Jupiter

NO QUICK FIX TO GREEK TRAGEDY

Jupiter has appointed Simon Somerville as manager of the £256m Jupiter Global Managed fund as CIO John Chatfeild-Roberts steps down from the role.

Jupiter is to rename its Jupiter European Absolute Return fund as it merges with the Jupiter Europa hedge fund.

As the precious metal lost 15% of its value, Philip Gibbs jettisons almost all gold holdings from the Jupiter Absolute Return fund through ETF sale.

This week veteran fund manager Jim Rogers warned the 50% greek haircut will not save Europe and Jupiter's Philip Gibbs sold down his gold exposure.

Philip Gibbs effectively sold out of his gold positions within the Jupiter Absolute Return fund in September, a month which saw the precious metal lose 15% of its value.

Jupiter CIO John Chatfeild-Roberts and his Merlin multi-manager team have said clear warning signs are beginning to emerge on Chinese growth prospects as well as the outlook for natural resources.

Slight changes in performance is all that separates the leaders and the laggards in diminutive sector.

Jupiter has reported net inflows of £295m in the third quarter of 2011, despite a 10% drop in assets under management over the period.

Philip Gibbs is to step down as deputy manager of the Jupiter Financial Opportunities fund and manager of the Jupiter International Financials fund on 31 October.