Nichola Pease has stepped down as chair of fund manager Jupiter with immediate effect.

She has left the board for personal reasons, the firm says, after three years in the role.

David Cruickshank has been appointed as her replacement as chair, subject to regulatory approval.

As non-executive chair he will be paid an annual fee of £235,000, the same rate as was paid to Ms Pease.

Mr Cruickshank is currently an independent non-executive director at Jupiter and chair of the audit and risk committee.

He was formerly chair of Delioitte’s UK and global boards before retiring from the firm in 2020. He first joined the board at Jupiter in June 2021.

Ms Pease’s former roles include non-executive director of Schroders, CEO of JO Hambro Capital Management and roles at Kleinwort Benson, Rowe Price-Fleming, Citibank and Smith New Court.

She was also chair of the audit and risk committee. In this role she will be replaced by Karl Sternberg as interim chair until a permanent replacement can be found.

Roger Yates, senior independent director at Jupiter, said: “Nichola was appointed to the board in 2020 and has led the company through the integration of Merian Global Investors, against a backdrop of the global pandemic, and the transition to a new chief executive last year. She has shown great dedication to Jupiter's business throughout her tenure, in what have been exceptional circumstances. The board wishes her all the very best for the future.

“We are delighted to appoint such an experienced business leader in David Cruickshank to succeed Nichola. He has developed a deep understanding of our business since joining the board in June 2021. We continually keep under review both internal and external candidates for all key positions as part of the board's ongoing succession planning and we are confident that David has the right knowledge, skills and experience to lead the board whilst also providing important continuity.”

Earlier this month Jupiter Fund Management said assets under manager (AUM) increased by £600m in the first quarter of the year to £50.8bn, largely due to positive market movement of £1.5bn. 

However, AUM at the end of the period was down around 8% compared to the £55.3bn AUM recorded at the end of March 2022.