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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.”

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