8th April 2015
FundCalibre retains Elite Rating on Jupiter UK Growth Fund despite Ian McVeigh's exit
Today, Jupiter announced that Ian McVeigh will step down from his position as co-manager on the Elite rated Jupiter UK Growth Fund. Co-Manager, Steve Davies, who has been with the Jupiter UK Growth team since joining the firm in 2007, will become the sole manager of the £1.4bn fund from 1st May 2015. Despite the high-profile departure of McVeigh, FundCalibre has announced that the fund will retain its Elite Fund rating.
Darius McDermott, managing director, FundCalibre, commented on the news:
“Ian McVeigh is a hugely experienced manager who has run this fund successfully since 2003. Any UK equity team would be lessened by his departure. However, Steve Davies, the co-manager, has grown in stature since joining in 2007. We rate him as one of the elite managers in the IA UK All Companies sector and we believe he will continue to drive the fund’s outperformance in a wide range of market conditions. He is also supported by a well-resourced team of UK analysts. The FundCalibre research team, therefore, has decided that the fund will retain its Elite Rating.”
Jupiter has also moved to merge the £123m Jupiter Undervalued Assets Fund, which has been managed by Davies since early 2012, into the Jupiter UK Growth Fund. This is subject to both regulatory and unitholder approval.
Discussing the proposed merger, McDermott said:
“Given Davies employs a similar approach and bottom-up process on both funds, this merger makes sense without comprising fund capacity. The Jupiter Undervalued Assets Fund has 85-90% commonality with Jupiter UK Growth, with the difference being that the latter holds some limited international exposure. Both funds seek to capitalise on opportunities in ‘recovery’ and ‘growth’ stocks.”
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