Gibbs faces higher performance fee hurdle

Jupiter star manager Philip Gibbs will need to generate a higher return to obtain a performance fee this year after being forced to change the benchmark on his International Financials fund.

The group altered the benchmark on Gibbs’ long/short product earlier this month after the Financial Times Stock Exchange informed Jupiter it was to withdraw the fund’s previous yardstick, the FTSE Global Financials index. FTSE will now use the broader All World Financials index as its primary benchmark for global financial stocks. However, the All World Financials index has performed better than its counterpart since the launch of the Jupiter International Financials fund on 14 December last year until end July 2010, returning 3.19% against a 0.5% decline for the Global Financials ind...