Jupiter Hires Clunie From Scottish Widows for Absolute Returns
Jupiter Fund Management Plc, (JUP) the U.K. money manager run by Edward Bonham Carter that specializes in selling U.K. equity funds to individual investors, said it hired James Clunie from Scottish Widows Investment Partnership to manage absolute return funds for its clients.
Clunie will start at London-based Jupiter in July, Jupiter spokeswoman Alicia Wylie said today in a telephone interview. She declined to say which funds he will manage at the firm, which oversees 26.3 billion pounds ($40.2 billion).
Responsibility for overseeing the SWIP U.K. Flexible Strategy Fund will be assumed by Tony Foster, the Edinburgh- based money manager, a unit of Lloyds Banking Group Plc (LLOY), said in an e-mailed statement.
Clunie joined Scottish Widows Investment in 2007 from Aberdeen Asset Management Plc. He took over running the U.K. Select Growth Fund and the U.K. Opportunities Fund last year as part of a revamp of its stocks business to start relying more on computers to pick companies and less on fund managers in an attempt to boost returns.
The changes resulted in 27 of the 38 “active” money managers picking equity investments losing their positions.
Scottish Widows Investment managed 42 billion pounds in U.K. equities as of Dec. 31.
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