Jupiter has announced the appointment of Philip Matthews as manager of the firm’s 40m Growth & Income fund. It has not yet confirmed when Matthews, previously manager of UK Smaller Companies, will assume responsibility for the portfolio.
Matthews, who takes over from Paul Sheehan, has recently transferred to the firm’s UK equity income desk, to support Anthony Nutt. As Fund Strategy went to press, Jupiter was unwilling to reveal any further details on the appointment.
The change appears to be a response to poor performance figures for Growth & Income. According to data from Jupiter, the fund was fourth-quartile in the UK All Companies sector over both one and three years to February 28.
“Growth & Income has underperformed substantially over one and three years, so it is no great surprise they are making a change,” says Darius McDermott, managing director of Chelsea Financial Services.
“Philip Matthews’ figures for the small companies fund are respectable and, although the income fund is not currently on our radar, it is one we will watch.”
The move will be a significant shift in cap size for Matthews. “Does good small-cap management translate into large cap? We shall wait and see,” says McDermott. “Tony Nutt has expertise in large caps and is certainly a good person for Matthews to work with.”
Jupiter has asked us to point out that the pullout quote in John Chatfeild-Robert’s Trends column last week represents an argument he was paraphrasing rather than his own.