Bonham Carter, who has run the fund since 2000, is being replaced by Patrick Harrington who joined the firm from boutique OLIM on February 23, 2009.
Harrington has over 20 years experience in managing UK funds. Prior to OLIM he was director of UK retail equity income funds at Henderson Global Investors and the Henderson UK extra income fund. He has also managed a number of UK portfolios in his time at M&G.
He will take on the £122m undervalued assets fund at the end of March 2009.
It has been well publicised that Bonham Carter would look to pass on the management of his fund should he find a better candidate to fill the role.
In the past three years Bonham Carter has struggled to perform on the fund, which is currently fourth quartile in that time in the IMA UK all-companies sector. It has lost 34.5 per cent in that time, compared to the average fall of 28.9 per cent.
In July 2008 Bonham Carter went as far as to say he would “sack himself” if performance continued to struggle in the next 12 months.
He says: “I have thoroughly enjoyed managing the Jupiter Undervalued Assets Fund in the past eight years and am pleased to have produced a top decile performance for investors during my tenure. However, having attracted a fund manager of Patrick’s calibre to Jupiter who has a similar investment philosophy to me, I feel that now is the right time to hand the portfolio over. I am delighted to welcome Patrick to the team.”
Harrington says: “Jupiter is one of the most respected fund management groups in the UK and has an excellent reputation managing assets across a broad range of markets. I am delighted to be joining the team and taking on the management of the Jupiter Undervalued Assets Fund.”
Hargreaves Lansdown investment manager Ben Yearsley says: “He always said he would do this if the right candidate came along and he has lived up to his word. It will free him up from a rigorous role of running both the firm and one of its leading funds.”