Jupiter takes on US small cap investment trust

Jupiter is to take over management of the £152.5m F&C US Smaller Companies investment trust after the company hired its manager, Robert Siddles, last year.

Mr Siddles started at his new employer last month and the trust will officially transfer to Jupiter on February 21.

In a notice on the stockexchange the board of the trust, chaired by GAM’s star US equities manager Gordon Grender, said the trust’s fees would not change following the transfer.

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Mr Siddles has run the F&C US Smaller Companies trust since joining F&C in 2001. In the past 10 years to February 6 the trust’s shares have gained 171.7 per cent while its portfolio has risen in value by 154.8 per cent in the same period.

Jupiter currently runs five investment trusts including Alexander Darwall’s Jupiter European Opportunities trust, a member of Investment Adviser’s 100 Club of outperforming products.