View the article online at http://citywire.co.uk/money/article/a691715
Philip Gibbs to retire from fund management
Jupiter fund manager will hand over his Absolute Return fund to James Clunie later this Summer, before retiring in October 2014.
Gibbs (pictured) will continue to manage the Jupiter Second Split investment trust until it is wound up by October 2014. In September this year he will pass over the £482 million Absolute Return fund to Clunie, who joins from rival asset manager Swip.
Gibbs, who joined Jupiter in 1997, made his name running the Jupiter Financial Opportunities fund between 1997 and June 2010, for which he earned the record for holding a Citywire fund manager performance rating for the longest unbroken period (seven years). Guy de Blonay now runs this fund.
In recent years though Gibbs' performance has been more disappointing, posting a 0.96% return over the past three years with the Absolute Return fund versus 2.36% by three-month Libor, a benchmark.
This fund aims to generate an absolute return, irrespective of market conditions, by investing in equities, bonds, currencies and derivatives across the world.
Prior to departing Swip, Clunie posted a 24.5% return over three years with his £50 million UK Flexible Strategy fund , compared to a 2.4% rise by three-month sterling Libor, according to Lipper.
Adrian Lowcock, senior investment manager at financial services company Hargreaves Lansdown commented: ‘Philip’s retirement gives Jupiter an opportunity to wipe the slate clean and start fresh with the Jupiter Absolute Return Fund. We see the appointment of James Clunie as a positive move.’
Best of the decade
Exactly one year ago, Gibbs featured in a Citywire article on the best fund managers of the past decade, with a return of 183.1% over the last 10 years.
In a rare interview with Citywire at the time, Gibbs said the investment call he was most proud of was his decision to remove almost all of his exposure to equities at the start of the financial crisis.
However, he admitted that failing to increase his exposure to equities at the start of the market rally in 2009 was among his worst decisions.
Edward Bonham Carter, chief executive of Jupiter Asset Management, commented today: 'Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this time.'
News sponsored by:
Making the most out of Europe’s potential means seeing things differently. Learn more about how BlackRock’s focused approach to investing in Europe helps investors unlock the continent’s vast potential.
In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.
More about this:
Look up the funds
Look up the investment trusts
Look up the fund managers
More from us
- Hiding in cash: Jupiter Second Split's self-inflicted wounds
- Philip Gibbs
- Absolute Return
- James Clunie
- Jupiter Second Split
- Jupiter Financial Opportunities
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.