Jupiter Asset Management has introduced the European opportunities investment trust as a rollover option for investors in its existing European investment trust.
The European investment trust is expected to wind up on November 21, 2000 and shareholders in it can take a full cash exit. If they do not, they will be offered shares in the European opportunities investment trust or shares in one of Aberdeen's split capital investment trusts as an alternative rollover vehicle.
The European opportunities investment trust will also be open to new investors, who can apply for shares through the Jupiter Isa and Jupiter investment trust savings scheme. It consists of ordinary shares that can be geared by up to 45 per cent.
The new trust aims for capital growth by taking a stockpicking approach to companies across Europe, including a small exposure to the UK. A stockpicking approach to European companies is nothing new and suggests that the trust is following the 'me too' path.
The European opportunities investment trust is likely to appeal to fairly sophisticated investors looking for growth and who are happy to rely on the fund manager's expertise in selecting the right stocks.
According to Standard & Poor's, the Jupiter European investment trust is ranked 1 out of 13 funds based on £1,000 invested on mid-to-mid basis with gross income reinvested over three years to October 23, 2000.