Jupiter plans starring role for Sipp in savings sector
Jupiter Unit Trust Managers is aiming to increase its Sipp business as it looks to meet the dem-ands of improving the UK’s savings dilemma.
Joint chief executive Edward Bonham-Carter says the firm’s Sipp will be developed so that customers can build a whole savings pot with the asset manager.
The Sipp was originally available only to around 400 private clients with Jupiter but its growing success will see it opened out to an increasing marketplace.
IFAs were surprised when Jupiter first launched the Sipp three years ago since it marked a step away from the firm’s classic asset manager status.
Today, Bonham-Carter views the Jupiter business as a series of Venn diagrams, with the various areas – fund of funds, traditional funds and the Sipp – all crossing over.
The only difference bet-ween the Sipp and other aspects of the business is that the traditional funds and fund of funds can all stand alone.
Bonham-Carter says: “It does sort of signal an entry into distribution. I can see why people thought that. We are looking to a future where people will have their own savings pot. They will want to have Sipps and fund of funds to give themselves some diversification.
“We are very dedicated to the Sipp and are looking to develop its role further.I expect it to play an increasingly bigger role in our business. It is a much more tax-efficient way of saving than other methods and something that IFAs are becoming increasingly aware of.”Jupiter orbit, p22
