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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


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.


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Roll up formoney fornothing

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State of the markets: UK equity income

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