Rathbone Investment Management has almost halved its 9% stake in the Jupiter UK Growth Trust as Richard Buxton finally takes over the mandate.
Buxton (pictured) officially took the helm on Tuesday, a regulatory filing confirmed.
But another filing, published the following day, showed Rathbones halved its large stake in the investment trust days before the manager changeover. It had previously held 9.13% in the investment trust, but that allocation fell to 4.85% on 21 May.
Portfolio Adviser contacted Rathbones about the transaction but it said it was unable to comment on the portfolio activity.
The board of the investment trust announced Buxton’s appointment in February, a day after Jupiter revealed it was acquiring Merian Global Investors for £370m. He replaces Steve Davies, who had managed the trust since April 2016, but has now exited the firm.
A transition team, led by Jupiter CIO Stephen Pearson, had been managing the portfolio before Buxton was officially handed the reins.
It sees the well-known fund manager return to manage a closed-end fund for the first time in almost seven years. He ran the Schroder UK Growth fund from October 2002 to July 2013, although that mandate has since been handed to Baillie Gifford.
