Jupiter Asset Management has appointed three fund managers from GAM Investments to run its European equity funds.
The fund manager said the move, first announced last November, was part of its strategy “to scale up its active management capabilities.”
Former GAM trio Niall Gallagher, Chris Sellers and Chris Legg have replaced Jupiter’s previous European fund managers Mark Heslop and Mark Nichols.
The three managed the GAM Star Continental European Equity and GAM Star European Equity funds which collectively accounted for £1.4bn in assets for 15 years.
The two funds have consistently ranked in the top quartile across most time periods.
Jupiter said the start of the three working at the firm “completed an orderly, client-focused transition of its existing European equity strategies to the new managers.” It said the “process has been seamless and conducted in the best interests of both existing and prospective investors.”
Kiran Nandra, head of equities at Jupiter, prised the trio’s “highly disciplined, research-led and nimble approach, consistent outperformance, and strong alignment with client objectives.”
She said that makes them “exactly the kind of active investors we want at the core of our platform.”
Niall Gallagher, lead investment manager, said: “We’re looking forward to working with our new colleagues to grow the client base in European equities.”
Early in 2024 fund managers Adrian Gosden and Chris Morrison also moved from GAM to Jupiter along with their £400m GAM UK Equity Income fund.
In April this year Jupiter reported that assets under management fell by £1bn to £44.3bn in the first quarter.
In 2024 the fund manager saw underlying profits fall 7% to £97.5m in 2024, down from £105.2m the previous year, as net outflows soared to £10.3bn, up from £2.2bn.
The company was hit during the year by star manager Ben Whitmore leaving its Value equity team to set up a boutique firm. He had been with Jupiter since 2006 after joining the firm from Schroders and looked after around £10bn. His departure led to £6.2bn of outflows, the company said.
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