in an open-ended unit trust.
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From June 2019