(Alliance News) - Jupiter European Opportunities Trust PLC on Tuesday said it has entered into a portfolio management agreement with Devon Equity Management Ltd and FundRock Management Co SA.
Earlier in October, the firm said it had appointed advisers to conduct due diligence on Devon Equity Management and FundRock Management, the former to be the company's portfolio manager and the latter alternative investment fund manager. This has now been completed.
Devon has now received formal confirmation that the UK Financial Conduct Authority is minded to grant regulatory approval, which is expected to become effective once key employees have been registered as FCA approved persons with Devon.
The appointment of Devon and FundRock will be with effect from November 15. On the appointment, the management contract with Jupiter will terminate.
Shares in Jupiter European were down 2.3% at 796.47 pence in London on Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
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