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Special sits manager Warnock Quits Jupiter

Jupiter&#39s UK special situations fund manager Kenneth Warnock is leaving the company after two years in the role.

Jupiter describes Warnock&#39s performance as “out of step with the market”.

He has resigned to travel and to move back to his native Scotland, where he is expected to take time out from fund management.

As a growth manager, Warnock has struggled against the value tide since taking over both the funds – the £110m special sits and the £105m enhanced income investment trust – in December and May 2000 respectively.

Since then, according to Lipper, the income trust has fallen by 41.15 per cent compared with a sector average of -66.33 per cent.

But the special sits fund has plummeted by 52.78 per cent against an aver-age sector fall of 37.54 per cent, ranking it 273rd out of 276 funds.

Warnock will be replaced on both funds by Primadona growth trust manager Paul Sheehan.

Joint managing director Gordon Davidson says: “Kenneth&#39s style has been out of step with the market and his numbers have been relatively poor. He has decided to take some time away and move back to Scotland.”

Bates Investment Services head of research James Dalby says: “Jupiter could have done without one of its key funds underperforming so badly. I think that investors will be pleased.”

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