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Jupiter boss backing fund manager after below-par performance

Jupiter chief executive Edward Bonham Carter says he is backing all his fund managers after UK growth manager Justin Seager came under fire from IFAs for poor performance.

Speculation had been mounting over how long Seager would remain with the group following his failure to maintain the performance of the £463m fund, previously managed successfully by Bonham Carter.

According to Lipper, the fund has fallen by 36.7 per cent since Seager took over in January 2001 against a sector fall of 29.8 per cent. That places it 258th out of 295 in the sector.

While performance has improved over the past quarter, IFAs still believe Seager is the manager most under pressure at Jupiter. But Bonham Carter says he backs all his managers.

The move has surprised some IFAs, who believe Seager&#39s style bias has hindered performance. Hargreaves Lansdown head of research Mark Dampier says: “The fund had a fantastic record under Bonham Carter but has been hugely disappointing since. It could come back but Seager has maintained a growth bias when I was under the impression that he was more pragmatic than that.”

Bonham Carter says: “All our fund managers have our full backing but we are constantly monitoring the situation.”

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