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Jupiter European manager heads for exit

JEO : Jupiter European pays £13m performance fee

Jupiter European manager heads for exit – Jupiter Fund Management and portfolio manager Alexander Darwall have spoken to the board of Jupiter European Opportunities Trust about the future management of the trust. Alexander Darwall has taken preparatory steps to launch a new investment management company, Devon Equity Management Limited, to be based in London. He is currently seeking authorisation from the Financial Conduct Authority for the new business.

Jupiter European’s board has decided to investigate the possibility of appointing Devon to advise on its investment portfolio and has instructed its professional advisers to assist in a due diligence exercise and to consult with its shareholders.

The board is in negotiations with Jupiter regarding the ongoing management arrangements and investment management contract.

Further information will be announced in due course.

[Jupiter European and Alexander Darwall have had a long and successful partnership and we are fairly sure that if the two were parted, a lot of investors would be considering cashing in their gains. However, the fund is also closely intertwined with Jupiter Fund Management – at the least, the name would have to be changed. We would also wonder whether the new management company could put the same resources into marketing the fund as Jupiter can.]

JEO : Jupiter European manager heads for exit

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