Jupiter fund removed from Bestinvest buy-list

Bestinvest has removed the Jupiter International Financials fund from its Premier Selection following news that manager Philip Gibbs is to step down from the fund.

The fund has been removed from its list of top-rated funds and has had its rating suspended by the firm.

Jupiter announced last week that Gibbs (pictured) would be stepping down from management of the fund at the end of the month, having managed it since its launch in 2009.

Ben Seager-Scott, the senior research analyst at Bestinvest, says: “Given that this is a significant change of management, we have decided to suspend the rating and will reconsider our position once we have completed our due diligence on the new manager, Robert Mumby.  

“As this is internal restructuring, we do not expect there to be any significant disruption at Jupiter. The new manager has form running a similar mandate within Jupiter.”

The announcement by Jupiter also saw Guy de Blonay appointed as deputy manager on the fund.

Mumby joined Jupiter in 2006 and has been lead manager on the Global Financials Sicav since August 2010.