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The appointment was made by the fund’s board following the decision by the Luxembourg regulator Commission de Surveillance du Secteur Financier to remove two investment management subsidiaries of Landsbanki as investment managers.

As a result of the appointment, Jonathan Carey, executive deputy chairman at Jupiter, and Garth Lorimer Turner, managing director of Jupiter Asset Management Bermuda, have joined the fund’s board.

Other members include Matthias Maertens, managing director of RBS Luxembourg, and Torben Bjerregaard, deputy managing director of Landsbanki Luxembourg.

The Landsbanki Luxembourg Investment fund is a Luxembourg-authorised Sicav with seven sub-funds and approximately €124m (£100.4m) in assets under management.

The fund’s local management company in Luxembourg is RBS Luxembourg, part of the Royal Bank of Scotland group. Fund administration is provided by Citibank.

Edward Bonham Carter, chief executive at Jupiter Asset Management, applauded the CSSF’s decision and said Jupiter would immediately review the way the funds were managed to “enhance returns for investors”.