Fidelity platform freezes Jupiter Mid Cap fund access

The struggling strategy is down nearly 40% over the last 12 months

Banned, prohibited
Photo by Sai Abhinivesh Burla on Unsplash


Fidelity has suspended access to Jupiter’s UK Mid Cap fund via its personal investing platform, saying that the decision has been taken in the best interests of its clients.

A spokesperson from Fidelity did not give any further details about the decision, saying only that customers on its platform, as well as execution-only customers of Fidelity Adviser Solutions, would not be able to buy shares in the fund until further notice.

However customers will still be able to redeem existing holdings, and advisers and DFMs using Fidelity Adviser Solutions can continue to access the fund on behalf of their clients.

The Jupiter strategy, which is managed by Richard Watts, is down nearly 40% over the last 12 months according to data from Trustnet, considerably underperforming the -18 % returned by its benchmark, the FTSE 250 Ex Investment Trusts Index.

The mid-cap fund shrunk from £1.7bn in August 2022 to £1.1bn as of 4 January, and its performance has been hampered by its stake in Starling Bank.

The latter comprised 5.2% of the portfolio as of 30 November 2022, down from 7.6% in August.

Jupiter holds Starling in several funds, but after instructing Citi to find a buyer for its near 10% equity stake in the challenger bank in August last year, selling it has proven difficult.

Chrysalis Investment Trust, which is also managed by Jupiter’s Watts, alongside Nick Williamson, has also been weighed down somewhat by its Starling stake this year. However, it has indicated that it will retain its holding in the bank.


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