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Fund stars shift orbits

Jupiter and M&G have been dealt a blow with the loss of star fund managers.


Jupiter fund manager William Littlewood has ended speculation on whether


he will return from his three-month sabbatical by retiring “indefinitely”


because of chronic fatigue.


M&G high-profile fund manager Nick Train is leaving just as the company


comp letes a merger with Prudential Portfolio Managers which brings funds


under management to £150bn.


Littlewood took time off in January because he was exhausted. Jupiter was


quick to deny he was calling it a day and insisted he would be back in the


spring.


But 34-year-old Littlewood is still suffering from severe exhaustion. Last


week, he was signed off by his doctor for an indefinite period.


Negotiations about his contract, which was due to expire in 2002, are now


taking place.


Anthony Nutt, who runs the high-income trust, will take over the running


of the income fund, with Prakash Rajasekaran becoming his deputy.


Nutt is known to have a less aggressive style than Littlewood and he will


be cutting the 200-stock portfolio by about 25 per cent.


Jupiter sales & marketing director Steve Glynn says: “William was very,


very tired at the beginning of the year. The sad fact is the doctor


confirmed last week that he has chronic fatigue and it is not in his


interests to continue working.”


Train, a former star at GT Global before its link-up with Invesco, joined


M&G in 1998 to run its capital fund. He is understood to be setting up an


investment boutique with former GT colleague Michael Lindsell.


M&G head of Europe Charles Glasse has also left to pursue other interests.



Comment, p29.

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