Jupiter

BIQ QUESTION

Fixed income managers have cautioned the Bank of England (BoE) will be forced to backtrack on its forward guidance measures as it has been too pessimistic over the state of the UK economy.

Jupiter is planning to scrap the performance fee on its Absolute Return fund from 1 November, two months after manager Philip Gibbs hands the vehicle over to new recruit James Clunie.

Chris Crawford, sales and marketing director at Jupiter, is to depart after seven years at the fund manager.

ON UK GROWTH

Philip Gibbs will hand over managerial responsibilities for the Jupiter Second Split trust to Miles Geldard this November, the company's board has announced.

Jupiter CEO Edward Bonham Carter said the asset manager is unwilling to commit to a new pricing strategy because of continued uncertainty surrounding RDR implementation.

Shares in Lloyds Banking Group and Jupiter Fund Management soared on Thursday after both groups reported hefty profits in their half-year results.

Jupiter has reported net mutual fund flows of £426m for the first half of 2013 despite RDR "dampening" UK business.

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