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Jupiter appoints Patrick Harrington to manage Undervalued Assets Fund

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Jupiter Asset Management has announced the appointment of Patrick Harrington as manager of the Jupiter Undervalued Assets Fund.

Jupiter Asset Management has announced the appointment of Patrick Harrington as manager of the Jupiter Undervalued Assets Fund.

Harrington, who has more than 20 years’ experience managing UK equity portfolios, will take over management of the GBP122m fund from Edward Bonham Carter at the end of March following a hand-over period.

For the past three years, Harrington has worked as an investment manager at London-based fund manager Olim as part of the UK equity team, running institutional mandates with an income bias and the equity component of the Value & Income Trust, a property and equity income portfolio.

He also co-managed the CF Olim UK Equity Fund between September 2005 and September 2008, during which period the fund produced a return of 5.37 per cent, compared with a decline of 4.30 per cent for the IMA Equity Income sector average.

Prior to his role at Olim, he worked as director of UK Retail Equity Income Funds at Henderson Global Investors for three years, managing the Henderson UK Equity Income Fund and the Henderson UK Extra Income Fund.

Between 1988 and 2001, Harrington worked at M&G, running a number of portfolios, including the M&G Dividend Fund, the M&G Charifund, the M&G Extra Income Fund and the M&G High Yield Distribution Fund.

Bonham Carter, chief executive of Jupiter Asset Management, says: ‘I have thoroughly enjoyed managing the Jupiter Undervalued Assets Fund in the past eight years and am pleased to have produced a top decile performance for investors during my tenure. However, having attracted a fund manager of Patrick’s calibre to Jupiter who has a similar investment philosophy to me, I feel that now is the right time to hand the portfolio over. I am delighted to welcome Patrick to the team.’

Harrington adds: ‘Jupiter is one of the most respected fund management groups in the UK and has an excellent reputation managing assets across a broad range of markets. I am delighted to be joining the team and taking on the management of the Jupiter Undervalued Assets Fund.’

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