Cedric de Fonclare, the manager of Jupiter’s European special situations fund, has taken over its European income fund from Malcolm Millar, who is leaving the firm.
Millar ran the fund from launch in May 2007. Over the last three years, the fund delivered returns of 7.2 per cent, compared with the MSCI Europe excluding UK index, which lost 8 per cent. The fund underperformed its sector, which gained 7.8 per cent.
At £30m, the fund is smaller than de Fonclare’s £586m European Special Situations vehicle, which has outperformed the sector and the MSCI index with a return of 19.5 per cent.
Millar is also the co-manager of Jupiter’s offshore Global Equities fund, which will now be run solely by Ben Surtees, his fellow co-manager.
Millar is leaving Jupiter because he “wants a change”, according to a spokesperson.
Edward Bonham Carter, the chief executive of Jupiter, says: “We are sorry that Malcolm is leaving Jupiter…We wish him well with his future plans”.
Millar will leave on July 15.