The new proposition, a Sicav, will keep the Jupiter Europa name and will be managed by the current European Absolute Return Fund manager, Stephen Pearson. Once the assets have been transferred into the Sicav the hedge fund will close.
Pearson, who has run the hedge fund since it launched a decade ago, will be joined by Michael Buhl-Nielsen who will step up to act as his deputy manager.
The charging structure changed with effect from 18 October, with the charges for the B-classes changed to an annual management fee of 1.5% plus a performance fee of 15% of the outperformance against benchmark, subject to a high watermark.
In the meantime, de Fonclare will continue to manage his £470m European Special Situations and £140m JGF European Opportunities Fund as well as a number of institutional mandates.
The logic of the move – given shareholder approval earlier today – is that the two funds share similar objectives, investors will hopefully benefit from economies of scale, and it will also lighten de Fonclare’s workload.
Pearson confirmed: “Jupiter Europa will continue to be managed as a bottom-up, stock-picking, European long/short equity strategy able to access the full spectrum of European markets with the same management combination in place.”