Jupiter UK Growth Inv Trust PLC Update on change of lead fund manager (6117I)
April 02 2020 - 7:30AM
UK Regulatory
TIDMJUKG
RNS Number : 6117I
Jupiter UK Growth Inv Trust PLC
02 April 2020
Jupiter UK Growth Investment Trust PLC (the "Company")
Legal Entity Identifier: 549300QSBKGE8ZO08A97
2 April 2020
Update on change of lead fund manager
The Board is pleased to announce transitional arrangements in
relation to the investment management of the Company and an update
on the discount and premium management strategy.
Transition Investment Management Arrangements
The Board announces that a Transition Management Team (TMT)
comprising senior members of Jupiter's investment team and led by
Stephen Pearson, the Chief Investment Officer of Jupiter, are
assuming responsibility for the investment management of the
Company in place of the existing portfolio manager. The TMT will
continue to manage the Company's investment portfolio until such
time as Richard Buxton is appointed as portfolio manager, which is
scheduled to occur following shareholder approval of Jupiter's
acquisition of Merian Global Investors as reported in the Board's
announcement of 18(th) February 2020.
Discount and premium management
The Company recently confirmed that it will continue its stated
policy of using share buybacks and new issues of shares to ensure
that, in normal market conditions, the market price of its shares
will closely track the net asset value per share. However, during
periods of extreme market volatility the Board considers it prudent
to apply this policy pragmatically which may mean pausing any
buyback or issuance activity during periods when there are extreme
intra-day movements in the underlying net asset value.
Notwithstanding the current market volatility the Board remains
committed to this policy over the longer term and believes that
this commitment to active management of discount and premium
produces improved liquidity for both buyers and sellers of the
Company's shares.
For further information, please contact:
Jupiter Asset Management Limited
Magnus Spence, Head of Investment Trusts and Alternatives
investmentcompanies@jupiteram.com
Tel. 020 3817 1000
Numis Securities Limited
David Benda / Matthew Goss, Investment Banking
d.benda@numis.com
Tel. 020 7260 1000
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END
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