Jupiter has renamed its £14m growth exempt fund as the high alpha fund and has raised minimum investment from £5,000 to £100,000.
The fund is managed by Justin Seager and the name change was needed as the firm has got the go-ahead from the FSA to take away the fund’s exempt status, which means it is no longer exclusive to investors who do not have to pay tax.
The annual charge on the fund rises from 1 to 1.5 per cent to bring it in line with the other vehicles managed by the UK equities team.
A Jupiter spokeswoman says: “The fund has been operating on the best ideas of the UK equity team since last summer but the regulatory permission has allowed us to make changes to the name, minimum investment and AMC that reflect its investment style and process.
Hargreaves Lansdown investment manager Ben Yearsley says: “When you have got a range and a team as strong as Jupiter you can afford to make these changes to funds to bolster business flows. Not only are best ideas the biggest thing in the market but the group are also pushing the fund towards distribution platforms to make it more accessible to clients.”