Jupiter has poached UK equity income manager Paul Sheehan from Dresdner
RCM to boost its UK specialist equity team.
Sheehan will replace Edward Bland as the manager of the £51m Jupiter
growth & income unit trust this summer. Bland will move out of the retail
division to focus on institutional funds.
Sheehan has managed Dresdner's UK equity income fund since August 1994.
The fund has a Standard & Poor's A rating. Since he took control of the
fund, it has returned around 120 per cent on an offer-to-bid basis with
gross income reinvested. He has also managed the JOS Holdings split-capital
investment trust since April 1994.
He is the second manager from Dresdner's UK desk to be recruited by
Jupiter in the last eight months following the departure of its UK growth
manager Justin Seager last September.
Sheehan will join Jupiter's new share incentive scheme, which is linked to
the company's profits and the fund managers' outperformance of their
Chief executive Edward Bonham-Carter says: “Paul will be a senior member
of Jupiter's specialist UK equities team. His experience, talent and style
of investment will enhance and complement Jupiter's strength in the
management of UK assets.”
Hargreaves Lansdown investment manager Ben Yearsley says: “Paul Sheehan is
a good fund manager and this is a good move for Jupiter. It is yet another
disappointing departure for Dresdner.”