March 8 (Reuters) -

UK's Jupiter Asset Management is considering offloading 1 billion pounds ($1.28 billion) of its funds as one of its star managers prepares to leave the firm later this year, the Financial Times reported on Friday. David Lewis, a manager of Jupiter's Merlin portfolio said during an investor roadshow this week that the firm was considering pulling the money from Ben Whitmore's mandates when he leaves Jupiter in July, FT reported, citing people familiar with the situation.

Jupiter did not immediately respond to a Reuters request for comment.

The Merlin range has nearly a fifth of its equity assets - or 1 billion pounds - in two funds managed by Whitmore, FT said, adding that Merlin team receives a discount on fees for investing in-house. Merlin's team is discussing all potential options for the portfolio, which will include staying with Jupiter's funds or following Whitmore to his new company.

In January, the fund said that veteran portfolio manager Whitmore, who joined in 2006 and manages around 10 billion pounds in assets, would leave the group to launch an independent boutique.

Jupiter had then said that Whitmore and the firm have agreed that his new boutique, once established, would not compete with Jupiter for a period of two years from his leaving date. ($1 = 0.7809 pounds) (Reporting by Kanjyik Ghosh and Harshita Meenaktshi; Editing by Sonia Cheema)