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Jupiter Merlin team adds Terry Smith to £770m Worldwide portfolio

Jupiter’s Merlin multi-manager team has taken a position in Terry Smith’s £532m Fundsmith equity fund within its £770m Jupiter Worldwide portfolio.

The fund has been added as the team of John Chatfield-Roberts, Peter Lawery and Algy Smith-Maxwell look to boost their exposure to the “global titans of the corporate world”.

Smith launched the Fundsmith equity fund in 2010 as a high conviction, low-cost equity fund. The fund is currently top quartile in the Investment Management Association global sector over 12 months, having returned 23.2 per cent, compared to a sector average of 10.1 per cent.

The team has also added the £481m Morgan Stanley Global Brands fund to the £1.7bn growth portfolio to take advantage of the “global titans” theme. Morgan Stanley Global Brands is the best performer in the IMA global sector over three years.

Lawery says: “These two funds offer this, albeit that the underlying companies are not explicitly cheap right now. History is littered with examples of companies that have been too expensive to buy but have remained so and have continued to serve investors well. 

“These funds are exposed to growing, solid companies with strong balance sheets and we believe they will continue to do well in the current environment.”



Govt says tax avoidance crackdown will be ‘proportionate and limited’

The Government says its crackdown on tax avoidance will be “proportionate and limited” and retrospective action taken only in “exceptional circumstances”. In its report into the March Budget, the Treasury select committee raised concerns over the use of retrospective action for stamp duty avoidance. The Budget introduced a 15 per cent tax rate on properties […]

BNP Paribas to launch structured product Ucits fund

BNP Paribas is to launch a structured product Ucits fund offering exposure to European equities. The BNP Paribas Defined Return Europe Opportunity Fund, which launches next month, is Ucits compliant and is a six year auto-call product linked to the EURO STOXX 50 index. The investment manager is THEAM, a subsidiary of BNP Paribas Investment […]


FSA steps up probe into wealth management firms

The FSA is interviewing wealth management firms about how they are seeking to address problems with record keeping and suitability of advice as it launches a second thematic review into the wealth management sector. The regulator sent a Dear CEO letter to chief executives of wealth management firms last June. The letter highlighted “significant, widespread […]

Standard Life axes trail commission to SJP introducer

Standard Life has terminated its agency agreement with the IFA firm which administers the legacy assets of clients moving to St James’s Place. Policy Services takes on the legacy assets and trail commission of clients moving to SJP advisers, with the firm splitting the ongoing commission with the adviser. However, Standard says it is axing […]

To be and not to be – Multi asset investing with conviction

At Pictet Asset Management we believe active management of asset allocation is the most important generator of returns. What is not to be in our portfolio is just as important as what is to be because good performance is determined as much by the assets you avoid as by those you hold. The FP Pictet Multi Asset Portfolio managers are not wedded to any particular […]


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