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UK fund manager Jupiter plans to axe around a quarter of product range – FT – Reuters

ByINVESTOR

Oct 21, 2022

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Oct 21 (Reuters) – British fund manager Jupiter (JUP.L) said on Friday it is planning to scrap about a quarter of its product range as the struggling investment house restructures its operations.

The group is closing, merging or repositioning about a third of its funds, but said only 4% of its managed assets have been impacted.

“We have undergone a process to rationalise our fund range, to reduce complexity and to make sure that we’re focused on what we’re good at,” a Jupiter spokesperson said in a statement.

The Financial Times earlier on Friday reported that the value of funds under management affected by the process amounted to about 1.6 billion pounds ($1.79 billion).

Jupiter’s shares were up 2.3% at 99.4 pence as of 1450 GMT.

($1 = 0.8938 pounds)

Reporting by Aby Jose Koilparambil and Muhammed Husain in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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