Earlier this year Ian McVeigh stepped down as co-manager of the Jupiter UK Growth Fund. The fund's other co-manager, Steve Davies, assumed full responsibility for the fund from 1 May 2015. We previously provided a full update and our view on the management change, which can be viewed here.
Since then, Jupiter has received regulatory and unit-holder approval to merge the Jupiter Undervalued Assets Fund into the UK Growth Fund. Steve Davies has also managed the Undervalued Assets Fund since January 2012. The decision was taken to merge the two funds given they are run using a similar investment approach and have a high level of crossover in terms of portfolio positioning.
Dealing in the Undervalued Assets Fund will be suspended from 12 noon on 2 July 2015. The merger will become effective from 3 July, with the first day of dealing in the newly-merged fund taking place from 6 July. The merger will not impact dealing or any existing investors' holdings in the UK Growth Fund.
We do not anticipate any significant changes will be made to the Jupiter UK Growth Fund following the merger or the management change. As such this fund retains its position on the Wealth 150 list of our favourite funds across the major sectors.