Jupiter's Formica hopes Darwall stays as it looks to attract further talent

Looking to add new strategies

David Brenchley
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Jupiter CEO Andrew Formica
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Jupiter CEO Andrew Formica

Jupiter Asset Management is still hoping to keep star European equities manager Alexander Darwall as the firm looks to salvage and build its investment trust business.

It was reported earlier in July that Darwall, a 23-year Jupiter veteran, would quit the firm to set up his own investment boutique, Devon Equity Management. The board of the investment trust he runs, Jupiter European Opportunities (JEO), in turn said it was investigating "the possibility of appointing Devon to advise on its investment portfolio". The loss of JEO would be a blow to Jupiter's investment trust business for two reasons: it is by far its largest offering and would reduce its assets under management (AUM) by 75%, from £1.3bn to £334m; and Darwall is likely to take Jupiter's...

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