17th November 2013
Jupiter’s multi-manager operation is one of most successful in the country. The Merlin range led by Jupiter’s chief investment officer John Chatfeild-Roberts has a strong reputation for making the correct asset allocation calls and is influential among investors – professional and otherwise when it selects a fund manager or indeed rejects one.
As trade website Fundweb reports, the day before Neil Woodford announced his departure from Jupiter Income and High Income, the Merlin team invested in the UK Invesco UK strategic income fund of his colleague Mark Barnett.
By the next day, Mr Barnett was the designated successor to Mr Woodford on the giant funds.
It may well give the Merlin team a bit of a tactical headache and given the chance again, the team might have chosen not to invest, but to wait and see. But that is arguably of historical interest. What is important is that this almost amounts to double backing of Barnett.
At the time news of Woodford’s departure broke, Jupiter backed Barnett when some other multi-managers and investment advisers were sceptical about the move. We know now that the multi-managers liked Barnett so much they were prepared to invest.