Buxton named lead manager of Jupiter UK Growth trust
Replaces Steve Davies
David Brenchley, Investment Week, 18 February 2020
Richard Buxton has been named as new lead manager of the Jupiter UK Growth investment trust, replacing under-fire Steve Davies.
Buxton will be assisted on the £47.5m offering by Errol Francis and Ed Meier, who both co-manage the Merian UK Alpha fund with the firm’s former CEO.
The move comes a day after it was announced Jupiter Fund Management would acquire Merian Global Investors for £390m. Buxton will take over the trust once the decision has gained shareholder approval at the end of April…
Jupiter will also add Merian Chrysalis, taking the assets under management from its trust business up to £772m.
CEO Andrew Formica recently told Investment Week Jupiter would be looking to rebuild this part of the business, saying Jupiter and investment trusts should be “natural bedfellows”. Jupiter recently hired Magnus Spence as head of investment trusts to replace the Devon-bound Richard Pavry.
On the Buxton appointment, Formica said: “Jupiter is committed to growing the assets under management of this trust and of our investment trust business generally. This appointment is a significant development in achieving this objective.” …
James Carthew, head of investment company research at QuotedData, told Investment Week: “This potentially solves a headache for the board, which had instituted a review of the future of the company following an extended period of poor performance under Steve Davies.
“Liquidation was a serious possibility but the Buxton name and track record could stem the shrinkage of the fund and allow it to re-expand. The shares are up 1% at the time of writing but the discount was already tight thanks to the discount control mechanism.”
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