View more on these topics

Jupiter spends £1m to reassure IFAs and clients

Jupiter is running a £1m reassurance campaign in a bid to calm

investors&#39 fears following the departure of chief executive officer John

Duffield.

Letters have been sent to all IFAs who sell Jupiter products and to each

of its retail savers offering assurances that there will be no mass exodus

of senior fund managers.

The company has also launched an internal campaign to persuade fund

managers to stay. Fund managers will receive substantial loyalty bonuses

for sticking with the firm over the next 12 months.

The news that Duffield will be setting up his own fund management firm has

ignited worries that loyal fund managers may be tempted to move across.

However, Duffield will be unable to launch a new company until his legal

battle with Commerzbank is concluded, which could take months.

The appeal comes after Jupiter&#39s income fund was downgraded from triple-A

to double-A status by Standard & Poor&#39s fund rating service last week. The

fund, rated number one in its sector over 10 years, has suffered since the

departure of star fund manager William Littlewood in March.

Last week, S&P said it would not be changing any of Jupiter&#39s fund ratings

in the wake of Duffield&#39s departure. However, Jupiter&#39s income fund was

under review and eventually emerged with a lower rating.

Most IFAs are resisting a panic sell-off of Jupiter funds but few are

taking out new Jupiter investments until they are convinced that the new

management is effective.

Recommended

Prudential&#39s Egg closes up 10 per cent after day one

Prudential&#39s online bank Egg floated on the markets this morning, rising as high as 190p before settling down at 176p as of 10:30 GMT. The Pru has received 85,000 applications from clients and staff eligible to purchase stock. The rest of the available shares were snapped up by City traders. The release of shares was […]

Roll up formoney fornothing

As an actuary, I am always sceptical when I hear the phrase “money fornothing”. I do not seem to be alone in this, as some 80 per cent of IFAsout there appear to be so sceptical about the free lunch which investmentin offshore bonds can offer that they do not recommend them to theirclients.But sometimes, […]

Standard leads way with 25-year cap

Standard Life Bank&#39s new25-year capped-rate mort-gage could set a trendfor the industry.Standard claims the launch of Futureperfect is the first time in the UKthat a banking arm of a life office has used the annuity book of the parentcompany to fund a product.Normally products are financed by account deposits.Savills Private Finance industry analyst Mark Chil-ton […]

Equitable strife

These rates ensure there is a minimum level of pen-sion which the policywill provide. Typically, the form of the annuity guaranteed was limited,for example, single life, payable quarterly or annually, level.More attractive forms of annuity, such as with-profits annuities or even aspouse&#39s pension, are excluded.In some cases, the guaranteed annuity is also only available on […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment