Jupiter scraps IA benchmarks from Merlin range

Not a 'meaningful and objective' target

Jupiter will be removing Investment Association performance benchmark from the funds in its Merlin portfolio range, effective 15 May.

The firm's Merlin Balanced, Growth, Income and Worldwide funds aim to provide a return, net of fees, greater than their IA sector averages over five years.   In an investor letter seen by Investment Week, Jupiter argued that, following a review,  the IA sector average "does not provide a meaningful and objective performance target". Jupiter head of environmental solutions exits amid closure of two ecology funds It explained: "The funds are not currently managed to achieve a higher return than that of the IA sector average as it is measures against a wide range of other funds an...