Clunie to run Jupiter Absolute Return after Gibbs plans retirement

Jupiter’s Philip Gibbs

Philip Gibbs is to hand over management responsibility on the £482m Jupiter Absolute Return fund to James Clunie later this year after announcing his retirement from asset management.

Gibbs, who joined Jupiter in 1997, will retire in October 2014. He will remain as manager of the Jupiter Second Split investment trust until 31 October 2014, when the trust is due to wind up.

Clunie, who joined the asset management house on 15 July 2013 from Swip, will take over Jupiter Absolute Return on 1 September.

Jupiter Asset Management chief executive Edward Bonham Carter says: “Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this time.”

Gibbs ran the Jupiter Financial Opportunities fund between June 1997 and June 2010, producing a return of 792 per cent over this period. He also managed the Jupiter Split trust, which was Jupiter Second Split’s predecessor, and various institutional mandates.

The manager says: “It has been a pleasure to have served clients in my funds over the past 16 years and I am looking forward to continuing with the management of the Jupiter Second Split investment trust until October 2014. I wish James well in his management of the Jupiter Absolute Return fund.”

Last month, Bestinvest downgraded Jupiter Absolute Return following a period of flat returns, taking it off its Premier Selection list of rated funds and lowering its rating from four stars to two stars.

Chelsea managing director Darius McDermott says: “We have been long-standing supporters of Philip Gibbs, having promoted his Financial Opportunities fund from launch, and his long-term track record in fund management is excellent.

“The only disappointment has been the Jupiter Absolute Return fund, which looked the perfect vehicle for Philip, but which has failed to perform – it hasn’t lost investors money but neither has it made any over its three-and-a-half years.”

Jupiter Absolute Return’s cumulative performance to 15 July 2013

Jupiter Absolute Return -0.35% 0.31% -1.83% 2.52%
IMA Targeted Absolute Return 1.37% 2.72% 6.35% 10.58%
-1.69% -2.35% -7.69% -7.28%
  53 / 66 48 / 64 60 / 63 41 / 49
4 3 4 4

Source: FE Analytics