Jupiter is continuing its expansion into the European market with plans to add a Japan fund to its Global Fund Sicav range this summer.
The fund, which is subject to regulatory approval, will be run by Simon Somerville, who has run the onshore Japan Income fund since September, 2005.
A spokesperson for Jupiter says this is part of the group’s slow move into the European market, where it has already launched Asia Pacific, European Growth, India and New Europe funds among others, under the Global Fund Sicav umbrella which is domiciled in Luxembourg.
“We are now more actively selling to Europe but we do not plan to launch a range that is the same as what we offer in the UK. We do not advertise there and are building relationships with top-end clients. This fund is in response to demand from Europe.”
The Japan fund will aim to achieve capital growth from investing predominantly in Japan, but has the flexibility to spread 20% of the investments in Asia. However, the spokes-person says this is not likely to rise above 2% of the total fund because Somerville will use this only for selective opportunities.
Although the Japan Sicav will not mirror the onshore fund, and will not have an income orientation, there is likely to be a significant overlap in stocks.
Over the past three years the Japan Income fund has fallen by 22.1%, against the Japan sector average decline of 33.7%, according to Financial Express. Somerville also runs the Japan part of the Global Managed fund, which is headed by John Chatfeild-Roberts.