Jupiter Fund Management (JUP)

Sector:

Financials

Index:

FTSE 250

233.20p
   
  • Change Today:
    -3.20p
  • 52 Week High: 432.00
  • 52 Week Low: 164.70
  • Currency: UK Pounds
  • Shares Issued: 447.30m
  • Volume: 624,996
  • Market Cap: £1,043.10m

Jupiter's European fund manager to set up own business

By Michele Maatouk

Date: Tuesday 02 Jul 2019

LONDON (ShareCast) - (Sharecast News) - Jupiter Fund Management was under the cosh on Tuesday a day after it revealed that fund manager Alexander Darwall was leaving the company to set up his own business.
In a statement late on Monday, Jupiter said that Darwall, who manages its European Opportunities Trust, has taken steps to launch a new investment management company, Devon, in London. It is currently seeking authorisation from the Financial Conduct Authority.

"The 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," Jupiter said.

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

The company said Darwall has agreed not to launch a competing open-ended fund for the next two years.

Ryan Hughes, head of active portfolios at AJ Bell, said the news "is a surprise given it was only in April that he was stepping back from his open ended funds to concentrate on his investment trust".

"This was not interpreted at the time as a step to an immediate departure but it seems plans were already afoot for this next step for Darwall to set up his own investment management company.

"With the board of the Jupiter European Opportunities IT immediately announcing their intention to re-appoint Darwall once his new firm is up and running, investors should have confidence in the continuity of the investment approach that has delivered outstanding returns during his 20-year tenure, delivering over three times the index return.

"With Jupiter announcing that Darwall has agreed to not launch a competing open-ended fund for two years, it seems that investors only opportunity to continue to access Darwall's quality growth investment approach will be through the investment trust which may well create strong demand for it in the coming months."

At 1115 BST, the shares were down 7.2% at 400.80p.

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JUP Market Data

Currency UK Pounds
Share Price 233.20p
Change Today -3.20p
% Change -1.35 %
52 Week High 432.00
52 Week Low 164.70
Volume 624,996
Shares Issued 447.30m
Market Cap £1,043.10m

JUP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
80.35% above the market average80.35% above the market average80.35% above the market average80.35% above the market average80.35% above the market average
72.73% above the sector average72.73% above the sector average72.73% above the sector average72.73% above the sector average72.73% above the sector average
Price Trend
57.34% below the market average57.34% below the market average57.34% below the market average57.34% below the market average57.34% below the market average
55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average
Income
85.60% above the market average85.60% above the market average85.60% above the market average85.60% above the market average85.60% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Growth
88.32% below the market average88.32% below the market average88.32% below the market average88.32% below the market average88.32% below the market average
90% below the sector average90% below the sector average90% below the sector average90% below the sector average90% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 5
Sell 1
Strong Sell 5
Total 13
sell
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

JUP Dividends

  Latest Previous
  Final Interim
Ex-Div 12-Mar-20 08-Aug-19
Paid 09-Apr-20 28-Aug-19
Amount 9.20p 7.90p

Trades for 22-May-2020

Time Volume / Share Price
17:53 3,152 @ 233.00p
16:35 296,101 @ 233.20p
16:29 354 @ 232.80p
16:29 133 @ 232.80p
16:29 329 @ 232.80p

JUP Key Personnel

CEO Andrew Formica
CFO Wayne Mepham

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