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Jupiter rebrands trust and enters retail arena

Jupiter is to rebrand an in-house portfolio and launch it into the retail market as the Merlin balanced man- aged fund.

Currently badged the Jupiter Neptune unit trust, the fund will become the fourth mandate in the onshore Merlin suite of fund of fund port- folios run by John Chatfeild-Roberts and team.

The Neptune fund was originally an investment trust used by Jupiter staff to house gains from equity stakes sold to Commerzbank when the fund manager was taken over. It has been run to a rough 70 per cent FTSE Allshare/ 30 per cent FTSE All stocks index benchmark which more or less fits the balanced-managed sector requirements.

Chatfeild-Roberts says the portfolio’s Jupiter hold-ings will be reduced from their current level of about 50 per cent to closer to 25 per cent.

It already holds external funds, such as Findlay Park US smaller companies, Thames River high income and Morant Wright Japan and plans to add more.

The balanced managed sector rules stipulate an income requirement which means the fund will have to generate a yield of about 2 per cent, along with capital growth. Jupiter Merlin income currently offers a 3 per cent yield. In terms of risk profile, balanced managed will be positioned between the Jupiter Merlin income and growth funds.

Chatfeild-Roberts says: “There is increasing demand from investors for a fund of fund product that offers balanced exposure to UK equi- ties, international equities and bonds.”


‘A-Day changes are set to cost 15m per life company’

Pension providers are not prepared for A-Day and face a bill of up to 200m to cope with the consumer choice it will bring, claims Computer Sciences Corporation. The IT company, which manages over half of the UK’s life and pension policies, says insurers may have dealt with compliance issues ahead of A-Day next April […]

Gartmore appoints new senior investment manager

Gartmore appoints Jayne Stevlingson as a new senior investment manager, to be based in Philidelphia. She will take responsibility for portfolio co-management alongside Gil Knight on the Gartmore US smaller companies fund and the Gartmore Sicav US smaller companies fund. She will report to Gartmore US chief executive and global chief investment officer Young Chin.Stevlingson […]

Leeds & Holbeck launches 10-year fixed rate at 4.65%

Leeds & Holbeck building society is launching a best buy 10-year fixed rate mortgage at 4.65 per cent.The rate will be available at 80 per cent LTV and Leeds & Holbeck says it is a response to diminishing belief that another base rate cut will occur by the end of the year, and because many […]

Sudden death of Jim Gilchrist

Former Scottish Life sales director Jim Gilchrist has died of a heart attack at the age of 63. Gilchrist retired from Scottish Life in 2003 after 35 years with the company, joining in 1968 as a Glasgow branch manager. Known as one of the industry’s personalities, Gilchrist took a keen interest in financial services issues. […]


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