Jupiter chief executive Matthew Beesley has revealed plans to restructure the firm by splitting the role of chief investment officer between the roles of head of fixed income and head of equities, while a third of the asset manager’s funds are due to be closed, merged or reconfigured.
The changes will be made with the aim of achieving a “more effective and efficient structure” following Beesley’s appointment as chief executive – a role he assumed on 1 October after joining the firm from Artemis at the start of the year. Further details are expected to be announced in Jupiter’s third-quarter trading update, which is due on 20 October.
“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,” a spokesperson for Jupiter said.
“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.”
Investment director for fixed income and multi-asset, Matthew Morgan, has been promoted to head of fixed income, while Jupiter is still recruiting a head of equities. Alison Hollingshead, COO of investment management, will also join the firm’s senior management team.
The restructure comes at a turbulent time for the asset manager, after it was downgraded to a ‘negative’ rating by Fitch at the end of September, due to it being seen as “increasingly sensitive to net fund outflows and market valuations adjustments”.
See also: Jupiter multi-asset head Talib Sheikh to depart