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Gibbs’ funds raise £342m in pre-launch period

Jupiter’s absolute return and international financials funds have raised a total of £342m in their pre-launch fund raising period.

Managed by Philip Gibbs, the absolute return fund has raised £244m of assets by its launch on December 14, 2009, while the international financials fund has raised in excess of £98m.

The assets raised include a total of £153m of switches from the Jupiter financial opportunities fund.

Jupiter announced the launches earlier this year in a bid to build on Gibbs’ continued success on the £1.27bn Jupiter financial opportunities fund, which has returned 793.88 per cent since its launch in June 1997.

Jupiter recently supplemented the financials team with appointment of Henderson New Star financials fund manager Guy De Blonay, who will co-manage Gibbs’ financial opportunities fund from the summer of 2010.

Gibbs says: “I am extremely honoured by the level of support investors have given the two new funds, not to mention the continued support they have shown for Jupiter financial opportunities. While markets have already rallied sharply this year, it is my view that equities, and financial stocks in particular, should be able to make further progress while interest rates remain low.

“Although debt levels remain high in Western economies this is not so much the case in many emerging markets. Ultimately, Western governments will need to tackle budget deficits and economic recovery will eventually force interest rates higher, which may increase volatility.”

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