Jupiter has hired JO Hambro’s Alex Savvides to head up its £2.1bn Jupiter UK Special Situations fund, with current manager Ben Whitmore (pictured) set to leave the firm to launch a new value equities boutique.
Savvides, who will join Jupiter by the autumn of 2024, currently manages JO Hambro’s £1.3bn UK Dynamic fund, as well as an additional £1bn in segregated mandates. Having been at the fund’s helm since 2008, the fund has achieved top-decile total returns over one and three years, and top-quartile gains over five and 10 years, according to data from FE Fundinfo.
Meanwhile, Whitmore will also be departing from managing the £1.6bn Jupiter Income Trust, the £1bn Jupiter Global Value unit trust and the £500m Jupiter Global Value Sicav, as well as from £4.8bn of segregated mandates.
Whitmore will remain at Jupiter until at least the end of July 2024, according to the firm, before he leaves to launch his own value-focused equities boutique.
An agreement has been reached between Jupiter and Whitmore that the new boutique will not compete with Jupiter for a period of two years from his leaving date, in terms of both the IA UK Equity Income sector and the “non-UK open-ended Ucits market”.
Jupiter is also still deciding with Whitmore as to whether the Jupiter Global Value Unit Trust, along with its existing investors, should move to his new boutique as a delegated investment manager of Jupiter.
Matthew Beesley, CEO of Jupiter Asset Management, said: “Having worked at Jupiter since 2006, Ben informed me of his ambition to set up a new independent value equities boutique which has been a long-term personal aspiration for him. I would like to thank him sincerely for his contribution to the company and, after he leaves Jupiter, wish him well for the future.
“Naturally, delivering the best outcomes for clients and ensuring a seamless succession remain our collective focus at this time. Alex’s recruitment means that we have an excellent succession plan in place for the UK Special Situations strategy and our clients.
“The recent announcement that Adrian Gosden and Chris Morrison have joined Jupiter and will assume management of the £1.6bn Jupiter Income Trust means that our clients in that strategy are already set to benefit from the experience and expertise of a well-known and highly-regarded investment team.”
He added: “Between Alex, Adrian and Chris, I feel that the future of these Jupiter strategies could not be in better hands.”
Savvides said he is “very excited to be joining Jupiter at this important time in its evolution”.
“Jupiter has an illustrious history in developing and nurturing active investment talent and is one of the most well-respected names in UK asset management,” he said. “Special situations and value investing underpin my investment philosophy.
“While my approach to investing is not dissimilar to the strategy’s current investment approach – a highly disciplined and active style focused on undervalued UK companies – I believe we can build on this strategy’s legacy by blending in the proven stock selection, stewardship and engagement approach that I have employed successfully for clients over many years.”