Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a723426

How will Jupiter's growth strategy change under new chief?

by Eleanor Lawrie on Dec 09, 2013 at 14:27

How will Jupiter's growth strategy change under new chief?

Fund managers and analysts expect a broader fund range and more of a focus on Jupiter's private client division could form part of incoming chief Maarten Slendebroek's growth strategy.

Bonham Carter (pictured) will be succeeded by Slendebroek in March after almost 14 years at the helm of Jupiter, although he will not step back completely in his new role as vice-chairman.

It is a move that has been greeted with some unease amongst some sections of the fund buying community. Mark Harris, head of multi-asset at City Financial, told Wealth Manager that Bonham Carter's  decision to step back had made him slightly nervous, as it follows the departure of some of the group's fund managers. He is now unsure as to what direction the business will take.

'I must admit it makes me feel a bit nervous, just generally what's been going on, the level of departures and this heightens that anxiety. It does really puzzle me how they are going to take it forwards,' he said.

Ian Aylward, head of multi-manager research at Aviva Investors, said the announcement was 'very significant news' for his team because Bonham Carter has been so instrumental in the running of the business. For example, he oversaw the asset manager's successful float in June 2010.

'In the sense that Bonham Carter has been a very good leader and has driven the firm and its performance very nicely, for us as investors, him becoming less involved in the day-to-day is slightly concerning,' Aylward said.

Nonetheless, he is heartened by the fact that Slendebroek has been at Jupiter for more than a year, so there is a degree of continuity.

In a statement to the stock exchange, Bonham Carter explained his reasons for stepping back: 'The company is well positioned for growth and it is the right time for me to hand over the reins. I have enjoyed working with Maarten since his arrival and he has the skills and qualities to take the company through the next stage of its growth.'

RBC Capital Markets analyst Peter Lenardos thinks the company will look to broaden its fund range and distribution strategy following the management change.

'We believe that Jupiter should become more diversified (in terms of product offering and distribution) and less reliant on UK retail and pan-European equities under Mr Slendebroek’s leadership,' he said in a note.

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the funds

Look up the fund managers

  • Stephen Bailey
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Mark Harris
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet