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Standard and Poor&#39s lowers rate for top Jupiter fund

Jupiter&#39s Income unit trust has been downgraded by independent analyst Standard & Poor&#39s from the highest rating of triple-A to AA.

At the same time, the fund has plummeted to rank 88 out of 91 equity funds in the UK on performance over the last year, according to Standard & Poor. It is still ranked first out of 69 funds in its sector over a 10 year period.

The decision by S&P follows recent turbulence at the investment company. Late last month founder John Duffield and a number of non-executive directors resigned after a dispute with German parent Commerzbank.

Duffield was well compensated when the German company completed its takeover of Jupiter, receiving a £150m payout.

Also earlier this year, the fund saw the departure of its high profile manager William Littlewood, who quit due to “chronic fatigue.” He has been replaced by Tony Nutt, who also manages Jupiter High Income and the Dividend and Growth investment trust.

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