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Jupiter appoints Nutt’s replacement on £549m High Income fund

Jupiter Asset Management fund manager Alastair Gunn is taking over the £549m Jupiter High Income fund from Anthony Nutt on 1 July.

Nutt announced in December that he is retiring in 2014. 

Manager Philip Matthews, who runs the £368m Jupiter Growth & Income and £15m Jupiter UK Alpha funds, was due to take over management of the Jupiter High Income fund on 1 July, but he has announced he is leaving the firm to join Schroders to manage its £3.4bn UK Alpha Plus fund. He will take over the role from Richard Buxton who is leaving to join Old Mutual Global Investors in June.

Jupiter fund manager Chris Watt is now taking on responsibility for both the Jupiter Growth & Income and Jupiter UK Alpha funds from Matthews on 1 May.

Gunn joined Jupiter’s UK equities desk in 2007 to work with Nutt. He was appointed co-manager of the £294m Jupiter Distribution fund alongside bond manager Rhys Petheram in July 2010. The fund has achieved a return of 26.7 per cent against 18.8 per cent for the IMA Mixed Investment 0-35% Shares sector average to the end of March.

Watt joined Jupiter in 1999 and has worked as part of the fund management team since 2000, principally on the UK equity desk.

He became deputy manager of the Jupiter UK Alpha fund in July 2006 and in January 2007 was appointed manager of the £50m Jupiter Responsible Income fund (previously Jupiter Environmental Income). During the past three years it has achieved 40.2 per cent against 33.6 per cent for the IMA UK Equity Income sector average.

Jupiter Asset Management chief investment officer John Chatfeild-Roberts says: “It is pleasing to be in a position to ‘promote from within’ two managers who have demonstrated their ability to deliver outperformance over the medium to long term. We congratulate them on their new roles and wish Philip Matthews the best of luck in the next stage of his career.”

Charles Stanley Direct head of research Ben Yearsley says: “I expect Jupiter is disappointed that Matthews has left as he was building a decent name for himself there. But Jupiter has a good reputation for bringing through strong managers.”

Nutt has already passed management of the flagship £2bn Jupiter Income trust to Ben Whitmore, who also manages the UK Special Situations fund.

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