Jupiter has snagged another major hire from rival Janus Henderson following its appointment of Andrew Formica in Q1.
Phil Wagstaff (pictured) will join the FTSE 250 firm as global head of distribution and a member of the executive committee on 5 June 2019.
He will replace current global distribution head Nick Ring who will leave the business after four years in the role to pursue other opportunities, according to Jupiter.
Wagstaff exits Janus Henderson after seven years as its global head of distribution, EMEA, reuniting with fellow alumnus Andrew Formica who landed at Jupiter in March, taking over from Maarten Slendebroek. Janus Henderson first announced Formica’s and Wagstaff’s departures last August when it confirmed it would be ditching its co-CEO structure.
Wagstaff’s appointment comes as Formica attempts to get Jupiter back on track after a punishing year of redemptions.
While some fund groups have managed to turn performance around at the start of this year Jupiter has been unable to reverse the tide of outflows with clients pulling £482m from funds in the first quarter. Janus Henderson has also had a difficult time curbing redemptions.
The newly-minted Jupiter CEO stressed the importance of the global head of distribution role to be filled by Wagstaff, touting the new recruit’s “pedigree” and “experience”.
“Key to Jupiter’s success will be further building on the diversification of our distribution footprint as well as capitalising on our strong brand,” Formica said.
Prior to Janus Henderson, Wagstaff worked in senior distribution roles at Gartmore, New Star and M&G Investments.
Commenting on his impending arrival at Jupiter he said: “I have admired Jupiter as a competitor for many years and look forward to leading the global distribution function as Jupiter embarks on its next stage of growth.”
