Darwall takes £1bn fund from Jupiter

The Jupiter European investment trust has returned 97 per cent over the past five years, compared with 57 per cent for the average trust in the sector. 

Mr Darwall had indicated earlier this year that he planned to leave Jupiter to set up Devon IM.

He will not be required to spend any time on gardening leave and will move straight from Jupiter to his new firm in due course.

Mr Darwall’s impending exit from Jupiter has prompted an outflow of £780m from the open-ended funds managed by Mr Darwall over the past year, according to data from Morningstar. 

Under the terms of his exit agreement he has agreed not to manage a European equity open-ended fund for a rival firm for a minimum of two years.