ACQUISITION OF MERIAN GLOBAL INVESTORS LIMITED BY JUPITER FUND MANAGEMENT PLC
FUND CHANGES

June 2020

  • INTRODUCTION

    Ahead of the acquisition of Merian Global Investors Limited by Jupiter Fund Management plc (subject to regulatory approval), we have prepared this document to provide our clients with details of changes to our funds arising from the acquisition. It is expected that these changes will become effective following the acquisition. The proposed changes are subject to the acquisition of Merian Global Investors Limited by Jupiter Fund Management plc.

    Should you have any queries relating to your investments with us that are not covered in this document, please don’t hesitate to contact your usual Merian representative, or our client service team – [email protected]
     
    A NOTE ON FUND NAMES
    Investors will be notified of fund name changes in due course.
     
    IMPORTANT INFORMATION
    This communication is for information purposes only and does not constitute financial, professional or investment advice. Nothing in this communication constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is made available solely for information purposes; it does not constitute an advertisement.

    Some or all of the funds referred to in this communication may not be registered for sale or available for investment in your jurisdiction. This communication is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein.
     
    A MESSAGE FROM STEPHEN PEARSON, CIO, JUPITER

    Jupiter and Merian have a strong cultural alignment with active, high conviction investing driving decisions on portfolio construction and management. We believe our newly combined product line-up offers investors an opportunity to access some of the best active funds available, managed by a world-class fund management team.

    This acquisition has significantly enhanced Jupiter’s investment capabilities. Not only have we expanded our fund range to include attractive new propositions such as global systematic equity and liquid alternatives, but we have also been able to add scale to areas where we are seeing increasing demand from investors, in fixed income and emerging market debt. We are also delighted to welcome highly regarded investment professionals to our established team. They will bring new expertise and different views as well as new skills and long-term track records that complement our existing franchises, cementing Jupiter’s position as an attractive home for leading fund management talent.

    Jupiter has always prided itself on the breadth and depth of expertise and products we are able to offer clients. The addition of Merian further extends this range, offering a strong, well-diversified line-up of active, high-conviction and high-performing investment strategies.
     
    ABOUT THE CIO OFFICE
    The CIO office at Jupiter has responsibility for the fund management department and ultimately for performance outcomes for clients. The team has a variety of tools at its disposal to ensure Jupiter fund managers are supported in the work they do to seek the superior performance clients expect. From regular monitoring of portfolios to analysing outcomes and preserving investment quality, the team provides a framework in which our investment professionals can operate to optimum efficiency, while also having the freedom they need to pursue their own investment strategies and deliver for clients.

    Ultimately, the CIO office creates, shapes and delivers the fund management strategy, ensuring investment excellence is kept at the heart of our business.

    Click here to view the full post-acquisition Jupiter fund line-up.

  • EQUITIES
    Key:
    No change/minor change
    Significant change
    Under review
    Closure

     


     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Asia Pacific Fund

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Asian Equity Income Fund

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian China Equity Fund 

    • The fund will continue to be sub-advised by Ping An of China Asset Management (Hong Kong) Company Limited
    • No changes to the portfolio management team

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Chrysalis Investment Company Limited
    SUBJECT TO MCICL BOARD APPROVAL

    • Richard Watts and Nick Williamson transitioning to Jupiter, to remain the named managers
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Europe (Ex UK) Smaller Companies Fund

    • The fund will be managed by Mark Heslop and Mark Nichols
    • Ian Ormiston will leave the business
    • Nikisha Mistry is transitioning to Jupiter as a European equities analyst
    • Expanded European growth team to consist of five investment professionals, including portfolio managers

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • Investment objective and policy unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian European Equity (ex UK) Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian European Equity Fund

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Emerging Markets Fund

    • Nick Payne transitioning to Jupiter, to remain the named manager of the fund and become co-head of Jupiter’s GEM strategy
    • Liz Gifford and Salman Siddiqui also transitioning to Jupiter and will continue to support Nick as they have previously

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Equity Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Equity Income Fund (IRL) 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Gold & Silver Fund 

    • Ned Naylor-Leyland transitioning to Jupiter, to remain the named manager
    • Chris Mahoney and Joe Lunn also transitioning to Jupiter, to continue to support Ned as they have previously
    • Daniel March will continue to support the team as a contractor

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian North American Equity Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Pacific Equity Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Alpha Fund 

    • Richard Buxton transitioning to Jupiter, to remain the named manager
    • Ed Meier, Errol Francis and James Bowmaker also transitioning to Jupiter, investment responsibilities in respect of the fund remain unchanged
    • Rob James and Kunal Kothari are leaving the business

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Alpha Fund (IRL) 

    • Richard Buxton transitioning to Jupiter, to remain the named manager
    • Ed Meier, Errol Francis and James Bowmaker also transitioning to Jupiter, investment responsibilities in respect of the fund remain unchanged
    • Rob James and Kunal Kothari are leaving the business

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Dynamic Equity Fund 

    • Luke Kerr transitioning to Jupiter, to remain the named manager
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Equity Income Fund 

    • Ed Meier transitioning to Jupiter, to remain the named manager
    • Ed will remain a member of the UK Alpha team, and will continue to work with his colleagues as previously

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Mid Cap Fund 

    • Richard Watts transitioning to Jupiter, to remain the named manager
    • James Gilbert transitioning to Jupiter, to remain assistant portfolio manager
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Opportunities Fund 

    • James Bowmaker transitioning to Jupiter, to remain the named manager
    • James to continue to work with colleagues as previously

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Smaller Companies Focus Fund 

    • Nick Williamson transitioning to Jupiter, to remain the named manager
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Smaller Companies Fund 

