Jupiter has said it is closing its £22m Global Energy fund meaning longstanding manager Derek Pound will be leaving the company.
The fund, which was launched three years ago, has “not gained the critical mass nor generated the returns envisaged at launch”, the group said.
“Furthermore, Jupiter no longer believes that this strategy has the potential to do so in the medium to long term future,” the group added.
“As a result of the closure and by mutual agreement, fund manager Derek Pound, will be leaving the company.”
In three years, the fund has delivered 10.1 per cent compared to 39 per cent by its MSCI World Energy Total Return index benchmark, according to data from FE Analytics.
Mr Pound is also co-manager on the group’s Primadona Investment Trust alongside Richard Curling, who will continue on the trust.
Mr Pound also ran the UK equities portion of its Global Managed fund from 2005.
Stephen Pearson, head of investments, said: “Derek has been a longstanding and valued member of the UK equities team for nearly 20 years and a popular character in the firm.
“He departs with sincere thanks and very best wishes for the future from all of us.”
Mr Pound said after 20 years he felt it was “time for a new challenge” and stated he would be leaving at the end of September.
