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Jupiter chief Duffield quits after dispute

Jupiter chief executive and founder John Duffield is quitting the firm

following a dispute with its German parent Commerzbank.

Chief investment officer Edward Bonham Carter and group finance director

Jonathan Carey take over as joint chief executives.

They will be joined on a new executive management committee by head of

specialist funds Alan Miller and head of international Mark Schueller.

It is believed the dispute centred on pay structures.

Duffield founded the fund manager 14 years ago and it has become one of

the UK&#39s biggest fund managers. Since Commerzbank bought a 75 per cent

stake in Jupiter five years ago, funds under management have tripled to

almost £13bn.

Duffield&#39s departure comes just a month after the Ger-man bank bought out

the remaining 25 per cent of Jupiter, which resulted in a payout of more

than £150m for the chief executive.

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