Jupiter received a performance fee of £50mn, of which just more than half was paid as shares in the investment trust.
The performance of the trust began to decline around the same time as the performance fees were paid, and the trust has since negotiated a different, less generous, agreement with both Jupiter Plc and the individual managers.
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FTAdviser understands Watts remains convinced that Starling Bank is a good investment, despite the recent share sale.
Jupiter declined to comment for this article.
david.thorpe@ft.com
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