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Jupiter: 17 key dates in Slendebroek's strategic overhaul

Read on the see all the major developments in the business during the watch of its outgoing CEO

Jupiter chief executive Maarten Slendebroek stepped down today after more than four years at the helm.

Slendebroek (pictured) had overseen a rapid diversificiation of fund strategies at the traditionally equity-focused business, growing assets from £31 billion in late 2013 to £42.6 billion, as well as completing a big overhaul of its distribution.

Read on to see all the major developments in the business during his watch.

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Jupiter chief executive Maarten Slendebroek stepped down today after more than four years at the helm.

Slendebroek (pictured) had overseen a rapid diversificiation of fund strategies at the traditionally equity-focused business, growing assets from £31 billion in late 2013 to £42.6 billion, as well as completing a big overhaul of its distribution.

Read on to see all the major developments in the business during his watch.

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Jupiter announced that Edward Bonham Carter would be stepping down as group chief executive to be replaced in the role by Maarten Slendebroek. Slendebroek was previously distribution and strategy director.

 

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Jupiter was reported to be in talks with Rathbones to sell its wealth business, appointing advisers from investment bank Evercore to conduct a strategic review of the arm.

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Slendebroek took over the reins at the fund firm, after TA Associates put its 10.6% stake in the firm on sale.

Prior to Slendebroek taking charge Jupiter posted a pre-tax profit of £114.1 million for 2013, up 55%. Total assets under management were £31.7 billion.

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Following Jupiter's first interim update with him in charge, Slendebroek revealed to Wealth Manager that he planned for the business to focus on organic growth: a strategy carried out during his time in charge.

He said: ‘Our philosophy is “you get paid handsomely to own the shares and we get on with growing the company organically”.

'It’s an old fashioned and good way to run a business.'

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Jupiter’s pre-tax profit rose 40% to £160 million during 2014 after the fund group netted £28.5 million from the sale of its private client division to Rathbones.

However, total assets under management stood at £31.9 billion at the end of December, representing only a 0.6% increase on the year.

 

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Slendebroek was rewarded handsomely for the firm’s performance in 2014.

He took home a bonus for 2014 of £1.8 million, of which £680,000 was in deferred Jupiter shares.

 

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Jupiter's then chief financial officer Philip Johnson was announced to be leaving the firm.

It followed a board reshuffle earlier in the year, in which Stephen Pearson replaced John Chatfeild-Roberts as chief investment officer and the firm hired former Columbia Threadneedle man Nick Ring as global head of distribution.

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In its annual results for 2015, Jupiter saw yearly net inflows of £1.9 billion. This included a £2.1 billion inflow into its mutual fund business, with the group highlighting 68% of its assets under management outperformed the median over three years.

Pre-tax profit rose from £160 million to £164.6 million, while net revenue rose from £303 million to £329.5 million. Helpful market movements and inflows helped assets under management rise from £31.9 billion to £35.7 billion over the year.

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Slendebroek was reported to have been awarded a total compensation package of £2.73 million in 2015, more than 30% up on 2014, in his first full 12 month period in the top seat.

 

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Jupiter Asset Management’s Adrian Creedy stepped down from his position as chief operating officer. He had been with the firm for over twenty years, nine of which as COO.

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Jupiter hired Credit Suisse’s head of group finance Charlotte Jones to replace chief financial officer Philip Johnson as its new chief financial officer. 

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Jupiter switched its unit trust range to single pricing, leading to almost £13 million in 'box profit' wiped from its income in 2018. 

In its results for 2016, the firm reported inflows of £1 billion, while assets under management rose by 13% to £40.5 billion and pre-tax profit rose 4% to £171.4 million.

 

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Top shareholders blocked Jupiter's attempt to hand Slendebroek a near 50% pay rise. The fund manager had been sounding out investors about increasing his annual salary from £250,000 to £375,000. 

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Jupiter breached the £50 billion assets mark on the back of a healthy rise in inflows in 2017. The asset manager saw a net inflow of £5.5 billion in 2017 versus £1 billion in the previous year.

This helped fuel a rise in assets under management from £40.5 billion to £50.2 billion. The firm highlighted that 81% of its assets under management performed above median over three years.

 

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In a roundtable for our CEO tapes video series, Slendebroek set out his perspective on active management, saying he doesn’t care about the ‘average’ fund manager.

We are not ‘average’ or ‘in general’, he said.

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Jupiter was hit by a £2.3 billion net outflow in the first half of 2018 as sentiment turned against its key bond proposition. This was a reversal of the £3.6 billion inflow the firm saw in the corresponding period of 2017. The outflow resulted in assets at Jupiter falling 4% to £48.2 billion. 

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Andrew Formica made a surprise return to the front ranks of UK fund management, with the annoucement he will take the reins of Jupiter from CEO Slendebroek in March.

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