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Geldard to replace Gibbs on Jupiter Second Split trust
by Dylan Lobo on Aug 02, 2013 at 09:33
Commenting on Geldard's appointment, the trust's chairman Gordon Campbell said: 'Philip has delivered outstanding returns for shareholders in the company and its predecessor, Jupiter Split Trust. On behalf of the board and investors, I would like to thank him for his efforts during this time.
'We are pleased to welcome Miles as portfolio manager of the company. He has built a strong reputation for managing multi-asset portfolios and we look forward to working with him.'
Gibbs launched the trust in November 2009.
In the three years to the end of July, the trust's geared ordinary share price is down 28.66% and the net asset value of the geared ordinary shares has fallen by 13.6%. These shares are currently sitting on a 16.8% discount.
Meanwhile its zero dividend preference (ZDPS) shares trade at 38.13p, which represents a 2.4% premium to their net asset value.
Its packaged units, comprising one geared ordinary share and two ZDPs, currently trade at 102.75p, a 4.35% discount to their NAV.
Investors in the trust will be hoping Geldard can replicate the strong performance he has delivered on the Jupiter Strategic Reserve fund, which launched in April 2012.
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