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Artemis wins millions as clients sell Jupiter funds

More than half the money taken out of Jupiter funds by Best Investment clients this summer was reinvested with Artemis Unit Trust Managers.

The switch of funds came as a hefty boost to the small fund management company which has approximately £450m in assets under management.

It is estimated that Artemis took around £20m-worth of business on the back of Best Investment&#39s advice to sell Jupiter funds.

Best Investment advised its clients to disinvest from Jupiter at the end of May after the fund manager&#39s chief executive John Duffield resigned along with most of his board of directors.

Artemis featured among its top recommendations.

Best Investment deputy managing director Jason Hollands says most of the Artemis money was invested across the UK growth, smaller companies fund and New Economy funds.

Since May, the Artemis UK growth fund has risen by 58 per cent to £75m from £47.5m. The UK smaller companies fund has grown by 42 per cent to £48.9m from £34.5m.

Chase de Vere investment adviser Janine Starks says: “Artemis is a niche player and it has been tipped by a few to be the next Jupiter. But we personally would not have recommended it. We would look for a bit more depth and breadth which it hasn&#39t got yet.”

Bates Investment director Graham Bates says: “We would not have agreed with the move in the first place. You have always got to question a decision to jump ship too quickly from a fund.

“We have no problems with Artemis but moving is a gamble on behalf of your clients. We did not see enough reason to justify that.”

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