Bonham Carter spent seven years as chief executive of the firm between 2007 and 2014, during which time he led the management buyout of the asset manager from Commerzbank and its subsequent IPO in 2010.
He is also known for coining the term “hippo economy” in 2004, warning that though 2003 was an unexpectedly good year for stock markets, the following year could have been more volatile.
"Remember that the hippopotamus, which appears friendly, is the most dangerous animal [for humans] in Africa,” he said at the time.
CV
Bonham Carter joined Jupiter in 1994 as a UK fund manager and rose to chief investment officer in 1999, joint chief executive in 2000 and group chief executive in 2007.
He was appointed vice chairman of the asset manager in 2014, and stepped down from the board in May last year to give him more time to spend on his other appointments, which include roles as a senior independent director of Land Securities and ITV.
He is also non-executive chairman of Netwealth Investments, a board member of The Investor Forum, a trustee of the Esmeé Fairbairn Foundation, and a member of the Strategic Advisory Board of Livingbridge.
He leaves with our very best wishesMatthew Beesley, JupiterSince his departure from the board Bonham Carter has been working with Jupiter on its stewardship and corporate responsibility activities, work that will be done in future by the company’s corporate sustainability and stewardship teams.
In a statement today, the departing former chief executive said now is the time for him to step away from the business to focus on other interests and appointments.
“I am proud of all that Jupiter has achieved during my time with the company, all the while maintaining what sets it apart – a dedication to active investment management, which I firmly believe still has a key role to play in the investment industry,” he said.
Chairperson of Jupiter, Nichola Pease, thanked Bonham Carter for his “immense” contribution.
“As well as leading the company through important milestones, including its IPO over 10 years ago, Edward has been a long-standing champion of responsible investing and has played an important role in building on Jupiter’s heritage and expertise in this area,” she said.
Jupiter’s current chief executive, Matthew Beesley, said: “The contribution he has made to the company over almost three decades is clear, not least in his most recent role in which he has helped us to evolve our approach towards stewardship, adding valuable leadership and perspective.
“He leaves with our very best wishes.”
Uncertain times
The departure of Bonham Carter comes at an uncertain time for the asset manager, which has struggled with outflows in recent years, and saw the resignation of its former chief executive in June this year amid criticism from a former board member.
The new chief executive, Matthew Beesley, plans to close, merge or rationalise a third of the company’s funds, with around 80 job cuts also reported to be taking place.
Last month Beesley said he was “encouraged” by the £600mn in outflows seen in the most recent quarter, continuing a trend that has seen its funds lose £3.8bn last year despite gross inflows of £16.5bn.
It is known as a specialist in the value style of investing, which has been unpopular in recent years, and has also suffered from the rising market share captured by model portfolio providers which has impacted its multi-manager products.
The outflows are focused mainly in the group’s European and UK equity funds, but also in the Merian funds, a fund house taken over by Jupiter in 2020.
sally.hickey@ft.com
