Jupiter boss “no comment” on Neil Woodford scandal

JUPITER Fund Management is riding an investment boom that has seen markets jump and assets rise to record highs, even amidst serious controversy in the industry including the possible return of Neil Woodford.

Chief executive Andrew Formica declined to comment on the Woodford farrago today. Asked if he should be allowed to return to investing other people’s money, Formica replied: “I don’t think it is for us to comment. We can’t judge, we don’t have all the facts.”

Would Formica invest his own money with the fallen fund king? “I only invest in Jupiter products,” he said. “It is a regulated industry.”

For the year to December funds jumped 37% to nearly £59 billion, earning fees for Jupiter of £384 million. The dividend is up 18% to 20.1p partly thanks to a special divi of 3p.

Formica said the Reddit/Wallstreetbets phenomena hadn’t crossed the Atlantic. “It is a higher percentage of the market in the US than here,” he said.

Jupiter is based at offices in Victoria, presently mostly empty. “We are keen to get everyone back” he said, once the rules allow.

Woodford said last week he was looking at a comeback despite the collapse of his once famed funds that cost investors large and small many millions.