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Two Jupiter fund veterans depart in manager reshuffle

Two Jupiter fund veterans depart in manager reshuffle

Two 20-plus-year Jupiter veterans are to depart the company ‘following a review of our investment capability and strategic direction’ as the business announced a series of promotions in its fund team.

Sebastian Radcliffe, head of strategy for US equities and manager of the company’s £241 million North American Income fund, is to step down after 20 years at the business.

Also departing is Ben Surtees (pictured), director in the global emerging markets team and manager of the £42 million Jupiter Asian fund, who exits following a 21-year stretch with the company.     

Jupiter chief investment officer Stephen Pearson said: ‘I would like to thank Sebastian and Ben for their hard work and commitment over the many years that they have worked at Jupiter. They leave with our very best wishes for the future.’

Manager of the £297 million Jupiter Global Managed fund Stuart Cox will take on the management of the American Income mandate, with the house saying the former strategy has ‘high exposure to the US equity market and significant overlap with a number of the large capitalisation premium-yielding positions’ held by the latter.

Cox has been lead manager of the Global Managed mandate since July, following the departure of the company’s head of strategy Stephen Mitchell. The two had previously worked together at Caledonia, before joining Jupiter in 2015.      

Current co-manager of a Jupiter institutional mandate and member of the company’s emerging markets team Amélie Thévenet is to take over management of the Asian fund. She joined Jupiter in 2007, initially as an analyst.

Pearson added: ‘I am pleased to be able to appoint high calibre talent from within the broader fund management team to manage the portfolios. This will provide continuity of management for our existing clients.’

Radcliffe additionally served as co-manager of the Jupiter Global Equity Income fund. His responsibilities will be handed to current co-manager Greg Herbert.

Jupiter reported outflows of £800 million in the third quarter following £1 billion in net redemptions in the previous period. Since the start of the year, assets under management at the firm have been down 5% to £47.7 billion.

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