Philip Gibbs is handing over management responsibility on the £482m Jupiter Absolute Return fund to James Clunie later this year after announcing his retirement from asset management.
Gibbs, who joined Jupiter in 1997, will retire in October 2014. He will remain as manager of the Jupiter Second Split investment trust until 31 October 2014, when the trust is due to wind up.
Clunie, who joined the asset management house on 15 July from Swip, will take over Jupiter Absolute Return on 1 September 2013.
Jupiter Asset Management chief executive Edward Bonham Carter says: “Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this time.”
Gibbs ran the Jupiter Financial Opportunities fund between June 1997 and June 2010, producing a return of 792 per cent over this period. He also managed the Jupiter Split trust, which was Jupiter Second Split’s predecessor, and various institutional mandates.
Last month, Bestinvest downgraded Jupiter Absolute Return following a period of flat returns, taking it off its Premier Selection list of rated funds and lowering its rating from four stars to two.
Chelsea managing director Darius McDermott says: “We have been long-standing supporters of Philip Gibbs, having promoted his Financial Opportunities fund from launch, and his long-term track record in fund management is excellent.”
Jupiter Absolute Return’s cumulative performance to 15 July 2013
|Jupiter Absolute Return||-0.35%||0.31%||-1.83%||2.52%|
|IMA Targeted Absolute Return||1.37%||2.72%||6.35%||10.58%|
|53 / 66||48 / 64||60 / 63||41 / 49|
Source: FE Analytics