Whitmore’s former fund to be renamed ‘Jupiter UK Dynamic Equity’ under Savvides

Jupiter UK Special Situations will change its name from 11 October

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Ben Whitmore’s £1.2bn Jupiter UK Special Situations fund will be renamed under new manager Alex Savvides, as of 11 October this year.

According to a letter sent to investors, Jupiter Unit Trust Managers will rename the fund to Jupiter UK Dynamic Equity to “better reflect the fund manager’s long-standing investment strategy” and to “show that there is continuity with his investment management approach”.

See also: Jupiter: Chrysalis and Whitmore exits cause £3.4bn outflow

While the fund’s current investment objective and policy is not changing, it remains subject to a regular review process over the longer term. Jupiter stated that any changes made as a result of these reviews will be “subject to regulatory and investor approval as necessary”. It added that any changes made to holdings under Savvides will be the result of “ongoing active management” of the portfolio, and that additional transaction costs will be absorbed by Jupiter.

Non-transactional costs as a result of the management change, including any costs associated with the fund’s new name, will also be covered by the firm.

It was first announced in January this year that incoming manager Savvides will join Jupiter from JO Hambro, in order to replace Whitmore who is leaving to launch his own boutique – Brickwood Asset Management.

Savvides has managed JO Hambro’s £1.3bn UK Dynamic fund since 2008, as well as an additional £1bn in segregated mandates. He will be replaced by the company’s UK growth team, with Vishal Bhatia, Tom Matthews and Mark Costar becoming the new named portfolio managers.