Paul Marriage's Cazenove UK Smaller Companies was the most-bought fund for the third consecutive month. Find out who else made the grade in: November's ten most-bought funds.
Jupiter Fund Management (JUP)
Bonham Carter to step down as Jupiter CEO
By Tanzeel Akhtar | Mon, 9th December 2013 - 11:38
Edward Bonham Carter is to step down as chief executive at Jupiter Asset Management (JUP) in March 2014.
Maarten Slendebroek, currently head of distribution, will succeed him. Bonham Carter will remain on the board and take on a new executive role as vice chairman, reporting to Slendebroek.
Chairman Jamie Dundas said: "Maarten takes over from Edward with Jupiter in excellent shape, with strong investment performance, record assets under management and a robust balance sheet.
"Maarten has made a significant contribution since he joined the company as distribution and strategy director and his appointment as group chief executive is a natural evolution of Jupiter's executive team."
Slendebroek said: "Jupiter is a great business with a strong brand and culture, and a record of investment outperformance. We have been gaining traction with a broader range of clients in the UK and internationally in recent years and I am delighted to have the opportunity to build this growth strategy out further, working with my colleagues in order to deliver value for our clients and shareholders."
Keith Baird, analyst at Panmure Gordon & Co rates the group 'buy' and believes the new chief executive will be the big driver behind Jupiter's aim to double asset under management (AUM) over the next five years while maintaining margins.
Baird said: "The shares have underperformed recently and look attractive on 12x next year's earnings. Maarten Slenderbroek, currently head of distribution and ex-Blackrock, is to replace Edward Bonham-Carter as CEO. Bonham-Carter remains involved in the business which we think is important for continuity and the fact that fund management is such a people business.
"His move signals the importance of their international strategy in realising the goal of doubling AUM from £29 billion in the next 5 years while maintaining operating margins which at 50%+ remain best in class," he said.
Baird said he continues to like small asset managers for their gearing to growth.
|Bid / Ask||419.4 / 419.7|
|Day Range||416.3 / 420.1|
|52Week Range||324.60 / 481.30|
|Last Update: 17:14:13 (27/08/16)|