Jupiter Fund Management PLC - London-based ‘high-conviction’ active asset manager - Alex Savvides will join the company in early October to take over the management of the £1.6 billion Jupiter UK Special Situations Fund from Ben Whitmore, who will remain with Jupiter until the end of October, compared to a previous commitment of the end of July. Savvides will be supported by Stephanie Geary and Siddharth Sukumar. Like Savvides, they will join from JO Hambro Capital Management but will start in late July.
Jupiter says it is still considering its long-term plan for managing the £790 million Jupiter Global Value Unit Trust. This is co-managed by Whitmore, and Jupiter is deciding whether to contract management from the boutique firm that Whitmore plans to establish or to keep its management in-house.
Back in April, Jupiter said assets under management edged up 0.8% to £52.6 billion as of March 31 from £52.2 billion on December 31. While it suffered £1.6 billion in net outflows in the first quarter, market returns are positive £2.0 billion.
Current stock price: 81.68 pence, down 1.8% in London on Wednesday
12-month change: down 28%
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