Jupiter Income fund manager Tony Nutt is to retire in 2014.
Nutt, who has been at Jupiter for 17 years, manages the £2bn Income Trust and £512m High Income fund.
Nutt will pass over management of the flagship £2bn Income trust to Ben Whitmore on 1 January, 2013, Whitmore currently manages the UK Special Situations fund.
Philip Matthews will take over as lead manager of the £512m Jupiter High Income fund on 1 July 2013 and will remain as deputy manager of the Jupiter Income Trust and manager of the Jupiter Growth & Income Fund. Ariel Bezalel will continue to manage the bond element of the Jupiter High Income fund, having been appointed to that role in November 2006.
Nutt joined Jupiter in 1996 when the firm launched the High Income fund. He took over as manager of the flagship income trust in 2000, replacing William Littlewood.
Nutt garnered strong IFA support during his time at Jupiter, however, he has had performance issues with both funds in recent times. The £2bn income trust is currently fourth quartile over three years in the Investment Management Association UK Equity Income sector having returned 17.9 per cent compared to an average return of 26.3 per cent for the sector. The High Income Trust is third quartile over three years in the IMA UK equity and bond income sector having returned 22.7 per cent compared to a sector average of 23.9 per cent.
Nutt will continue to manage the Jupiter Dividend & Growth Investment Trust for the foreseeable future. He will be supported by Alastair Gunn, who also manages the equity element of the Jupiter Distribution Fund.
Nutt says: “I am proud of what we have achieved at Jupiter in the past 17 years. The Company has grown in strength during the volatile market conditions of the past 12 years. Delivering outperformance for investors over the long term remains the focus for the fund management team and it is pleasing to have been involved in the development of so many talented managers who are now producing outperformance for clients on their own funds. I am looking forward to continuing to work with my colleagues over the coming year and to hand over my funds to Ben and Philip.”
Jupiter chief executive Edward Bonham Carter says: “Anthony and I have worked together for almost 17 years and in this time he has made a tremendous contribution to the company, delivering outperformance for long-term holders of his funds and providing support and guidance for up and coming managers. We are fortunate to have a strong team in Ben and Philip to take over his portfolios and that is due in no small part to Anthony’s efforts. I am delighted he will continue to work for Jupiter into 2014 and would like to thank him for the continued commitment he has shown to the company.”