Jupiter is planning to alter its £14m UK Growth Exempt Fund in order to make it more widely available. 

The proposals*, which are subject to FSA approval, will involve removing the Fund's exempt status, amending the investment policy wording and name and, increasing both the annual management charge and minimum investment amount. 

Currently, the Fund, which is managed by Justin Seager and offers access to some of the best ideas of Jupiter's UK equity team, is only available to investors who are exempt from tax on capital gains**, principally registered pension schemes and UK charities. While Jupiter intends to retain the focus on institutional investors by increasing the minimum investment level from £5,000 to £100,000, it no longer feels it is appropriate to achieve this by retaining the exempt status of the Fund. 

Jupiter also intends to expand the wording of  the Fund's investment policy to better reflect the way in which the portfolio is constructed, drawing as it now does on the best ideas from all members of the UK equity team***, and to change its name to the Jupiter UK Alpha Fund. In addition, the annual management charge will be increased from 1% to 1.5% with effect from 13 March 2007, aligning the fee with those applied to other funds managed by Jupiter's UK equity managers.  

Charlie Crole, institutional client director at Jupiter, said: "The Jupiter UK Growth Exempt Fund is the only way investors can access the best ideas of all Jupiter's UK equity team. However, the fund's exempt status has been a deterrent to some of those seeking to invest. Removing this restriction while, at the same time, increasing the minimum investment level, makes it easier for these clients to invest while retaining the fund's focus on institutional clients." 

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Notes to editors:

*Jupiter wrote to unitholders in the Jupiter UK Growth Exempt Fund on 9th January to inform them of these proposed changes. They will take effect from 13 March 2007.

**The Fund is currently only available to investors who are exempt (otherwise than by reason of residence) from tax on capital gains. Removal of this limitation will have no effect on the taxation of the Fund or unitholders or any other adverse consequences.

***The wording of the investment policy will change to: "To achieve that objective by investing principally in a well spread portfolio of UK equities providing exposure to the best ideas of members of our UK equity team. The Manager will pay limited short-term attention to index weightings, except for the purposes of liquidity, but will aim to achieve the best risk adjusted return over the life of the economic cycle."