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September 19, 2022

Jupiter Asset Management’s new CEO seeks to overhaul troubled business

Jupiter Asset Management’s newly named CEO is looking to undertake a restructuring to help the struggling firm bounce back from its ongoing slump, reported the Financial Times.

The overhaul of the business is aimed at slashing costs and achieve business growth after years of investor outflows.

In an internal memo, Matthew Beesley, who will assume his new role as CEO next month, noted that the firm had carried out a comprehensive review of its operational aspect.

Beesley also revealed that the firm plans to make new announcements soon, stated two sources familiar with the matter.

According to the memo, the company has already made a few changes to its team.

Veronica Lazenby, who is serving as chief risk officer, will make an exit. The position will be divided between two heads under the separate functions of risk and compliance, the source added.

Jupiter’s CFO Wayne Mepham will supervise both the functions and Katie Carter has been appointed to lead the compliance unit.

The firm has not finalised the head of its risk unit. Meanwhile, it is working alongside KPMG executives to support the team.

In 17 out of the last 18 quarters, Jupiter recorded net outflows, according to analysts at Panmure Gordon.

In the first half of this year, the firm’s assets under management reduced by a fifth to £48.8bn mainly due to deteriorating markets.

Jupiter’s pre-tax profit also dropped by two-thirds to £18.8mn compared with the previous year.

Expressing disappointment at the firm’s poor performance, Jupiter’s outgoing CEO Andrew Formica, then stated that the firm “remains the board’s highest priority to improve the performance of the group.”

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