Jupiter closes European small-cap fund and removes bond fund managers

Benchmark to be discontinued

Jupiter Asset Management has closed its Jupiter Europe (ex UK) Smaller Companies fund due to depleted assets under management.

In a letter to shareholders seen by Investment Week, the fund group informed clients on 12 May that the fund's AUM had "fallen below the level at which the fund could be managed cost effectively and remain economically viable". According to the latest factsheet, the fund's AUM sat at $5.2m. Jupiter said the fund was "unlikely" to attract new investors in the future and as a result, "closing the fund is in the best interests of the shareholders". The fund is set to close on 14 June, when all shareholders' stakes will be redeemed, but clients have until then to convert their investme...