Jupiter scraps performance fee on Absolute Return fund

Jupiter is to remove its 15 per cent performance fee on Philip Gibbs’ £482m Absolute Return fund, after he hands the reigns to James Clunie next month.

The fee has never been levied on the fund’s retail share class as performance has not sufficiently exceeded its three-month Libor rate benchmark since launch in December 2009. In that period the Absolute Return fund has gained 1.6 per cent, according to FE Analytics.

It has been triggered on the institutional shares.

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Mr Gibbs is set to retire from Jupiter and will pass the Absolute Return fund to former Swip manager James Clunie on September 1, and his Jupiter Second Split investment trust will be taken on by Miles Geldard in November.

The Jupiter International Financials fund, run by Guy de Blonay and Robert Mumby, is the company’s only remaining open-ended fund with a performance fee applicable.