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(Alliance News) - Jupiter Fund Management PLC on Tuesday said Ben Whitmore, manager of several of its most important funds, will depart in July, replaced in part by a recruit from JO Hambro Capital Management Ltd.
The fund manager also warned that it suffered higher net outflows than expected in the fourth quarter of 2023.
Shares were down 14% to 76.30 pence each on Tuesday morning in London.
London-based Jupiter said Whitmore, the current manager of the Jupiter UK Special Situations Fund, Jupiter Income Trust, Jupiter Global Value Unit Trust, and Jupiter Global Value SICAV, as well as GBP4.8 billion of segregated mandates, will leave the company at the end of July, having been with Jupiter since 2006.
Jupiter said Alex Savvides, who currently manages the GBP1.3 billion UK Dynamic Fund and GBP1 billion in segregated mandates at JO Hambro, part of Perpetual Ltd, is expected to join Jupiter by autumn and will take over management of its GBP2.1 billion UK Special Situations Fund.
Adrian Gosden and Chris Morrison, who recently joined Jupiter, will manage the Jupiter Income Trust.
Whitmore's departure comes as he looks to "pursue his ambition of establishing an independent value equities boutique", Jupiter said. Whitmore has agreed the new boutique will not compete with Jupiter for a two-year period.
Jupiter also said it is in discussions with Whitmore about the possibility of his boutique being appointed as delegated investment manager for the Jupiter Global Value unit trust.
"Jupiter has always been a good home for outstanding talent and, since I joined Jupiter in January 2022, we have been working very hard to ensure that we have a pipeline of new hires which can both broaden our range of truly differentiated strategies and ensure orderly succession," Chief Executive Matthew Beesley said.
"I am thrilled that Alex is joining us. His performance, delivery of excellent client outcomes and asset growth track record over a long period of time mark him out as one of the truly exceptional UK equity investors."
Jupiter also on Tuesday said it is expecting an "incrementally more negative flow outcome" than it had previously anticipated, with 2023 net outflows expected at GBP2.2 billion.
More positively, Jupiter saw positive investment performance in the fourth quarter of the year, it said, and it earned performance fees of GBP10 million for the full year, ahead of its prior guidance.
Assets under management increased to GBP52.2 billion at December 31, up from GBP50.2 billion a year before.
Jupiter will release its full annual results on February 22.
By Harvey Dorset, Alliance News reporter
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