Jupiter manager Philip Gibbs retires
Long-standing Jupiter manager Philip Gibbs will be retiring from the group. He has been gradually relinquishing his fund management duties. He will hand over management of the Absolute Return fund to incoming manager and former SWIP star James Clunie from 1 September. Gibbs’s last remaining mandate will be Jupiter Second Split, a split capital investment trust that winds up in October 2014 and in which we believe he has a considerable personal investment.
Gibbs’s performance in the Absolute Return Fund has been waning of late and we are positive about the move over to Clunie who is something of a guru in long-short UK equities. We already know the incoming manager well and see no reason to suspend the rating on the Absolute Return fund following the announcement of this change in manager.
2-star rating maintained.
The value of any investment may go down as well as up, and you could get back less than you originally invested.
Investors should be aware that Absolute Return funds do not guarantee a positive return and you could get back less than you invested much like any other investment. Additionally, the underlying assets of Absolute Return funds generally use complex hedging techniques through the use of derivative products.