2 Apr 2020 13:30
Jupiter UK Growth Investment Trust PLC (the "Company")
Legal Entity Identifier: 549300QSBKGE8ZO08A97
2 April 2020
Update on change of lead fund manager
The Board is pleased to announce transitional arrangements in relation to the investment management of the Company and an update on the discount and premium management strategy.
Transition Investment Management Arrangements
The Board announces that a Transition Management Team (TMT) comprising senior members of Jupiter's investment team and led by Stephen Pearson, the Chief Investment Officer of Jupiter, are assuming responsibility for the investment management of the Company in place of the existing portfolio manager. The TMT will continue to manage the Company's investment portfolio until such time as Richard Buxton is appointed as portfolio manager, which is scheduled to occur following shareholder approval of Jupiter's acquisition of Merian Global Investors as reported in the Board's announcement of 18th February 2020.
Discount and premium management
The Company recently confirmed that it will continue its stated policy of using share buybacks and new issues of shares to ensure that, in normal market conditions, the market price of its shares will closely track the net asset value per share. However, during periods of extreme market volatility the Board considers it prudent to apply this policy pragmatically which may mean pausing any buyback or issuance activity during periods when there are extreme intra-day movements in the underlying net asset value. Notwithstanding the current market volatility the Board remains committed to this policy over the longer term and believes that this commitment to active management of discount and premium produces improved liquidity for both buyers and sellers of the Company's shares.
For further information, please contact:
Jupiter Asset Management Limited
Magnus Spence, Head of Investment Trusts and Alternatives
investmentcompanies@jupiteram.com
Tel. 020 3817 1000
Numis Securities Limited
David Benda / Matthew Goss, Investment Banking
d.benda@numis.com
Tel. 020 7260 1000