Alexander Darwall will depart from Jupiter in October to set up his own firm, 'Devon Equity Management.'
Mr Darwall is manager of Moneywise First 50 Fund for beginners pick Jupiter European Opportunities trust.
The manager, who has spent over 20 years at Jupiter and has a strong long-term track record, will not be going alone. Departing with him will be deputy fund manager Luca Emo Capodilista and Richard Pavry, who is the head of Jupiter’s investment trust business.
What is not clear is if Mr Darwall will be able to take his £985 million investment trust with him: Jupiter European Opportunities (JEO).
The trust’s board is currently looking into who will manage the trust following Mr Darwall’s departure from Jupiter and has been in talks over whether to appoint Devon to run the portfolio.
In a statement to shareholders the board says it has “decided to investigate the possibility of appointing Devon to advise on its investment portfolio and has instructed its professional advisers to assist in a due diligence exercise and to consult with its shareholders.”
Jupiter European Opportunities Trust has been a Moneywise First 50 Fund since our list's inception, so we will be keeping a close eye on developments. Morningstar rates it a ‘standout choice’ for investors in European equities.
This article first appeared on our sister site Money Observer