Jupiter has finalised the merger of its £123m Jupiter Undervalued Assets fund into the £1.5bn Jupiter UK Growth fund, which will take place on Friday 3 July.
Following the merger, which will bring the fund’s AUM to £1.7bn, the Jupiter UK Growth fund will continue to be run by manager Steve Davies, who assumed the role of sole manager in May this year.
Davies has also been managing the Jupiter Undervalued Assets fund since January 2012.
The news comes after Jupiter’s Ian McVeigh stepped down from managing the Jupiter UK Growth fund, after 12 years of managing money at the fund house.
Jupiter Asset Management head of investments Stephen Pearson, says: “At Jupiter we are continually reviewing our product range with the aim of delivering the best possible outcome for our clients. Following Steve’s appointment as sole manager of the Jupiter UK Growth Fund earlier this year, we see this move as a natural step which will streamline our range of UK equity funds and simplify our offering to customers.”
The Jupiter UK Growth Fund will continue to invest predominantly in UK equities, with some limited international exposure, says Jupiter, with no change in management style.