Jupiter European fund manager Richard Pease has bec ome the latest star to be poached by John Duffield for his company New Star Asset Management.
Under the terms of an out of court settlement with Jupiter's parent Comm erz bank in November, Duffield is forbidden from recruiting Jupiter staff before May 26 this year. Because of this, Pease will serve six months' notice before joining New Star.
Pease's £1.1bn European fund will be taken over by European opportunities fund manager Alex Darwell, while Leon Hayward-Spink will take on the £135m European special situations fund. The departure is a blow to Jupiter, which was confident it would retain the rest of its team.
All eyes will now be focused on financial opportunities manager Philip Gibbs and equity income manager Tony Nutt, who were also set to testify for Duffield if the court case against Commerzbank had gone ahead.
Plan Invest director Mike Owen says: “I think they will get over this departure. Jupiter are quite capable of finding someone to replace Pease. There was inevitably going to be some drift from Jupiter to New Star but I would be concerned if they lose any more.”
l Deutsche Asset Management was also undergoing a restructure this week as its head of UK equities Adrian Frost announced he will be standing down from the post. Frost will continue to manage the AA-rated £900m UK equ ity income fund but will take a six-month sabbatical beginning in April, during which time Graham Ashby will take control of the fund. John Wood will take over as head of the UK team.