Steve Davies will head a transformed Jupiter Global Trust, which will now be know as the Jupiter UK Growth Investment Trust, after shareholders agreed to shift its focus from a portfolio of UK stocks and global funds to a more UK-focused strategy.
Existing manager Richard Curling who took on management of the portfolio in 2008, will continue to manage the Jupiter Fund of Investment Trusts, the Jupiter Monthly Income Fund and institutional assets, as well as the Jupiter UK Alpha Fund.
As a result of the changes, which were first proposed in March, the charges on the fund will be reduced. The overhaul was agreed at a shareholders meeting last night.
Davies is a stock picker who focuses who recovery and growth stocks. He has been sole manager of the Jupiter UK Growth Fund since June, having co-managed the firm since 2012.
The fund has delivered 38.66 per cent compared to its benchmark, the FTSE All-Share index, which has delivered 20.58 per cent.
Tom Bartlam, chairman of the Jupiter Global Trust, said: “The company’s current mixed mandate has served us well in recent years as both a source of benchmark-beating returns and a differentiating factor within the investment company classifications.
“It has become increasingly clear to us, however, that the market for investment companies is evolving rapidly and we believe these proposed changes will enable us to reach a new market of shareholders while maintaining the potential for capital growth”.