Jupiter is to offer unitholders in its financial opportunities fund a free switch into manager Philip Gibbs’ two new funds, which will launch on December 14.
Investors who switch some or all of their investment into the Jupiter absolute return and international financials funds will not trigger a capital gains tax liability.
The two new funds will make Gibbs’ skills in long/ short investing available to retail investors for the first time.
Absolute return will have a global mandate, using derivatives and cash to achieve its aim of outperforming in all market conditions.
The fund will be managed along similar lines to Gibbs’ existing hedge fund but will have less leverage and aim for lower volatility. It will be benchmarked against three-month Libor.
International financials will differ from Gibbs’ financial opportunities in its Ucits III structure, which will allow the manager to short individual stocks and indices. It will have a similar investment style to the global financials fund, an offshore Sicav also managed by Gibbs. It will be benchmarked against the FTSE global financials index.
Jupiter has written to direct clients and IFAs, informing them of the switching facility.
Last week, Jupiter said Guy de Blonay will take on joint management of the Jupiter financial opportunities fund from summer 2010. He will manage the £1.4bn fund alongside Gibbs, who is head of the financials team.