Jupiter’s global head of distribution is leaving the firm, which posted its fifth consecutive quarter of outflows this morning.
Phil Wagstaff is stepping back from full time roles in the industry and will leave the firm by the end of 2022.
He will be succeeded by Warren Tonkinson, previously managing director in the distribution team, who joined Jupiter from Merian last year.
Tonkinson has 25 years of experience in the asset management industry, and his current role has been to oversee the company’s network of international offices and staff as well as expanding its institutional business.
He is to be promoted to deputy global head of distribution, and will take up Wagstaff's role when he leaves.
Chief executive of Jupiter, Andrew Formica, said: "I am personally very grateful to Phil for agreeing to delay his previous plans to take a step back from executive roles so that he could join Jupiter at a critical stage for the business.
“Phil has been an invaluable member of my leadership team, not least in building the right foundations for the business to thrive and being instrumental in our successful acquisition of Merian and the subsequent integration of both businesses.”
The news came as the group posted its fifth consecutive quarter of outflows, which it said was due to continuing weaker demand for UK and European equities.
The firm saw net outflows of £569m for the three months to September 30, compared with £1.5bn in Q2, and £776m in Q1. The last period in which the firm saw net inflows was Q2 2020, when £305m was invested into its funds.
In a statement this morning (October 15), the firm said the outflows were driven by net redemptions from mutual funds, as well as weaker demand for UK and European strategies.
The group also saw net outflows from its Merlin range and systematic strategies - highlighting that the majority of those outflows were from the North American equity fund as well as the Global Equity Absolute Return Fund, which had seen net inflows in the previous quarter.
The firm added these outflows were partially offset by inflows of £300m into its fixed income strategies, and net investment into its Global Sustainable Equities of just under £100m. The Gold & Silver and Global Emerging Markets Short Duration Bond also saw net inflows.
The firm said in July that although investment performance in European growth and UK equity funds was strong, demand for the products was weak.
Search for new CIO
The results came as the firm is looking for a new chief investment officer.
Stephen Pearson is retiring from the role after a 35-year career, and will leave next year after a handover period.
In a statement today (October 15), 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.”