The absolute return fund will be benchmarked against the three-month LIBOR and managed in a similar style to Mr Gibbs’ Hyde Park hedge fund, Jupiter said in a statement. It will invest globally across a wide range of asset classes including equities, equity-related securities and cash.

The international financials fund will be benchmarked against the FTSE global financials index and, according to the company, will have a similar investment style to Jupiter's Global Financials SICAV, also co-managed by Mr Gibbs. Unlike Mr Gibbs’ Financial Opportunities fund, the structure of the new fund allows the fund manager to short individual companies and indices.