Exeter funds deal for Jupiter shareholders

Shareholders in Jupiter&#39s extra- income investment trust are being offered the unusual option of rolling over their money into funds offered by two different fund managers when the trust winds up on September 29.

Typically, when a trust winds up, shareholders are given the option to roll over into funds offered by the investment house which manages the trust.

But the directors of Jupiter&#39s extra income trust are recommending two Exeter funds as well as a Jupiter fund.

The board of three directors currently includes for-mer Jupiter chief executive John Duffield as well as Martin Smith, the man tipped to head Duffield&#39s forthcoming fund management business.

Ordinary shareholders can exchange their shares for units in Exeter&#39s equity inc-ome fund or Jupiter&#39s high-income fund.

Zero-dividend preference shareholders can roll over into Exeter&#39s zero preference unit trust. Shareholders can also opt for a cash payout.

Jupiter director Reef Hogg says: “We are pleased that Jupiter has been included in the range of rollover options but it is unusual that two different fund managers are made available.

“I don&#39t know why Exeter has been chosen. The performance of their equity income fund has not been comparable with that of Jupiter&#39s high-income fund.”