Jupiter is set to scrap the 15% performance fee on Philip Gibbs’ £482 million Jupiter Absolute Return fund, as Gibbs prepares to hand over the portfolio to James Clunie.
The company’s decision comes at the start of the fund’s financial year and brings it into line with most of the rest of Jupiter’s fund range.
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The performance fee, which is activated on outperformance above the three-month sterling Libor hurdle rate, subject to a high water mark, will be scrapped on 1 November 2013.
Clunie will take over the fund on 1 September, ahead of Gibbs’ planned retirement in 2014. Clunie joined Jupiter from SWIP, where he ran the UK Flexible Strategy fund.
Gibbs will also hand over managerial responsibilities for the Jupiter Second Split trust to Miles Geldard this November. The trust will be taken over by Geldard, head of fixed interest and multi-asset at Jupiter, ahead of its planned wind up in October 2014.
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