On 27 November 2023, Jupiter Asset Management announced that Richard Watts, manager of the Jupiter UK Mid Cap fund, will be leaving the firm at the end of March 2024.  As a result of this news, we have removed the fund from our Recommended list.

With immediate effect, Tim Service will assume the role of lead manager of the Jupiter UK Mid Cap fund, supported by fellow manager, James Gilbert.  Both are investment managers in Jupiter’s UK Small and Mid Cap Equities team, headed by Dan Nickols.  They joined Jupiter in 2020 as part of its acquisition of Merian Global Investors and are experienced small and mid-cap practitioners.  Mr Service has managed the Jupiter UK Specialist Equity fund since 2016.

Jupiter has indicated that there will be no changes to the fund’s investment approach.  The fund is growth-styled and dedicated to the UK mid-cap arena, with high conviction views expressed through a concentrated portfolio.  We will be holding meetings with the new managers in the coming weeks to discuss their plans for the fund in greater depth.

Richard Watts, together with fellow manager, Nick Williamson, are leaving Jupiter in order to focus upon Chrysalis Investments Limited, a closed ended fund that is invested in the securities of unquoted companies.  They plan to establish a new company to take over the investment advisory role for Chrysalis from Jupiter.  The management contract between Chrysalis and Jupiter will terminate on 1 April 2024.