The Jupiter Global Trust is to undergo an overhaul, changing its investment remit, name and its manager.
The board of the trust is proposing that the trust be switched from its current portfolio of UK stocks and global funds to a more UK-focused strategy.
As a result of the changes the fund will be renamed the Jupiter UK Growth Investment Trust. Current manager Richard Curling will no longer run the trust, with Jupiter UK Growth fund manager Steve Davies to take over.
As a result of the changes the charges on the fund will be reduced, offering “a comparable Ongoing Charges Figure to that of the institutional unit class in the Jupiter UK Growth fund”.
“The company will be able, within limits set by the board, to use gearing and take short positions in derivatives seeking to enhance returns, while retaining the ability, thanks to the closed ended structure, to hold high conviction positions through volatile market conditions,” says a statement from the board.
Tom Bartlam, chairman of the Jupiter Global Trust, says: “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.
“We believe this move represents a unique opportunity for shareholders to access geared exposure to Steve’s established investment style and proven stock-picking skills at a competitive price, whilst preserving all the advantages of a closed-end investment trust structure.”
Shareholders will vote on the proposed changes at the general meeting on 18 April.
Curling, who has managed the trust since 2008, will continue to manage the Jupiter Fund of Investment Trusts, the Jupiter Monthly Income fund and the Jupiter UK Alpha fund.