Jupiter Asset Management is renaming and altering the investment objective of its Jupiter Global Financials Fund to “take advantage of the digital transformation of the financial services sector.”

The fund has been managed by veteran Guy de Blonay since 2015, who has over 17 years investing in financials. The fund will be retitled the Jupiter Financial Innovation Fund, while its investment objective will reflect Mr de Blonay’s ability to invest in the companies he believes will both “shape and dominate the future of finance”.

The fund has beaten its benchmark the MSCI ACWI/Financials Index by 6.3 percent over the past five years.  Over time, the fund has expanded its investments beyond traditional financial companies. Mr Blonay will soon be provided with a mandate to “proactively allocate towards these financial technology-focused innovators, across the full breadth of the financial services supply chain.”

The fund’s aim is to achieve capital growth in the long term by investing in companies linked to financial innovation.

According to Jupiter “It will focus on traditional financial services companies that are embracing the digital transformation (adopters) as well as the disruptive innovators bringing financial technology solutions such as mobile finance, data analytics, payments and financial infrastructure to the sector (enablers).”

This approach will mean the holdings of the fund including mega cap names as JP Morgan Chase and PayPal. JP Morgan has increased its tech budget from$9.5 billion in 2017 to $10.8 billion in 2018.

Mr de Blonay said: “The financial services industry is a completely different beast today than it was even five years ago. Ever more sophisticated customers now expect seamless, digital-led service and they aren’t afraid to switch to newer competitors if traditional names fail to keep up. With these changes, we believe we will be better placed to capitalise on the ongoing and irreversible digital transformation of the financial services sector.”