On 8^th April 2015, Jupiter Asset Management announced that Steve Davies, co-manager of Jupiter UK Growth, will assume full responsibility for the fund from 1^st May 2015.

Ian McVeigh, current co-manager of the fund, has decided to step away from day-to-day fund management to take on the newly-created role of Head of Governance.  He will develop the work of the existing Governance Research team, which operates in partnership with fund managers with regard to researching, coordinating and conducting dialogue with companies.

Mr Davies has been working alongside Ian McVeigh as co-manager of Jupiter UK Growth since 2013 and was previously deputy manager from 2009.  There will be no change to the investment approach and the fund will continue to provide a distinctive blend of growth stocks and recovery stocks.

We also note that, as part this fund manager change, Jupiter plans to put forward proposals to merge the Jupiter Undervalued Assets fund into the Jupiter UK Growth fund.  This merger will be subject to regulatory and unitholder approval.  Jupiter Undervalued Assets is currently managed by Mr Davies in a similar style to Jupiter UK Growth.  In size terms, Jupiter Undervalued Assets is relatively small in size, at £125m, compared to Jupiter UK Growth at £1,401m (source: Jupiter Asset Management, 28^th February 2015).  The proposed merger will not result in any change of mandate for the Jupiter UK Growth fund.

We have been meeting with Mr Davies for several years as part of our coverage of the Jupiter UK Growth and as such, we are comfortable retaining the fund on our Recommended list.