Darwall departs Jupiter to set up Devon Equity Management

Jupiter announced yesterday evening (1 July) that Darwall had taken preparatory steps to "fulfil a long-held ambition [and] launch a small investment management business". Darwall has agreed not to compete with Jupiter in the UCITS market for a period of two years. However, a separate stockmarket filing from the trust noted its board had "decided to investigate the possibility of appointing Devon to advise on its investment portfolio". "[The board] has instructed its professional advisers to assist in a due diligence exercise and to consult with its shareholders," it added. "The board...