harrington leaves jupiter amid

Patrick Harrington, manager of the £91m Jupiter Undervalued Assets Fund and co-manager of the Jupiter Monthly Income Fund, has left the firm amid poor performance from both mandates under his tenure.

harrington leaves jupiter amid


Management of the Undervalued Assets Fund will now fall to Steve Davies who joined Jupiter in 2007 as a UK equity analyst and has since become deputy manager of the Jupiter UK Growth Fund.

Meanwhile, Ariel Bezalel who is co-manager of the Monthly Income Fund will continue to look after the fixed income side of the mandate and Richard Curling will look after the equity side.

Since Harrington took over management of the Jupiter Undervalued Assets Fund in April 2009 it has maintained a fourth quartile position and lagged the IMA UK All Companies Sector over all time periods.

Over one year to 31 December it is down 14%, compared to a loss of 3.5% from the benchmark and over three years it has returned 19.4%, compared to 43.8% from the benchmark and 42.5% from its peers.

The Monthly Income Fund has also underperformed its sector (IMA UK Equity and Bond Income) since Harrington took over in July 2010.

Harrington joined Jupiter less than three years ago after a stint at OLIM as part of the UK equity team. Prior to that he worked at Henderson Global Investors, and before that at M&G running a number of income related portfolios.

He is said to have left to "pursue other opportunities".



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