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Jupiter presses on with injunction

Jupiter is to press on with its injunction against John Duffield despite attempts by New Star Asset Management to avoid litigation.

The injunction aims to compel Duffield to split the New Star Investment Trust which includes investments from several Jupiter employees. Jupiter claims Duffield previously agreed to a split.

In a national newspaper interview last week, Duffield said he believed if two key shareholders reduced their holdings in the New Star investment trust, the door would remain open for a split of the fund.

Former Jupiter chief investment officer Charles Crowther and Jupiter director Michael Heathcoat-Amory hold stakes of 11 per cent and 7.5 per cent. Duffield said if their stakes are reduced to less than 5 per cent, the fund could be split and retain investment trust status.

But Duffield remained adamant that Jupiter should bear any costs from the split, a condition which Jupiter rejects.

Jupiter chief executive Edward Bonham-Carter is withdrawing from day-to-day dealings of the litigation, leaving the case in the hands of director Reef Hogg. Bonham-Carter says he was disappointed by the personal nature of proceedings at the EGM this month.

A Jupiter spokesman says: “Duffield has moved his position but not far enough. The injunction still carries on.”

New Star Asset Management said it had nothing to add to the statements made in its newspaper interview.

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