Jupiter Asset Management has announced that it has hired Adrian Gosden and Chris Morrison. They will join in January 2024 from GAM where they co-manage the ~GBP400 million GAM UK Equity Income Fund.
Jupiter writes that it has agreed with GAM that, in order to best serve investors in the GAM UK Equity Income Fund, the fund will continue to be managed by Adrian and Chris following their move. Initially, Jupiter will manage the fund under a subadvisory agreement until it is transferred to Jupiter’s platform later in 2024, subject to customary approvals. Additionally, subject to regulatory approval, Adrian and Chris will at some point next year assume management of the GBP1.5 billion Jupiter Income Trust, currently managed by Ben Whitmore. Gosden will report to Kiran Nandra, Head of Equities, and Morrison will report to Adrian.
Over three years, the GAM UK Equity Income Fund has recorded top quartile performance, returning 27.7 per cent versus the FTSE Allshare benchmark of 24.3 per cent (as at 30.09.23). Before joining GAM in 2017, Gosden co-managed the GBP10 billion UK equity income franchise at Artemis, having previously held roles at Societe Generale Asset Management and Fleming Investment Management.
Chris Morrison worked closely with Gosden during their time at GAM, having joined the company in 2011. Prior to that, he worked at Bank of Tokyo Mitsubishi UFJ Asset Management where he managed European equity portfolios.
Gosden says: “I am excited to join Jupiter and am looking forward to being part of its successful equities team. Their ethos of high conviction, truly active management is closely aligned with the way that Chris and I have invested over our careers and which we continue to believe can deliver the best outcomes for clients. UK equities have not been in favour with investors in recent years but the United Kingdom is home to many companies which are leaders in their field, with strong balance sheets and resilient business models. Valuations are low and, with the combination of strong dividends and enhanced share buybacks, I believe we will see increased appetite for the asset class from both domestic and international investors.”
Kiran Nandra, Head of Equities at Jupiter Asset Management, says: “Adrian is one of the most highly regarded UK Equity Income investors in the market with a very strong track record of delivering performance for clients and of raising AUM in this asset class. We are delighted to have him as part of the equities team at Jupiter. The current manager of our Jupiter Income Trust, Ben Whitmore, manages a range of value strategies and will continue to focus on these.
“Since I joined Jupiter in the early part of this year, we have been looking closely at our equity range of funds, including UK equities, and it is our intention to continue to develop and grow this part of our business, ensuring our clients have access to the best investment talent and a compelling mix of high quality, differentiated active investment strategies.”
