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In the early stages after I took over, the fund was influenced by a macro decision that was not favourable - we underestimated the power of central banks to influence markets,\" said Mr de Blonay. \"In the past two years, we decided to re-emphasise...

Jupiter is to remove its 15 per cent performance fee on Philip Gibbs' Pounds 482m Absolute Return fund, after he hands the reigns to James Clunie next month.

Jupiter's Guy de Blonay has been given the AAA rating seal of approval from Standard & Poor's Fund Services, in spite of the fact he has had a difficult start in managing the poundsm Jupiter Financial Opportunities fund.

[Philip Gibbs] said: \"It has been a pleasure to have served clients in my funds over the past 16 years and I am looking forward to continuing with the management of the Jupiter Second Split investment trust until October 2014.

The Jupiter spokesperson said they didn't feel it would be appropriate to change the charging structure due to the \"unique and temporary\" low Libor rates.

Mr [Robert Mumby] currently runs the Luxembourg-domiciled 39m (GBP33.7m) Jupiter Global Financials Sicav, while Mr de Blonay runs the poundsm Financial Opportunities fund.

Darius McDermott, managing director of Chelsea Financial, said Mr [Philip Gibbs]'s long-term track record was \"excellent\" but also voiced disappointment with the Absolute Return fund's returns.

The recent \"risk-on risk-off\" market volatility has caused problems for many funds that use shorting, and it has been a particularly difficult time for [Tim Russell] whose portfolio is broadly speaking long defensives and short commodities. For the last 18 months there has been a distinct lack of diversification within equities. When risk is \"on\" commodities drive the market higher and defensives lag. When risk is \"off\" all equities including defensives fall, so the fund has struggled. Yet I can't help feel with so many portfolios having a high correlation with emerging markets and commodities holding this fund could well pay off at some point. The trouble is I don't know when, but I retain it in my own portfolio as an insurance policy against a commodities sell-off.

To be fair to Mr [Philip Gibbs] it has been an extremely difficult year for what he is attempting, and the crux of the problem is that he has been far too cautious. The markets have swung between \"risk on\" periods, when everything which is relatively risky does well, and \"risk off\" phases where cash is pretty much the only place to be. It is difficult for any fund manager to cope with this type of market, but thus far a long-only style has paid off, albeit with plenty of volatility along the way. Philip Gibbs hasn't felt sufficient confidence in the market to invest significantly in equities and has therefore missed some of these gains. In addition he has shorted Japanese bonds, believing these to be overvalued, a position that has hurt performance as they have strengthened in the short term.