Jupiter in search for new CIO as Pearson retires

Jupiter in search for new CIO as Pearson retires

Jupiter has said it is at an advanced stage in the process of searching for a new chief investment officer after the retirement of Stephen Pearson.

Pearson is retiring after a 35-year career, and will leave the firm next year after a handover period.

In a statement today (October 14), Jupiter said: “We are well advanced in the process of securing a successor for Stephen, and he will remain with the company into 2022 to ensure a seamless handover.”

Pearson said after more than 20 years at the firm, it felt like a “natural moment” for him to step back and devote more time to his interests outside of the industry. 

He said: “We have achieved a lot in the 12 years I have been involved in the management of our teams, broadening our investment capabilities into new asset classes and extending our client reach beyond the UK.  

“With the integration of Merian now complete and the managers settled on the new platform and brand, it is right for new leadership in fund management to take our teams forward on the next stage of the journey.

“It has been a privilege for me to hold the CIO role at a company like Jupiter."

During his time at Jupiter, Pearson created and structured the CIO function, as well as providing “instrumental” assistance to the £370m acquisition of Merian Global Investors in 2020.

The deal was the first significant acquisition by Jupiter chief executive Andrew Formica after he took the helm in March 2019 and saw Jupiter take on and pay off Merian’s debts as part of the buyout.

Formica said Pearson’s contribution to the firm could not be overstated.

He said: "His strong leadership, relentless commitment to clients and clear vision has seen Jupiter’s fund management team through the most challenging of market conditions and situations, not least of which has been the recent impact of the global pandemic. 

"His commitment to retaining and nurturing talented individuals across our investment floor has been a huge contributor to the dynamic, active investment culture on which we pride ourselves at Jupiter."

Earlier this year, the firm blamed a “lack of client demand” for outflows of £2.3bn in the six months to June 30, despite inflows of £9.6bn.

Jupiter said the outflows were concentrated in a few areas, including European Growth and UK equities, where investment performance was strong but "the asset class has not been in client demand".