new offshore funds will be followed by overseas income fund next year
Jupiter has launched two funds, managed by Elena Shaftan and Philip Gibbs, into its Luxembourg Sicav range, while a global income fund from Tony Nutt is planned for next year.
The funds, which launched on 2 November, include a broader version of Shaftan's Emerging European portfolio and a wider financial remit for Gibbs, who manages the Financial Opportunities fund.
The new funds fall within the group's Luxembourg-domiciled umbrella, which launched in August 2001.
Previously, the range comprised of five funds: Asia Pacific, European Growth, European Opportunities, UK Opportunities and a Climate Change Solutions vehicle.
The group has conceded that it has made little headway in attracting investors in Continental Europe and Asia, and the launches coincide with a further push into these markets.
Gibbs and Shaftan's Ucits III Sicavs, are broader mandates than their existing onshore vehicles. For instance, Global Financials is based on Gibbs' £935m Financial Opportunities fund, but has increased small-cap exposure.
Meanwhile, Shaftan's new Emerging Europe Select fund has the flexibility to invest up to a third of its portfolio in the Middle East and Africa.
Shaftan, who also runs the £504m onshore Emerging European Opportunities fund, plans to cap the vehicle at £100m or E150m in order to exploit small-cap opportunities within the market.
She said: "Smaller companies in emerging Europe are often underowned and undervalued, but cannot be accessed through the larger onshore fund because of its size. We also want to take advantage of the increasing number of IPOs planned in Russia and Poland."
Both funds will allow the use of cash and derivative instruments to be used in cyclical downturns.
For Nutt, who manages the £3.2bn Income Trust and £600m High Income fund, the new Sicav being considered for next year will be his first attempt at replicating his successes on a global scale.
The two recently launched Sicavs are available in sterling or euro share classes. Charges are 5% initial and 1.75% annual for Emerging Europe Select and, 5% and 1.5% for the Global Financials fund. Minimum investment on both is £1,000.
The group also plans to restructure its UK Growth Exempt fund, which is currently restricted to pension funds and charities. One option is to transform the fund into a portfolio of best ideas. key points
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