Jupiter Fund Management Plc’s Edward Bonham Carter will step down as chief executive officer after 14 years as the London-based money manager seeks to double funds.
The company, which has seen assets swell to a record 29.9 billion pounds ($49 billion) under Bonham Carter, appointed Maarten Slendebroek CEO from March 17, it said in a statement today. Bonham Carter, 53, who was named joint CEO in 2000 before taking sole responsibility in 2007, will become vice chairman.
Jupiter boosted its first-half dividend by 40 percent, with earnings almost doubling as equity markets rallied on central bank pledges to support economic growth. Bonham Carter, who has said he aims to double assets in the next five years, led the firm through a management buyout in 2007 and an initial public offering three years later.
Jupiter “is well positioned for growth and it is the right time for me to hand over the reins,” Bonham Carter said in the statement. Slendebroek “has the skills and qualities to take the company through the next stage of its growth.”
The shares have surged about 130 percent since the IPO and are up 36 percent this year, outperforming a 13 percent increase in the FTSE All-Share Index.
Slendebroek, who joined Jupiter in September 2012 as distribution and strategy director from BlackRock Inc., said in the statement that the company has been “gaining traction” with a broader range of global clients. Bonham Carter, who owns 2.8 percent of the money manager, will step down from Jupiter’s executive committee on May 21.
The new CEO’s “impact on Jupiter’s business and net flows has already been witnessed in the resilience of group flows during a period when the U.K. retail environment has been quieter,” Rae Maile, a London-based analyst at JPMorgan Chase & Co. with an overweight rating, wrote in a note to clients