    • Dan Nickols transitioning to Jupiter, to remain the named manager
    • David Cameron-Mowat transitioning to Jupiter, to remain assistant portfolio manager
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian US Equity Income Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian World Equity Fund 

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

  • FIXED INCOME
    Key:
    No change/minor change
    Significant change
    Under review
    Closure

     


     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Corporate Bond Fund 

    • The fund will be managed by Adam Darling and Harry Richards
    • Lloyd Harris and Simon Prior will leave the business
    • Jupiter offers a well-resourced and highly-regarded credit team, with significant capabilities in corporate bond analysis and portfolio management
    • The credit team sits within and works closely with the other fixed income investment professionals, under the leadership of Ariel Bezalel

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • Investment objective and policy unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Emerging Market Debt Fund 

    • The fund will be managed by Alejandro Arevalo with Patty Cao and Reza Karim as assistant fund managers
    • The fund will be integrated in Ariel Bezalel’s team and fixed income range, and will draw on a broader scope of ideas across sectors
    • Combined EMD team will consist of five investment professionals

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • Investment objective and policy unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Financials Contingent Capital Fund 

    • The fund will be managed by Luca Evangelisti
    • Lloyd Harris and Rob James will leave the business
    • Although Jupiter has not previously offered a standalone cocos strategy, Luca (supported by colleagues) is responsible for managing a significant volume of contingent capital bonds 
    • Luca and his fixed income colleagues will also draw on investment resources and financials expertise from other parts of the firm

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • Investment objective and policy unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Dynamic Bond Fund 

    • Mark Nash and Nick Wall transitioning to Jupiter, to remain the named managers
    • James Novotny also transitioning to Jupiter and will continue to support Mark and Nick as an analyst
    • Mark will be leading a standalone fixed income alternatives capability, reporting into the CIO office. The team will collaborate closely with Jupiter fixed income strategy head Ariel Bezalel’s broader team
    • Jupiter Strategic Bond Fund and Jupiter Dynamic Bond will remain the firm’s flagship offerings in the unconstrained bond sector

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Strategic Bond Fund 

    • Mark Nash and Nick Wall transitioning to Jupiter, to remain the named managers
    • James Novotny also transitioning to Jupiter and will continue to support Mark and Nick as an analyst
    • Mark will be leading a standalone fixed income alternatives capability, reporting into the CIO office. The team will collaborate closely with Jupiter fixed income strategy head Ariel Bezalel’s broader team
    • Jupiter Strategic Bond Fund and Jupiter Dynamic Bond will remain the firm’s flagship offerings in the unconstrained bond sector

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Local Currency Emerging Market Debt Fund 

    • The fund will be managed by Alejandro Arevalo
    • Delphine Arrighi will leave the business
    • Patty Cao is transitioning to Jupiter and will support Alejandro
    • Combined EMD team will consist of five investment professionals

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • The investment objective and policy of the fund are unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Monthly Income Bond Fund

    • The fund will be managed by Adam Darling and Harry Richards
    • Lloyd Harris and Simon Prior will leave the business
    • Jupiter offers a well-resourced and highly-regarded credit team, with significant capabilities in corporate bond analysis and portfolio management
    • The credit team sits within and works closely with the other fixed income investment professionals, under the leadership of Ariel Bezalel

    PLEASE SEE NEW MANAGER BIOGRAPHIES IN DETAILED BREAKDOWN OF CHANGES (“FURTHER INFORMATION” LINK AT TOP OF PAGE)

    • The investment objective and policy of the fund are unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Strategic Absolute Return Bond Fund 

    • Mark Nash and Nick Wall transitioning to Jupiter, to remain the named managers
    • James Novotny also transitioning to Jupiter and will continue to support Mark and Nick as an analyst
    • Mark will be leading a standalone fixed income alternatives capability, reporting into the CIO office. The team will collaborate closely with Jupiter fixed income strategy head Ariel Bezalel’s broader team
    • Jupiter Strategic Bond Fund and Jupiter Dynamic Bond will remain the firm’s flagship offerings in the unconstrained bond sector

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

  • ALTERNATIVES/SPECIALIST
    Key:
    No change/minor change
    Significant change
    Under review
    Closure

     


     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Equity Absolute Return Fund

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Systematic Positive Skew Fund

    • It is anticipated that the fund will be closed following an orderly process, and the proceeds returned to clients
    • The existing fund manager, Mark Greenwood, will continue to manage the portfolio in the interim
    • Mark will leave the business following the closure of the fund
    • We will continue to keep clients regularly updated on progress

    • Fund closing

     

    Fund Management team changes? Investment strategy/approach changes?
    Merian UK Specialist Equity Fund

    • Tim Service transitioning to Jupiter, to remain the named manager
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

     

    Fund Management team changes? Investment strategy/approach changes?
    MGI Arbea Fund Limited

    • Ian Heslop and Amadeo Alentorn transitioning to Jupiter, to remain the named managers
    • As previously announced, Mike Servent retiring from fund management
    • All other team members transitioning to Jupiter

    • Investment objective and policy unchanged
    • Investment philosophy and process unchanged

  • MULTI-ASSET/GLOBAL ALLOCATION
    Key:
    No change/minor change
    Significant change
    Under review
    Closure

     


     

    Fund Management team changes? Investment strategy/approach changes?
    Merian Global Dynamic Allocation Fund

    • We are currently reviewing options for the future of the fund and will be in touch with shareholders soon

    • Fund under review
    • There will be no change to the investment approach while the fund is under review

IMPORTANT INFORMATION

This communication is for information purposes only and does not constitute financial, professional or investment advice. Nothing in this communication constitutes a recommendation suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is made available solely for information purposes, it does not constitute an advertisement.

Some or all of the funds referred to in this communication may not be registered for sale or available for investment in your jurisdiction. This communication is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein.

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