De Fonclare steps away from long/short after fund merger

Jupiter is to rename its Jupiter European Absolute Return fund as it merges with the Jupiter Europa hedge fund.

The hedge fund has received shareholder approval to merge with the Luxembourg-domiciled absolute return vehicle, and will close once the transfer of assets is complete. The €15m offshore fund will take the Jupiter Europa name, while its investment policy and charging structure have been brought into line with the hedge fund's own in anticipation of investors rolling over shares into the SICAV. The fund will now charge an AMC of 1.5% and a 15% performance fee, subject to a high watermark. Stephen Pearson, who ran the hedge fund for almost a decade and has been co-manager of the SICA...