Jupiter Asset Management has appointed Stephen Mitchell, head of strategy and global equities, as manager of the Global Managed fund, which has underperformed recently.
Mr Mitchell, who joined the asset manager in February from Caledonia Investments, will begin managing the fund from March 2.
He will take over from John Chatfeild-Roberts and Simon Somerville. Mr Somerville will remain at Jupiter and continue to run the £500m Japan Income fund, the group said.
The Global Managed fund has a good long term track record, but has struggled in recent years. In one year, it has dropped to third quartile, returning 13.6 per cent, compared to the FTSE World index, which has returned 17.3 per cent.
Mr Mitchell will look to hold a smaller number of stocks and focus on companies with strong business models, which he will hold for a longer period of time as he aims to emphasise dividend growth.
On Thursday, the fund was removed Hargreaves Lansdown’s Wealth 150 list.
