Old Mutual ditches Jupiter and Newton from Best Ideas fund

Old Mutual has replaced Jupiter and Newton on a number of mandates within its £234m European Best Ideas fund with a range of in-house Old Mutual managers and Alken's Nicolas Walewski.

Old Mutual manager Lee Freeman-Shor said Jupiter's Cedric De Fonclare and Newton's Rajesh Shant had been replaced for "considerations of portfolio construction." De Fonclare was cut as a number of Old Mutual managers joined the multi-manager offering, while Shant's impact on the fund has become increasingly diluted, he said. "In the case of Cedric De Fonclare, having added Dirk Enderlein, Richard Plackett and Dan Nickols to the team the fund had developed an undesirable bias to quality growth names. To mitigate this bias I needed to remove a manager with that bias and add a more value...