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.'
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