Ex- Gartmore manager Nigel Kennett, whose Canlife UK Equity portfolio has one of the industry's largest overweights to BG Group, is considering buying Jupiter to replace the natural gas giant.
Kennett (pictured) and co-manager Daniel Monks had over 4% of their £580m Canada Life Investments portfolio in BG at the time it accepted a £47bn takeover deal by Shell last month. The pair are now looking to trim the position. BG shares rose 35% on 8 April on news of Shell’s offer, which stood at a 50% premium to BG’s 7 April closing price. In light of this rise, Kennett said he has identified other opportunities for his portfolio, among them FTSE 250-listed Jupiter. Kennett said: “Portfolio risk management kicks in. Given the stock is such a large proportion of the fund, and how ...
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