Jupiter Asset Management is merging its onshore and offshore Europe-focused hedge funds, with the former's co-manager stepping down.
The London-based firm said that its offshore European Absolute Return Fund would merge into its Europa fund. The combined fund will retain Europa's name, investment strategy and Luxembourg domicile, but will see the offshore fund's manager, Stephen Pearson, installed as lead manager.
Pearson has run the onshore SICAV with Cedric de Fonclare since its launch last year. De Fonclare is stepping down as co-manager, while Michael Buhl-Nielsen has been named deputy manager.
Investors in the fund have approved the merger. The €15 million offshore fund has already adopted Europa's investment policy and fee structure.
"The hedge fund and the SICAV shared similar objectives within different legal frameworks," Jupiter's Richard Pavry said. "It is hoped the merger will provide investors in both vehicles with improved economies of scale."