Jupiter has made another tactical move and persuaded Paul Sheehan to leave Dresdner in favour of ...
Jupiter has made another tactical move and persuaded Paul Sheehan to leave Dresdner in favour of the index-tracking firm.
Sheehan, who managed Dresdner's Equity income fund, has a strong record of producing consistent above-sector average returns, according to IFA firm Torquil Clark.
Sheehan's departure is being touted as a positive step for Jupiter, and one which would go down well with the IFA sector, particularly as Jupiter has lost several high-profile fund managers over recent months.
That said, IFAs say this is quite a blow for Dresdner, who has also lost several fund managers within the last year. Justin Segar previously worked with Sheehan at Dresdner, defected to Jupiter several months ago.
"This is a very good move for Jupiter, because as the manager of Dresdner's Equity Income fund, Sheehan has produced decent overall returns from a value-orientated portfolio. Jupiter has an impressive equity income team headed by Tony Nutt and the arrial of Sheehan can only strengthen the existing team," says Philippa Gee, relationship manager at Torquil Clark.
While Sheehan's departure may concern some investors, Gee suggests advisers adopt a wait-and-see attitude before making any recommendations to clients, particularly as fund managers are moving from company to company more frequently.
"The number of fund managers on the move has increased considerably over recent years, this is simply a sign of the business age we now work in," says Gee.
Sheehan is seen by many IFAs as one of the strongest fund managers at Dresdner. Movement of the fund performance will now be watched closely, following his loss, however, Nigel Lanning has already been named as his replacement. Lanning already runs Dresdner's income and growth investment trust.
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