Bonham Carter ceases running retail money

Patrick Harrington is returning to the retail fund management industry and taking up a post at Jupiter. He will be taking over the Undervalued Assets fund from Edward Bonham Carter.

For the past three years, Harrington has worked at OLIM, the institutional boutique, after leaving Henderson Global Investors, where he ran the UK Equity Income and UK Extra Income funds.

He was also well-known for managing funds at M&G, including the Dividend fund, Charifund, Extra Income and High Yield Distribution.

The move means that Bonham Carter will no longer run money for Jupiter, but will continue in his role as chief executive and chief investment officer.

Over the year to February 27, 2009, the Undervalued Assets fund has lost 38.9% compared with the UK All Companies sector average fall of 35.4%, according to Financial Express.

During a period of underperformance on the fund, in July 2008, Fund Strategy reported that Bonham Carter had threatened to quit if he failed to turn around performance within a year.