View more on these topics

Jupiter Absolute Return to scrap performance fee

Caroline Rookes
Philip Gibbs

Jupiter will remove the 15 per cent performance fee on Philip Gibbs’ £482m Jupiter Absolute Return fund, as the manager prepares to hand over the portfolio to James Clunie.

The performance fee, which is activated on outperformance above the 3-month sterling Libor hurdle rate, subject to a high water mark, will be scrapped on 1 November.

Clunie will take over the fund on 1 September, ahead of Gibbs’ planned retirement in 2014.

Last year, Hargreaves Lansdown dropped Jupiter Absolute Return from its Wealth 150 list of favourite funds, citing the performance fee as one of the contributing factors behind the move.

Jupiter Absolute Return’s performance fee has only been paid out once in its history – and this was applied to the institutional share class rather than the retail.

The move brings the fund into line with the bulk of Jupiter’s range. Guy de Blonay and Robert Mumby’s £38.9m Jupiter International Financials fund is the only open-ended fund at the group that carries a performance fee.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm