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Jupiter Merlin buys Mark Barnett fund in equity income shift

Jupiter’s Merlin multi-manager team added a holding in Mark Barnett’s £296.5m Invesco Perpetual UK Strategic Income fund the day before Neil Woodford’s departure from the firm was announced.

The team’s latest update shows the team, which comprises John Chatfeild-Roberts, Peter Lawery and Algy Smith-Maxwell, added three UK equity income funds to the £4.8bn Jupiter Merlin Income fund during October.

Barnett’s Invesco Perpetual UK Strategic Income fund can now be found within the portfolio alongside Woodford’s £14bn Invesco Perpetual High Income and £10.6bn Income funds. Barnett will take over these funds when Woodford departs in April 2014.

The Merlin team says: “Unbeknownst to us, our investment into Mark’s fund took place the day before Neil’s departure was announced.

“We invested with Mark on the basis that we viewed his pragmatic investment approach as having the potential to deliver during both up and down markets. We hope he will be able to continue to execute this strategy through his UK Strategic Income fund and within his new fund mandates.”

October also saw Jupiter Merlin Income start new positions in Martin Cholwill’s £534.6m Royal London UK Equity Income fund and Matt Hudson’s £496.9m Cazenove UK Equity Income fund.

Outside of UK equity income, the team added Oliver Kelton’s £240.1m Waverton European fund, James Hanbury and Jamie Grimston’s Odey Allegra Developed Markets fund and the Aptus Global Financials fund, which is managed by a team led by Johnny de la Hey, to its portfolios.

Three Counties IFA Andrew Alexander says: “This move makes sense as Mark Barnett runs a fantastic fund with great performance.”


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