Jupiter is re-domiciling its Jupiter Astral Fund Limited, a Jersey Oeic, to the Cayman Islands and seeking a Dublin stock exchange listing.
The Oeic has two sub-funds: Astral Class, a fund of hedge funds with $5m in assets; and Growth Class with $10m.
The Astral range is to be merged with the existing Cayman Islands-based Jupiter Fund of Hedge Funds Limited, which already has $15m in assets. Jupiter is looking to keep the track record of Astral, as it is the longer of the two. As a result of the move, the group is having to set up a roll-over vehicle for investors in the Growth Class sub-fund. Jupiter will establish a Jersey-based Oeic before the end of the year.
The Jupiter Offshore Portfolio fund will be a fund of funds, which will have about 25% exposure to hedge funds, 5% in investment trusts and 70% in long-only funds. It is not an FSA-recognised vehicle.