UK equities specialist Ian McVeigh, who has been managing portfolios at Jupiter for 12 years, will step away from day to day fund management, including co-managing the Jupiter UK Growth Fund, to take on the newly-created role of Head of Governance.
Co-Manager Steve Davies, who has been an integral part of the UK Growth team since joining Jupiter in 2007, will become the sole manager of the GBP1.4bn Fund from 1 May 2015.
The fund, launched in 1988, has delivered consistent outperformance for its unitholders, achieving top quartile returns over 1, 3, 5 and 10 years. McVeigh has managed the fund since 2003, while Steve joined the team as an analyst in 2007, becoming Deputy Manager in 2009 and Co-Manager in early 2013. The Fund will continue to be managed with the same investment process developed by the duo while working together over the past eight years.
Stephen Pearson, Head of Investments, Jupiter, says: “We would like to thank Ian for the skill and insight he has brought to the portfolios he has managed and to the wider fund management team. His track record as a fund manager is impressive and our investors have enjoyed strong returns during his long tenure. His appointment to the new role of Head of Governance reflects the interest and influence he has had in this field at Jupiter. It also underlines our approach to engagement, emphasising the close cooperation of our stewardship and investment activities.
“Steve’s appointment illustrates our strategy to develop fund managers from within the existing team and is well-deserved recognition of his skill as an investor. Manager transitions are commonly difficult to implement and so we are delighted with the continuity of investment process that this succession provides. Our clients should be reassured that the new manager of the Jupiter UK Growth Fund is the current co-manager of the Jupiter UK Growth Fund.”
McVeigh says: “Following many years of working together, it is a pleasure to hand full responsibility for the Fund to my co-manager. I originally recruited Steve as an analyst to work alongside me eight years ago and he has progressed from deputy manager to co-managing the Fund with me for the past two years. His strength on the stock analysis side has been very valuable and he has also played a key part in a number of important macro-calls, most recently our positive stance on the UK economy since 2012 and the decision to sell out of oil in 2013. I am confident that he will continue to do well for the benefit of our unitholders.
“I am looking forward to focusing on my new Corporate Governance role, an area I have developed a particular interest in over the past few years. Jupiter has a strong commitment to providing and encouraging the highest levels of corporate governance and transparency. I look forward to working with Governance Research Manager Ashish Ray and the team to develop this further".
Steve Davies, Fund Manager, Jupiter UK Growth and Jupiter Undervalued Assets Fund, says: “I would like to thank Ian for his support and encouragement over the years. He has been a great mentor, colleague and co-manager and I look forward to working with him in his new role. There will be no change to the investment process that we have successfully developed on the Fund over the past decade, and I continue to see lots of exciting opportunities to tap into.”
