Jupiter’s Philip Gibbs to retire

Jupiter star manager Philip Gibbs is handing over his Absolute Return fund as he gears up to retire in October 2014.

The manager is handing the management of his £478m Jupiter Absolute Return fund to long/short investing guru James Clunie on September 1.

Mr Clunie joined the firm from Scottish Widows Investment Partnership (Swip) yesterday.

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Mr Gibbs famously delivered a 792 per cent return on his former fund, Jupiter Financial Opportunities, from June 1997 to June 2010 thanks to a series of well-timed macroeconomic calls.

His other product, the Jupiter Second Split investment trust, has a fixed life which ends in October 2014.

Edward Bonham Carter, chief executive of Jupiter Asset Management, said: “Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this time.

Philip Gibbs said: “It has been a pleasure to have served clients in my funds over the past 16 years and I am looking forward to continuing with the management of the Jupiter Second Split investment trust until October 2014. I wish James well in his management of the Jupiter Absolute Return fund.”