Morningstar
today
places
Jupiter
Asset
Management’s
£2.15
billion
Special
Situations
fund
under
review
following
the
resignation
of
lead
portfolio
manager
Ben
Whitmore.
Whitmore
will
leave
the
firm
in
July
this
year
to
launch
his
own
value
equity
fund
house,
subject
to
regulatory
approvals
and
a
Jupiter-imposed
two-year
non-compete
clause.
Special
Situations
co-manager
Dermot
Murphy
and
investment
director
Claudia
Ripley
will
also
be
leaving.
Responsibility
for
managing
the
fund
will
then
pass
to
Alex
Savvides,
who
joins
from
JO
Hambro
Capital
Management.
“Whitmore
was
an
investor
we
rated
highly,
and
his
departure
is
disappointing,”
says
Morningstar
equity
strategy
analyst
Daniel
Nilsson.
“Given
his
pivotal
role
in
the
strategy
since
late-2006,
we
have
placed
the
Jupiter
UK
Special
Situations
fund
under
review.
A
former
review
of
the
strategy
will
be
completed
shortly
and
our
updated
view
will
be
published
soon
after.”
Whitmore
is
not
the
only
manager
to
announce
a
departure
from
Jupiter
in
the
last
few
months.
In
December,
Morningstar
also
placed
Jupiter’s
UK
Mid
Cap
fund
under
review
following
news
that
lead
manager
Richard
Watts
would
depart
in
2024
to
set
up
a
new
business
with
Nick
Williamson,
his
co-manager
on
the
Chrysalis
investment
trust.
Tim
Service,
a
veteran
of
Jupiter
since
2007,
will
run
the
UK
Mid
Cap
offering
thereafter.
Morningstar
previously
placed
the
Jupiter
Income
Trust
under
review
in
December.
It
too
is
managed
by
Whitmore
and
will
be
run
by
Adrian
Gosden
and
Chris
Morrison,
who
are
joining
the
business
from
GAM
this
month.
Today,
shares
in
parent
company
Jupiter
Fund
Management
are
down
nearly
15%
as
investors
absorb
news
of
the
departures,
and
accompanying
outflows
from
its
strategies.
Commenting
on
the
outflows,
a
spokesperson
for
Jupiter
said
the
company
was
now
expecting
“an
incrementally
more
negative
flow
outcome
than
we
had
anticipated.”
“At
the
start
of
the
year
we
stated
that
our
internal
forecasts
were
for
‘modest
net
outflows’
for
2023,”
they
said.
“While
we
reaffirmed
this
expectation
with
the
traing
update
in
October
2023,
a
delay
in
the
funding
of
some
institutional
mandates
combined
with
weaker-than-anticipated
retail
sentiment
in
October
and
November
2023
has
led
to
an
incrementally
more
negative
flow
outcome
than
we
had
anticipated.
“Total
net
outflows
for
2023
are
expected
to
be £2.2
billion.”
Jupiter
chief
executive
Matthew
Beesley
said
he
wished
Whitmore
well.
“Having
worked
at
Jupiter
since
2006,
Ben
informed
me
of
his
ambition
to
set
up
a
new
independent
value
equities
boutique,
which
has
been
a
long-term
personal
aspiration
for
him.
“I
would
like
to
thank
him
sincerely
for
his
contribution
to
the
company
and,
after
he
leaves
Jupiter,
wish
him
well
for
the
future.”
Morningstar
Key
Metrics
on
UK
Special
Situations
•
Morningstar
Analyst
Rating:
Gold
(for
Clean
I
share
class)
• Process
Rating:
High
• People
Pillar
Rating:
High
This
story
is
being
updated
as
it
unfolds
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