McVeigh steps aside but his fund retains elite status

McVeigh steps aside but his fund retains elite status

Ian McVeigh, the co-manager of the Jupiter UK Growth Fund, has stopped managing the £1.4bn fund to become head of governance at the fund management company.

Steve Davies, who has been managing the £1.4bn fund with Mr McVeigh since 2013, will become its sole manager.

Despite Mr McVeigh’s departure, Darius McDermott, managing director of FundCalibre, said the fund would retain its “elite” rating.

Article continues after advert

He said: “We rate Mr Davies as one of the elite managers in the Investment Association’s UK All Companies sector and we believe he will continue to drive the fund’s outperformance in a wide range of market conditions.”

Mr McVeigh said: “I originally recruited Mr Davies as an analyst to work alongside me eight years ago.

“His strength on the stock analysis side has been very valuable and he has also played a key part in a number of important macro-calls, most recently our positive stance on the UK economy since 2012 and the decision to sell out of oil in 2013.

“I am confident that he will continue to do well for the benefit of our unitholders.”

Adviser view

Tom White, associate director of research for national Tilney Bestinvest, said: “Given Mr

Davies’ strong record as sole manager on Jupiter Undervalued Assets which has performed even better than UK Growth in recent years, we don’t see this announcement as a cause for concern.

“We expect this to be business as usual for investors.”