Simon Somerville is leaving Jupiter Asset Management after 11 years at the asset manager.
The manager of the £577m Jupiter Japan Income fund and head of strategy for Japan is leaving the firm. Current deputy manager Dan Carter will replace him on the fund as lead manager.
Somerville has been with Jupiter since 2005, having run the Japan Income fund since its launch. He was previously head of global and Japan equities at Cazenove Fund Management.
Jupiter says there will be no change in the investment philosophy of the fund.
Stephen Pearson, CIO at Jupiter, says: “We are delighted to appoint Dan as Simon’s successor on the Jupiter Japan Income fund, and to have been able to draw from our pool of talented young fund managers to fill this role. Dan’s approach is perfectly complementary to Simon’s and therefore provides continuity for clients in the fund.
“We are sorry to see Simon leave after a long career with Jupiter. He has made a valuable contribution to our business, not just as a fund manager but as a colleague, and we wish him the very best for the future.”
Carter is currently manager of the Jupiter Japan Select Sicav fund, aimed at international clients. He joined Jupiter in 2008 as an analyst on the Far Eastern equities team.
Before joining Jupiter he was a fund manager for Japanese equities at Odey Asset Management and was at Baillie Gifford.
The Japan Income fund has delivered first quartile returns over the past one and three years. It has returned 21.8 per cent over the past three years compared to the TSE Topix index’s 22.1 per cent return.