Nick Williamson is stepping back as lead manager on the Jupiter UK Smaller Companies Focus fund to concentrate on his Chrysalis Investments trust which has ballooned to over £1bn.
Jupiter confirmed on Wednesday Williamson (pictured) would be handing his £360.8m Oeic to David Cameron-Mowat effective immediately. The move is part of a “planned team progression” which sees Cameron-Mowat and a handful of other investment team members promoted to fund manager.
Since taking the reins of UK Smaller Companies Focus in January 2016, Williamson has returned 136.6%, much higher than the 89.7% IA UK Smaller Companies average.
Chrysalis Investments returns 5x more than rival trusts in the last year
The mandate handover will allow Williamson to focus exclusively on managing Chrysalis Investments which he runs alongside Richard Watts.
Though the trust had an inauspicious start on the London Stock Exchange in November 2018, raising just half of its £200m target, it has blown up since then, and has seen several oversubscribed fundraisings, including in March where it raised £300m.
Over the last 12-months the trust has generated eye-watering returns of 116.1%, nearly five times higher than the IT Growth Capital’s 22.5%. It currently has gross assets of over £1bn and is now a constituent of the FTSE 250.
As a Chrysalis shareholder, Chelsea Financial Services managing director Darius McDermott said he welcomes the idea of Williamson devoting more time to the trust.
“It’s a shame to lose Nick on that fund due to his experience, but it is an opportunity for Jupiter to bring through new talent, which the old Merian team had a plethora of – a team the new manager was part of,” McDermott added.
Next gen fund managers rising up the ranks
Jupiter also confirmed Sohil Chotai had been promoted to fund manager in the European equities team and would take over as co-manager of the Jupiter European Special Situations fund. The £320.7m fund has been run by co-heads of strategy Mark Nichols and Mark Heslop since the departure of manager Cedric de Fonclare last year.
Elsewhere, Hilary Blandy has become the sole manager on the £37.1m Jupiter Monthly Income Bond fund, which she previously ran alongside Adam Darling and Harry Richards. Blandy, who has been with Jupiter since 2012, will continue to work as a senior credit analyst on Jupiter’s global flexible bond strategy and oversee a key component of the fixed income allocation across Jupiter’s multi-asset strategy managed by Talib Sheikh.
The FTSE 250 manager has also promoted Reza Karim to fund manager in the emerging market debt team where he will work closely with head Alejandro Arevalo across Jupiter’s full range of EMD funds.
Jupiter CIO Stephen Pearson said it was “particularly pleasing to recognise the contribution of ‘home grown talent’” at the fund group.
“At Jupiter we are committed to sustaining our strong active investment culture, retaining and nurturing talented individuals as they progress through their careers,” Pearson said.
“These are all strategies that we view as fundamental to delivering on our strategic ambitions as a company – offering clients a broad and diversified choice of attractive opportunities, run by management teams committed to high conviction, active management.”
