Jupiter's Europe fund manager Richard Pease is to join John Duffield's New Star Asset Management in ...
Jupiter's Europe fund manager Richard Pease is to join John Duffield's New Star Asset Management in July.
Pease runs the £1bn Jupiter European and the £131m European Special Situations unit trusts. The former is being handed over to Alex Darwall as from this week, the latter will be run by Leon Howard-Spink.
Darwall becomes named manager on Jupiter European and is already manager of the Jupiter European Opportunities investment trust which launched last year. This was effectively a roll-over vehicle for the Jupiter European split capital trust which he also ran.
Howard-Spink already runs a European special situations portfolio on behalf of French firm CCR. CCR, like Jupiter, is a subsidiary of Commerzbank. He is going to run the Special Situations unit trust until July at which point Jupiter will decide on the future manager of the portfolio.
Pease is the most recent of several well known fund managers to leave Jupiter in the past 12 months. Last year William Littlewood and Adrian Patterson departed the group while Alan Miller left to join New Star.
Steve Glynn, managing director at Jupiter, said Darwall had a strong reputation as a European fund manager and he confirmed that Europe would form part of Jupiter's forthcoming Isa campaign.
He added that Jupiter felt confident going forward and was within three weeks of finalising a share incentive scheme with Commerzbank to incentivise Jupiter employees. The scheme has been approved in principle by the board of Commerzbank which is now negotiating the final elements to it with Jupiter.
Jupiter European unit trust is ranked 39 out of 91 funds in the Europe ex-UK sector over three years, offer to bid with net income reinvested. Over one year it is 26 out of 99.
This week Jupiter is also launching an environmental investment trust as a rollover vehicle for its Jupiter International Green investment trust.
For more news on Global Green see page 3.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week
'Unsung' part of FSCS work