Jupiter Fund Management’s incoming CEO considers restructuring, say reports

Jupiter is based in the Zig Zag building in Victoria Street

Jupiter Fund Management’s new boss is planning an overhaul at one of the best-known names in the City as he prepares to become its chief executive next month.

Matthew Beesley has sent staff an email about the changes, according to a report in the Financial Times, which says some of them already taken effect, including the departure of its chief risk officer, Veronica Lazenby. The role’s responsibilities will be split up according to the report, between a head of compliance, Katie Carter, and a head of risk, yet to be appointed. Both will work under Jupiter’s existing chief financial officer, Wayne Mepham.

Staff were also told that more announcements would follow, said the FT, after a detailed operational review.

Volatile conditions on global financial markets have run rings round Jupiter and much of the rest of the fund management industry, sparking outflows of investors’ capital and hitting shares. Jupiter’s stock is down by over 60% over the past year, even after a rebound of 6% on Friday, which took it to 109p.

The company announced the departure of its current CEO, Andrew Formica, in June, saying he had “always been clear” about “longer term plans” to return to “his native Australia”.

Beesley will step up into the top job from his current position as chief investment officer, which he took up in January, having previously been CIO of Artemis Investment Management. He has also worked for GAM Investments and Henderson Global Investors.