Jupiter chief executive Edward Bonham Carter has told Investment Week he is confident he can combine...
Jupiter chief executive Edward Bonham Carter has told Investment Week he is confident he can combine his new role with that of chief investment officer and manager of the UK Growth unit trust.
The aim is to run Jupiter more along the lines of a partnership following the departure of previous chief executive John Duffield.
Bonham Carter said: "It is going to be a challenge. If I start to perform badly relative to my colleagues and peers then I am going to sack myself as fund manager."
He added a year was a decent length of time to judge a manager on a fund but also said that if he felt he could not devote enough time to the £630m unit trust he would give it up, even if the performance numbers remained strong.
Bonham Carter said a major reason he should be able to combine the three roles is due to the sharing of responsibility between senior members of the business, including Jonathan Carey, Alan Miller and Martin Schueller. Bonham Carter said having a single person in total charge was not the only way to run a company.
He added: "I think the partnership model is an equally pertinent one. It is the way Goldman Sachs is structured and that is one of the most successful organisations of the last 10 years."
In the short term he said his main job was to ensure the group's performance remained strong. He said: "No fund managers have left or had their responsibilities on funds changed. My job is to keep their eyes on running those portfolios. I do not want those fund managers on business strategy or organisational committees.
"One of the great dangers to companies that have been successful is one of arrogance and complacency.
"If the impression of Jupiter is either of those two we will take action to remove that reality or impression as it is extremely dangerous."
Overall Bonham Carter said his aim was to maintain the investment culture built up at Jupiter by Duffield. Bonham Carter said: "The culture of independence of thought and action are going to remain. One of Duffield's great gifts was realising that the way to get outperformance was to give talented people control of funds.
Continued on page 3
Also unveils trust IPO raised £100m
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus