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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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