Key fund manager changes in the first half of 2024

When it comes to buying funds or investment trusts there are two important reasons to carry out a portfolio review a couple of times a year - to monitor performance and keep an eye on any fund manager changes that have occurred.

History shows that a change in a fund or trust’s lead manager can have a big impact, and that it can be for better or for worse, so investors should always take note.

In the first half of 2024 there have been several notable fund manager changes.

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A change announced earlier this week was that William Meadon, who had managed JPMorgan Claverhouse (LSE:JCH) for 12 years, is leaving JP Morgan Asset Management. He had worked at the firm for 28 years.

Callum Abbot, who has been a co-manager for the last six years, remains in this role and will be joined by Anthony Lynch and Katen Patel, as co-managers, with effect from 1 July 2024. The board said there is no change to the investment objective or investment policy, which is to provide capital and income growth from mostly leading companies listed on the London Stock Exchange.

Another that catches the eye is that UK value investor Ben Whitmore is leaving Jupiter Fund Management to set up his own boutique investment management firm. Whitmore is best known for managing the Jupiter UK Special Situations fund and Jupiter Income Trust. Overall, when the news emerged in early January that Whitmore was leaving, he managed £10 billion for Jupiter.

Replacing Whitmore on the Jupiter UK Special Situations fund will be Alex Savvides from JO Hambro Capital Management. He managed the JO Hambro UK Dynamic fund. Savvides is expected to join Jupiter in the autumn.  

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Linked to this is that Kevin Murphy is leaving Schroders to join Whitmore’s new venture, called Brickwood Asset Management. Murphy, a value investor and co-head of Schroders’ value team, has co-managed Schroder Recovery since 2006 and co-managed Schroder Income since 2010. His colleague, Nick Kirrage, who is co-head of Schroders’ value team, will take full responsibility following Murphy’s exit, which was announced in early June.

Also exiting after a long tenure is Jeremy Gleeson, fund manager of AXA Framlington Global Technology fund. Gleeson had managed the fund since 2007. He is leaving in August. In the interim, fund management responsibilities will continue to be carried out by the technology investment team, led by head of global thematic strategies Tom Riley.

In addition, there have been a number of fund management retirements taking effect in the first half of 2024 or about to occur. They include Bruce Stout of Murray International (LSE:MYI), James de Uphaugh of Edinburgh Investment Trust (LSE:EDIN), and John Bennett, who has managed several European funds for Janus Henderson.

When it comes to fund manager retirements, there are two main things to consider: is the new fund manager going to stick to the current process, and has the handover process been smooth?

In terms of the handover process, consider how long succession planning has been in place.

The main difference between a retirement and a fund manager exit is that the fund firm will generally have more time to prepare for a retirement.