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Anthony Nutt: the thing I will miss most is the challenge
by Dylan Lobo on Dec 06, 2012 at 13:50
Jupiter's Anthony Nutt has spoken frankly about his decision to retire and highlights the things he will miss most when he walks away from his career in fund management.
In an interview Wealth Manager following the news he intends to retire in 2014, Nutt (pictured) said the challenge of outwitting markets will be among his voids.
‘I do like a challenge and going forward the economic headwinds look like they could be stronger than anything I’ve experienced in my career. When Andrew Haldane (Bank of England executive director) compared the economic situation to a war earlier this week, it may have been bit sensationalist but this going to be a long grind. I will miss the challenge.’
Speaking to Wealth Manager back in March, Nutt talked down suggestions he may retire soon, saying he still ‘enjoyed’ the job and felt he had the ability to deliver.
‘I do a job that has a good deal of responsibility and if you fall below people’s expectations, you can only expect them to criticise you. I’m not the sort of person who runs away from a problem, I have never done that in my life,’ he said at the time.
The right time
However while Nutt - who turns 60 next year - does not believe he has lost his ability, he feels now is the right time for a succession plan to be installed. ‘I admit age has something to do with the decision and now is the right time to think about a succession plan over the last 12 months. I have few regrets and Jupiter is in a good position. It’s the perfect time to be handing over the funds.’
Jupiter chief investment officer (CIO) John Chatfeild-Roberts commended on Nutt’s leadership as head of UK equities and believes he has left the desk in strong shape. ‘Jupiter has an extraordinary UK desk and Anthony is seriously proud of what he has achieved and the legacy he is handing over.'
After a spell with the Ministry of Defence Nutt entered the financial services industry in 1975 with Foster and Braithwaite. After stints with UK Provident, TSB Investment Management and Robert Fleming, he joined Jupiter in 1996 where he was given the tough challenge of replacing William Littlewood on the Income fund.
Nutt did not disappoint as a series of shrewd calls saw him surge to the top of the performance charts. However, his copybook was blotted following the financial crisis, with his exposure to media stocks such as Yell and Johnston Press weighing heavily.
This is underlined by recent performance, with his Jupiter Income fund suffering a loss of 2.75% in the five years to the end of October versus a 5.2% gain in the FTSE All share over the same period.
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Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.
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