Pidcock joins Jupiter, prompts Newton restructure

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Pidcock joins Jupiter, prompts Newton restructure

Asian equities fund manager Jason Pidcock has left Newton Investment for rival firm Jupiter, prompting an overhaul of the asset manager’s emerging market and Asian equity teams.

A spokesman for Newton said: “Mr Pidcock resigned last week, prompting chief investment officer Simon Pryke to do a strategic review. It was a natural decision to merge under the leadership of investment manager Rob Marshall-Lee and move to a team-based management approach.”

Jupiter Asset Management said Mr Pidcock was currently on gardening leave and would be joining the firm later in the year to help build an Asian income strategy.

Stephen Pearson, Jupiter’s head of investments, said: “Mr Pidcock’s focus on a combination of income and growth, typically found among large capitalisation stocks across the Asia Pacific region will add a new dimension to our offering.”

Mr Pidcock had been lead manager of the £4.4bn Asian Income fund since 2005 and co-manager of the £200m Emerging Income fund with Sophia Whitbread.

During his tenure, the Asian Income fund returned 191.4 per cent, against 154.1 per cent for the sector average, according to data provider FE Trustnet. In the past five years it returned 64 per cent compared with 35.9 per cent for the Investment Association Asia Pacific sector average, placing it fourth in the sector.

Mr Pidcock said: “The dividend culture is becoming established across Asia Pacific and a Jupiter fund offering attractive total returns over the long term should be an appealing proposition.”

Helena Morrissey, Newton’s chief executive, thanked Mr Pidcock for his contribution and said she “wished him well in the future”.

Adrian Lowcock, head of investing at Axa Self Investor, said Mr Pidcock had established himself as a leading fund manager in the Asian markets sector.

He said: “For Jupiter it is a significant appointment. In recruiting Mr Pidcock they have gained a rising star. With the established Asian funds struggling for capacity there is plenty of opportunity for fund groups to provide funds for UK investors looking towards Asia.”

Morningstar has placed the Asian Income fund under review following the annoucement. The fund previously held a silver analyst rating. A spokesman said: “Morningstar manager research analysts will be meeting with the new managers in the near future to discuss their investment approach.”

FundCalibre has also removed the Elite rating from the Asian Income fund.

Adviser View

Darius McDermott, managing director of Chelsea Financial Services, said the move was a “cracking hire” for Jupiter, and would represent a big loss for Newton. As a result, he said that Newton’s Asian Income fund would be removed from Chelsea’s Core Selection list.