19/01/2012 Author: Will Wainewright

Jupiter to close Bermuda office following outflows

Jupiter Fund Management is to close its hedge fund in Bermuda this year, following substantial net outflows during the last quarter of 2011.

It emerged today that the firm saw net outflows of £225m ($347m) during Q4, with £35 ($54m) being pulled from hedge funds, slimming the division’s assets by more than half.

“We took the decision to close our Bermuda office during 2012,” read a trading statement. “Bermuda has played a significant role in our business for many years but, with the reduced scale of our hedge funds, the local work required is insufficient to justify maintaining an office on the island.”

The overall decline during Q4 was blamed largely on “the loss of a segregated mandate,” although the statement also noted that net flows were positive for the year overall.