In preparation for his 2014 retirement, Jupiter Asset Management's Philip Gibbs will hand over his £536 million Absolute Return fund to James Clunie in September.
Gibbs, who joined Jupiter in 1997, had earlier passed management of his Financial Opportunities fund to Guy de Blonay. Gibbs now runs only the Jupiter Second Split trust, which he will continue to do until it winds up in October 2014, at which point he will retire, reports Investment Week.
Said Jupiter CEO Edward Bonham Carter: "Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this time.”
Gibbs, who delivered a 792% return on Jupiter Financial Opportunities, has seen his Absolute Return fund struggle, returning just 1% in the last three years.
That is something Clunie, who joined Jupiter on July 15, 2013, will now have to deal with.
Clunie has 24 years' experience in the financial industry, most recently running the Flexible Strategy Fund for Scottish Widows Investments, which has returned 24.5% over the past three years.