Jupiter Fund Management has appointed James Clunie as manager of its £482 million Absolute Return Fund, replacing Philip Gibbs who will be retiring in October 2014.
Clunie who joined Jupiter on 15 July 2013, will take over the fund on 1 September 2013. He joined Jupiter from UK based Scottish Widows Investment Partnership (Swip), where he ran the company’s UK Select Growth Fund and the UK Opportunities Fund.
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Clunie started his career at World Bank as a consultant and as a lecturer at Chinese university SWUFE. He also worked at Aberdeen Asset Management as head of global equities.
Gibbs, who joined Jupiter in 1997, will remain as manager of the Jupiter Split Investment Trust, which is set to be wound up by October 2014.
Gibbs’ Absolute Return fund has struggled in recent years, with the fund lagging the IMA targeted absolute return sector. In the last three years it delivered 1%, versus the average return of 13.8%.
Edward Bonham Carter, chief executive of Jupiter, said: "Demand for absolute return and multi-asset strategies is growing, with investors increasingly looking for strategies that can provide capital growth with lower volatility.
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By GlobalData"We added resources in this area in 2010, appointing Miles Geldard and Lee Manzi to run multi-asset and convertible portfolios, and James has joined us to help take forward the development of our absolute return strategies," Carter added.
