High-profile investor Richard Buxton will not be taking on the management of Jupiter’s UK Growth Investment trust as previously planned, after the board of the £26m trust said it had decided to wind down the company instead.

In February, in light of the acquisition of Buxton’s firm by Jupiter — and a “period of poor performance” from previous manager Steve Davies — the trust’s independent board announced it had reached agreement with Jupiter for Buxton to take over. In April an internal transition management team led by Jupiter CIO Stephen Pearson took over ahead of Buxton’s planned accession.