Edward Bonham Carter’s decision to step down from fund management will allow him to spend more time on Jupiter’s ambitious plans to grow its private client business.
As chief investment officer and chief executive at the firm, Bonham Carter will develop the division, which has seen assets under management grow by £122 million to £922 million in the three months to the end of January.
Jupiter’s private client department, which has focused on providing clients with a highly personal investment management service since 1985, is not as visible as rival businesses. The team is headed by Colin Chisholm and manages assets for individuals, charities, trusts and Sipp investors.
The division recently increased its private client manager headcount from six to 14, recruiting Robert Walker, Paula Forecast, Phil Gent and Oliver Pearson-Lund from Singer & Friedlander, and Oliver Burns, William Day, David Blake and William Luttrell-Hunt from Bestinvest.
Jupiter has not ruled out further hires and said it expects the capacity of the team to more than double following the arrival of the new recruits.
Bonham Carter told Citywire Wealth Manager: ‘Our private client operation has been growing well recently. Late last year, we more than doubled the number of private client fund managers in our team as we expect this to be a key area of growth.’
The comments came after Jupiter announced Bonham Carter would be stepping down from his Undervalued Assets fund, which he has managed since 30 December 2000. The fund has been passed on to Patrick Harrington, who has been hired from OLIM.
Bonham Carter said he had recruited Harrington for his value investment style, which is similar to his own. He said: ‘Patrick is an experienced, genuine value investor, which we think is a good way to add value over the medium term.’
Harrington intends to waste little time stamping his authority on the £122 million fund and said he would look to reduce the holdings towards his preferred level of 30 to 35 from its current 75.
He is confident of proving his worth in the dreadful market conditions. He said: ‘There are a whole host of quality companies that can demonstrate growth and that I will look to buy at the right price.’