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 portfolio...
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