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's 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's business. Changes to an investment trust's management do not
require shareholder approval and can usually be made based on the board's
However, Jupiter's 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.”