Stephen Pearson is to replace John Chatfeild-Roberts as Jupiter chief investment officer, Wealth Manager can reveal.
Pearson (pictured), who is head of investments at Jupiter, has 29 years’ experience. He joined the firm in 2001 from hedge fund boutique Sloane Robinson to launch a European-focused hedge fund for the asset manager.
In 2012 Pearson was appointed deputy chief investment officer by Chatfeild-Roberts and a year later took on his current role and gave up running money to take on the day-to-day running of the investment floor.
Chatfeild-Roberts assumed the CIO post from Edward Bonham Carter in February 2010 and has continued to lead the giant Merlin multi-manager range in this capacity.
Over the last five years assets in the range have doubled from £4 billion to £8 billion. This period has also seen Jupiter list on the stock market and become a global business, with total assets rising from £24 billion to around £34 billion.
Jupiter said as the CIO role has become increasingly complex, making it more challenging for Chatfeild-Roberts to combine his corporate and fund manager responsibilities.
‘Jupiter has grown substantially and the assets managed by the Jupiter Merlin team have doubled since I became CIO in 2010, Chatfeild-Roberts said.
‘I have encouraged Stephen to take the lead on managing the investment team so it is a natural evolution for him to take on the role.’
Pearson added: ‘Jupiter is an attractive place for fund managers to work, with its distinctive culture of individuality, investment autonomy and personal accountability.
‘We have grown our fund management resources significantly in recent years both internally and by recruiting external talent.
‘I am excited about taking the team forward to ensure we deliver both attractive products and strong performance over the long term for our clients.’
Jupiter sees Pearson as the ideal CIO candidate as he is not directly responsible for running money, leaving him free to entirely focus on the role.
The firm also highlighted that Pearson had been effectively fulfilling many of the key functions of a CIO over the last three years, including playing an important part in the hire of a high profile fund managers, including the recent signing of Asian Income star Jason Pidcock.
Chatfeild-Roberts (pictured above) will remain a director of Jupiter Fund Management, while Pearson will replace him on the firm’s executive committee.
The restructure allows Chatfeild-Roberts to fully dedicate himself to running money for the Merlin team, which comprises fund managers Algy Smith-Maxwell, Amanda Sillars, David Lewis and product specialist Alistair Irvine, who joined the firm earlier this year.
The range includes the flagship £4 billion Income fund, which has returned 89.8% in the 10 years to the end of July versus an average return of 57.75% in the peer group.
In the last three years the fund has found the going a little bit tougher though, returning 19.4% versus a peer group average of 23.2%.
With the Merlin team about to embark on a nationwide roadshow, Chatfeild-Roberts is looking forward to being able to focus more time on fund management.
‘I can [now] devote my time to the job I enjoy the most: investing the Jupiter Merlin portfolios,’ he commented.