Jupiter Asset Management is set to split the CIO role. Credit: StartupStockPhotos from Pixabay.

Jupiter Asset Management is set to split the role of its chief investment officer (CIO) and rearrange nearly a third of its funds to improve its financial condition.  

The move was unveiled a week after Matthew Beesley became the new CEO of the firm on October 1 2022.

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It will see the division of Jupiter’s CIO position split into two newly created roles of head of equities and head of fixed income.

Jupiter will also wind up, merge or relocate around a third of its nearly 100 funds under the new initiative, Bloomberg has reported citing sources privy to the discussions.

A spokesperson for the asset manager said: “Amid a rapidly changing investment landscape, it is important that we retain a clear focus on growing and developing our core strategies and design our range accordingly.

“While the restructure of our product offering is ongoing, we believe we now have the right fund management teams in place across the range to address our clients’ needs.”

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Under the changes, Jupiter has selected its investment director for fixed income and multi-asset, Matthew Morgan to lead the fixed income division.

The company is in process of finalising a name to lead its equities arm. John Chatfield-Roberts is currently serving as interim head of equities.

Alison Hollingshead, who is the COO of Jupiter’s investment management business, will also join the company’s senior management team.

The asset manager has been witnessing outflows in the last few years. Last year, its funds lost £3.8bn even after seeing gross inflows of £16.5bn.