Jupiter’s global head of distribution Phil Wagstaff is preparing to leave the fund group as it reports another quarter of net outflows.
The FTSE 250 manager confirmed Wagstaff (pictured) would be taking a step back from full time roles by the end of 2022 after 36 years in the industry. He joined the business in June 2019, months after his former Janus Henderson colleague Andrew Formica stepped up to become chief executive.
Managing director of distribution Warren Tonkinson will replace Wagstaff following his departure. Tonkinson joined from Merian after it was acquired by Jupiter last summer and has been overseeing the company’s network of international offices and global staff, as well as expanding its institutional presence.
Jupiter said Wagstaff and Tonkinson had been working closely together over the past year “and this move is very much a natural next step”.
“I am personally very grateful to Phil for agreeing to delay his previous plans to take a step back from executive roles so that he could join Jupiter at a critical stage for the business,” Formica said.
“Phil has been an invaluable member of my leadership team, not least in building the right foundations for the business to thrive and being instrumental in our successful acquisition of Merian and the subsequent integration of both businesses.”
The announcement follows news earlier this week that Jupiter CIO Stephen Pearson is stepping down next year after two decades with the firm.
Outflows persist
News about Wagstaff’s departure came as Jupiter revealed it had been on the receiving end of outflows yet again in the third quarter.
In the three months to the end of September, investors yanked another £569m from its funds, which Jupiter blamed on continued weaker demand for UK and European equity strategies.
Net redemptions were offset by £1bn of positive market movements, which hoisted assets under management up by £400m to £60.7bn.
Jupiter’s Merlin range and Systematic strategies, which it inherited from Merian, were also behind the net redemptions with the latter’s North American Equity and Global Equity Absolute Return (Gear) funds singled out as the biggest culprits. Gear had seen a turnaround in sentiment in Q1.
However, its fixed income strategies proved popular over the quarter, attracting £300m worth of net inflows, as did its global sustainable equities funds, which took in £100m. The Jupiter Gold & Silver and Global Emerging Markets Short Duration Bond funds were also flagged as drivers of positive flows.
