(Reuters) – British fund manager Jupiter said on Friday it is planning to scrap about a quarter of its product range as the struggling investment house restructures its operations.
The group is closing, merging or repositioning about a third of its funds, but said only 4% of its managed assets have been impacted.
“We have undergone a process to rationalise our fund range, to reduce complexity and to make sure that we’re focused on what we’re good at,” a Jupiter spokesperson said in a statement.
The Financial Times earlier on Friday reported that the value of funds under management affected by the process amounted to about 1.6 billion pounds ($1.79 billion).
Jupiter’s shares were up 2.3% at 99.4 pence as of 1450 GMT.
($1 = 0.8938 pounds)
(Reporting by Aby Jose Koilparambil and Muhammed Husain in Bengaluru; Editing by Devika Syamnath)
