Former star fund manager Philip Gibbs has launched a fresh attack on Jupiter Asset Management, criticising what he sees as a culture of short termism at the firm.
Gibbs, who joined Jupiter in 1997 and retired last October, criticised his former employer at its most recent annual general meeting and said he was “shocked” by the way he was treated. He said he was left depressed and felt unable to work.
Speaking to Money Marketing sister publication Fundweb, Gibbs says he made the remarks at the AGM to highlight his concerns with the company and to protect younger fund managers.
He says: “I have done this not because I am seeking anything for myself but to fight a culture of short-termism and to help protect Jupiter fund managers and other fund managers from such attacks in the future.
“I can look after myself, particularly by retiring, but others may not find it so easy if at earlier stages in their careers.”
Gibbs also reiterates his frustration at the lack of an apology from Jupiter and claims on 1 May chief executive Maarten Slendebroek sympathised with his plight. He adds: “Jupiter seems to think it can get away with very bad behaviour and then just put everything right with a few good wishes.”
In his comments at the AGM, Gibbs alleged that chief investment officer John Chatfeild-Roberts said he “was lucky to have a job at Jupiter” during a rare period of underperformance.
The former fund manager has labelled this remark as “absurd” and “ridiculous” and called for Chatfeild-Roberts to be removed from the role. Gibbs says: “He should lose the CIO role and the board should have supported me more and been a lot more careful about attacking my interests after these events.”
Jupiter Asset Management declined to comment.
In his time running the Jupiter Absolute Return fund, which spanned 14 December 2009 to 1 September 2013, the manager returned 1.43 per cent against the benchmark’s 2.79 per cent.
But over his tenure on the Jupiter Financial Opportunities fund between June 1997 and June 2010, he returned 792 per cent compared with 38 per cent for the benchmark FTSE Financials Index.