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McVeigh replaces Seager at ailing Jupiter fund

Jupiter UK growth fund manager Justin Seager has been replaced by former Schroders star Ian McVeigh after failing to reverse the poor performance which had IFAs up in arms.

Chief executive Edward Bonham Carter moved the manager from the fund although he continues running institutional money.

Bonham Carter publicly backed Seager last December following a barrage of criticism from IFAs over the ailing fund&#39s inferior performance.

According to Lipper, the £430m fund has plunged by 46.8 per cent since Seager took over from Bonham Carter in January 2001 against a 40.5 per cent fall among rival funds in the UK all companies sector.

This ranks Jupiter&#39s fund 237th out of 280 funds.

McVeigh, who joins Jupiter in April, managed Schroders&#39 income fund for two years – returning 28 per cent compared with a FTSE All-Share index return of -13 per cent – before leaving to run the Parkway global hedge fund at the start last year.

Bonham Carter says: “Justin&#39s recent performance was actually quite middle of the road but that is not good enough at Jupiter.

“Ian is an individual thinker, self-motivated and very experienced. He should do a better job.”

Michael Philips proprietor Michael Both says: “Seager will be missed – just not by investors in the fund. In the current climate, you need a safer pair of hands and McVeigh looks very promising.”

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