Jupiter Fund Management (LSE: JUP) shares plunged 14% on Tuesday after the firm announced the departure of veteran UK fund manager Ben Whitmore and higher-than-expected outflows. Whitmore, who has been with Jupiter since 2006 as the manager of several top funds totalling £4.8 billion, will leave in July.
His replacement at the £2.1 billion UK Special Situations Fund will be Alex Savvides, joining from JO Hambro Capital Management. New hires Adrian Gosden and Chris Morrison will take over the management of Jupiter Income Trust.
The personnel changes come as Jupiter warned of “incrementally more negative” flows, now expecting £2.2 billion in net outflows for 2023. However, Jupiter saw positive investment performance in Q4 and £10 million in performance fees for the year.
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Assets under management rose to £52.2 billion, but shares still dropped to 75.55p, down 45% over 12 months. CEO Matthew Beesley said the new hires will “ensure orderly succession” of Jupiter’s “truly differentiated strategies.”
