Jupiter confirms split-cap merger

Jupiter today confirmed plans to merge three split-capital investment trusts into a single trust.

As revealed by Fund Strategy in June, the Jupiter Second Split Trust, Jupiter Second Enhanced Income Trust and the Defined Capital Return Fund will be merged into a single tax-efficient entity managed by Philip Gibbs.

The changes are subject to a vote by shareholders. If they vote in favour of the proposals, the reconstructed trust will provide a rollover opportunity for shareholders of the three trusts. If approved, the group aims to carry out the mergers on November 3.

Gibbs is also the manager of the £1.2 billion Jupiter Financial Opportunities Fund, which has produced a total return of 813% since its launch on June 2, 1997.

“If the world economy continues to steadily improve as I expect, shares and corporate bonds look good value, particularly in the financial sector,” says Gibbs.

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