TLDR:
- Jupiter Fund Management’s fund manager, Ben Whitmore, is leaving the company to set up his own independent value equities boutique. This departure is expected to have a negative impact on the company’s assets under management (AUM).
- The London-listed group also expects net outflows for 2023 to be more negative than previously anticipated.
Jupiter Fund Management has announced that its fund manager, Ben Whitmore, will be leaving the company to establish his own independent value equities boutique. Whitmore managed approximately 19% of the group’s assets under management (AUM), which amounts to around GBP 10 billion. This departure is anticipated to have a negative impact on the company, particularly as Jupiter Fund Management experienced significant AUM loss after a previous manager departure in the second half of 2019. Analysts expect the focus to be back on AUM attrition following Whitmore’s departure.
In addition, the company has stated that it anticipates net outflows for 2023 to be more negative than previously expected. Share prices have dropped by 12% in morning trade at 78 pence. To fill the gap left by Whitmore’s departure, Alex Savvides will join Jupiter Fund Management from JO Hambro Capital Management in the autumn.
