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Jupiter bolsters broker team

Jupiter is strengthening its IFA service with three recruits to its broker support team as well as the appointment of a new sales director.

Pavan Varman, who joins from CGU Financial Management, becomes sales director for the Midlands and East Anglia. His appointment takes the sales team to 31 compared with just seven in 1997.

The broker support team increases from four to seven.

The changes come as part of a comprehensive restructure of Jupiter which has been under way since the departure of chief executive John Duffield in May.

Joint managing director Steve Glynn says: “The intermediary is still one of the best placed to capitalise on the future of the financial services industry. We have begun to significantly build up our resources on the intermediary side of the business to ensure we can continue to deliver superior products in a superior way.”

Plan Invest director Michael Owen says: “Jupiter is a big outfit but it certainly has not been first class at keeping advisers in touch. It definitely needed to spend some more money on looking after the IFA.”

Shareholders in Jupiter&#39s extra income investment trust reasserted their faith in the company last week when they voted significantly in favour of a rollover into Jupiter funds.

The fund&#39s directors, which include John Duffield, had unusually presented shareholders with the option of rolling over into two Exeter funds as well as Jupiter&#39s high-income unit trust when the fund terminates on September 30.

But of the 34 per cent of shareholders who opted for a rollover into another income fund, 97 per cent voted for Jupiter over the Exeter funds.

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