Jupiter undervalued assets fund manager Patrick Harrington has quit the firm with immediate effect.
Harrington, who joined the firm in March 2009 from OLIM Ltd, also managed the £100m Jupiter fund of investment trusts and was co-manager of the £66m monthly income fund with Ariel Bezalel.
Harrington replaced Jupiter chief executive officer Edward Bonham Carter on the £91m undervalued assets fund in March 2009. However, the fund has struggled to perform and is currently bottom quartile in the IMA UK all companies sector over three years.
The fund has been taken over by Steve Davies, who is a member of Jupiter’s UK equities team. Davies joined Jupiter in 2007 and is deputy manager of the Jupiter UK growth fund, working alongside lead manager Ian McVeigh. Fund manager Richard Curling replaces Harrington on the fund of investment trusts and monthly income.
Prior to working at OLIM Ltd, Harrington was director of Henderson Global Investors from 2001 to 2004.
Hargreaves Lansdown senior analyst Meera Patel says: “The performance of the Jupiter Undervalued Assets Fund has been poor in recent years and we hope this change brings about an improvement. While we believe this is a positive change, we would like to give him the opportunity to make his mark on the fund.”