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Jupiter served notice by three trust boards

Jupiter is facing further difficulties this week as the boards of three of

its investment trusts served notice on the company.

The Split trust, dividend & growth trust and investment trust of

investment trusts have all secured the right to change fund manager in two


The boards have cited Jupiter&#39s recent change of management and company

structure as the main reasons for serving notice.

Former chief executive John Duffield sits on the board of all three trusts

as well as several others.

Jupiter is preparing itself for notice on its other investment trusts,

which are worth up to £1.4bn and make up around10 per cent of the

company&#39s business. Changes to an investment trust&#39s management do not

require shareholder approval and can usually be made based on the board&#39s


However, Jupiter&#39s investment trusts require a two-year notice period and

early termination can mean heavy penalties.

Jupiter sales and marketing director Steve Glynn says: “We are eager to

meet them as soon as possible to allay any concerns they may have.”

Investment, p28


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