In its continuing company overhaul, Jupiter Asset Management has outlined plans to merge or close on its website, detailing 12 ongoing or completed proposals so far, International Investment's sister brand Investment Week has reported.
The fund group's new CEO Matthew Beesley announced at the firm's Q3 trading update in October that it would be embarking on a "fund rationalising programme", which would see around 25% of Jupiter's funds merged, closed or repositioned.
Just this month, the firm has informed shareholders of four different funds of either a closure, change in investment process or merger.
The Merian European Equity (ex UK) fund is due to be closed, according to a letter sent to shareholders on 12 January.
Jupiter splits CIO role and pushes on with fund restructuring plans
In it, Jupiter said it had seen "limited demand for it from clients and we believe that it is unlikely to attract new investors in the future".
The fund is now due to close on 2 March this year.
Jupiter said in the letter that it was focused on providing a suite of funds which provide investors with a range of outcomes and are ultimately attractive to them.
"This closure forms part of our efforts to offer clients a clearer and better articulated range of products," it added.
The Jupiter Pacific Equity fund is due to change its investment objective, including expanding its investable universe and seeking to generate income as well as growth.
As such, the company is also seeking to rename the fund from Jupiter Pacific Equity to Jupiter Asia Pacific Income fund.
This is all subject to shareholder approval, and an extraordinary general meeting has been called for the 22 February to vote on the changes, in a letter seen by Investment Week.
Jupiter appoints head of equities as it pushes ahead with split CIO role
On the 11 January, Jupiter also wrote to clients in the Jupiter Asian and Jupiter Asian Income portfolios with a proposal to merge the two together.
The deadline to vote is 6 February and if approved, the two funds will be combined on 10 March.
Jupiter has experienced significant outflows the past year and the CEO's audit of its funds have seen some senior exits from the firm, including the head of multi-asset back in September.
Over the past 12 months, the company's share price has fallen close to 37%.
Other amendments were made in the final half of 2022, including the closure of the Merian Asian Equity Income fund, on the grounds that it was "unlikely to attract new material investors in the future", according to its letters to shareholders.
A merger of the Jupiter Global Managed into Jupiter Global Sustainable Equities was approved by shareholders on 29 September, with 94.9% of the votes cast in favour of the change.
The merger was completed just under a month later on 28 October.
Another merger between Jupiter Asian and Jupiter North American Income funds was approved and completed on 16 December, and Jupiter Merian US Equity Income fund has been merged into Jupiter Merian North American Equity on 16 December.
Four portfolios were closed amidst the cull, with Jupiter Flexible Income, Jupiter Flexible Macro (Lux), Jupiter Global Equity Income Fund and the Jupiter European Income fund closed due to shrinking assets or citing unpopularity with clients, again.
There were also share class closures, respectively, for six funds: Jupiter Merian Global Equity Income; Jupiter Merian US Equity Income, Jupiter Emerging Market Debt Income, Jupiter Europe (ex UK) Smaller Companies, Jupiter Merian North American Equity and Jupiter UK Alpha funds.
Jupiter has been contacted for comment.
