Citywire for Financial Professionals
Stay connected:

View the article online at

Jupiter's Darwall: strong City is key to Brexit success

Star European fund manager and Brexit backer says City's strength should give UK government confidence as it negotiates EU exit.

Jupiter's Darwall: strong City is key to Brexit success

Star European fund manager Alexander Darwall believes the City's strength should give the UK government confidence as it negotiates an exit from the European Union.

Citywire AA-rated Darwall, manager of the top-performing Jupiter European  fund and Jupiter European Opportunities (JEO ) investment trust, is among a number of high-profile academics and business figures behind Briefings for Brexit, a website setting out arguments for leaving the EU.

Brexit-backing Darwall donated £25,000 to the Vote Leave campaign and has lined up with Helena Morrissey, head of personal investing at Legal & General Investment Management, as part of a 37-strong grouping behind the new initiative.

In a blog post on the website, Darwall argued Brexit was pitting 'the dirigiste and protectionist instincts of the European Union against the needs of companies and consumers who use the services provided by the City of London'.

'The City is strong,' he said. 'Any attempt to undermine it would have serious, negative implications for Europe as much, if not more so, as for the UK.'

Darwall said the UK should avoid binding the City to the 'alignment' with EU rules that formed a key phrase in the joint report of EU and UK negotiators released in December. 

'At a regulatory level the UK should avoid alignment, which is not the same as equivalence,' he said. 'The City should aim to provide a better service, not simply one that matches European regulation.'

The manager argued existing UK regulations 'clearly satisfies the need for "equivalence"', and that EU concerns over 'delegation', where shell EU subsidiaries allow investment groups to continue serving European clients from London, were 'nothing but protectionism'.

'Were the UK's financial services blocked from Europe, customers, both corporate and retail, would find a way: the customers matter,' he said.

'Such an eventuality would drive business away from Europe. Fortress Europe would keep foreign capital out and would struggle to keep private European capital in.'

Darwall's Jupiter European fund is the best performing fund in the region over 10 years, with a 261% return. Shares in his Jupiter European Opportunities investment trust are up 306% over the same period.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

More about this:

Look up the funds

  • Jupiter European Inc
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the investment trusts

Look up the fund managers

  • Alexander Darwall
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

What others are saying


Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.


4 shares the pros are buying and selling

by Selin Bucak, David Campbell on Jun 25, 2018 at 05:30

Sorry, this link is not
quite ready yet