Jupiter lures European equities team from GAM
LONDON, Nov 19 (Reuters) -Jupiter Asset Management JUP.L has poached a trio of veteran European equities managers from GAM Investments, the UK fund firm said on Tuesday, as it seeks to build its franchise following modest asset outflows in its third quarter.
UK and European fund firms have grappled with underperforming European equity strategies for many months, as investors pare exposure to weakened European economies in favour of U.S. companies with more attractive earnings profiles.
Niall Gallagher, Chris Sellers and Chris Legg, who presently manage around 1.4 billion pounds ($1.77 billion) in assets at GAM for a range of retail and institutional investors, will be joining Jupiter by the summer of 2025, Jupiter said in statement.
Jupiter shares, which have fallen more than 12% so far this year, were trading 2.4% higher at 0851 GMT.
The team has delivered top quartile performance over almost all time periods and have reported net positive inflows into their strategies over the last five years, while other firms have struggled to retain investors.
Actively-managed cross border and UK domiciled European equity funds have suffered more than 100 billion pounds of cumulative net outflows over the same time frame, Jupiter said, citing data to end-July from Broadridge.
"As we realign our investment expertise within the core area of European equities, we are excited that Niall, Chris and Chris will be joining Jupiter," Kiran Nandra, Head of Equities, at Jupiter Asset Management said in a statement.
"We believe that their strong investment track record and institutionally-driven investment approach will lead to improved client outcomes for a broader range of clients."
($1 = 0.7903 pounds)
Reporting by Sinead Cruise, Editing by Louise Heavens
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