Jupiter to absorb GAM UK Equity Income fund as portfolio manager duo join

Once Adrian Gosden and Chris Morrison join Jupiter in January 2024, the asset manager will manage the fund under a subadvisory agreement until the portfolio is transferred to its platform later in 2024, subject to customary approvals.

In a statement, GAM said there will be a “seamless transition” for clients to enable them to remain invested in the fund. Once the fund is transferred, it said there will be a 12-month revenue sharing arrangement between both firms.

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Jupiter said Gosden and Morrison will also assume the management of the £1.5bn Jupiter Income trust, which is currently managed by Ben Whitmore, “at some point next year”.

As Whitmore steps down from managing the trust, the firm told Investment Week that he will remain at Jupiter, noting that he is “keen to dedicate more of his focus to his other investment responsibilities”, including the £2bn UK Special Situations fund, which he has managed since 2006.

Gosden will report to head of equities Kiran Nandra and Morrison will in turn report to Gosden. 

Before joining GAM in 2017, Gosden was co-manager of the £10bn UK equity income franchise at Artemis. Before that, he held positions at Societe Generale Asset Management and Fleming Investment Management.

Morrison collaborated closely with Gosden during their time at GAM, having joined the firm in 2011. Prior to that, he worked at Bank of Tokyo Mitsubishi UFJ Asset Management, where he managed several European equity portfolios.

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Gosden said he was “excited” to join Jupiter next year, given their ethos of “high conviction” and “truly active” management is “closely aligned” with the way Morrison and himself have invested over their careers. 

In the last three years, the GAM UK Equity Income fund has returned 33.8%, while the IA UK Equity Income sector is up 23.1% over the same time period, according to data from FE Fundinfo.

Jupiter’s Nandra added: “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.

“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.”