JO Hambro's Savvides to take on Jupiter UK special sits as Ben Whitmore departs to launch boutique

Non-compete established

James Baxter-Derrington
clock • 3 min read
Jupiter's Ben Whitmore (pictured) will depart later this year to establish a value equities boutique.

Jupiter's Ben Whitmore (pictured) will depart later this year to establish a value equities boutique.

Alex Savvides is set to depart JO Hambro to take on management of Jupiter’s £2.1bn UK Special Situations fund, as current manager Ben Whitmore exits to establish a value equities boutique.

Manager of JO Hambro's £1.3bn UK Dynamic fund, Savvides is set to join Jupiter "by the Autumn of 2024" and brings 28 years' industry experience.

He first joined JO Hambro in 2003 and launched the UK Dynamic fund in 2008, prior to which he served at a trio of UK stockbrokers.

Savvides said he was "very excited" to join Jupiter at an "important time in its evolution", noting the firm's "illustrious history in developing and nurturing active investment talent".

"Special situations and value investing underpin my investment philosophy," he said. "Whilst my approach to investing is not dissimilar to the strategy's current investment approach - a highly disciplined and active style focused on undervalued UK companies - I believe we can build on this strategy's legacy by blending in the proven stock selection, stewardship and engagement approach that I have employed successfully for clients over many years."

Whitmore departs Jupiter after more than 17 years to establish his own boutique, subject to regulatory approvals.

He will remain with the firm "until at least the end of July 2024", at which point he will hand over management of Jupiter's UK Special Situations fund, as well as its Income and Global Value trusts.

While Whitmore takes on the UK special sits fund, the Income trust will be managed by recent arrivals Adrian Gosden and Chris Morrison, who joined from GAM at the beginning of the year.

Whitmore has agreed on certain non-competes with Jupiter for his value equities boutique, alongside the industry standards.

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For the first two years from his leaving date, he will not compete with the firm in relation to both the UK Equity Income sector and the non-UK open-ended UCITS market.

The firm is also engaged in discussions with the departing manager over the potential for the Jupiter Global Value unit trust to be managed by the new boutique.

Speaking to Investment Week, Jupiter CEO Matthew Beesley reiterated his desire for the firm to be known as a "truly active and differentiated manager" and a "magnet for talent", an idea reflected by Savvides' move to the company.

He described Savvides as an "outstanding investor", whose "performance, delivery of excellent client outcomes and asset growth track record" will help ensure an "orderly succession".

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On Whitmore's departure, Beesley added: "Having worked at Jupiter since 2006, Ben informed me of his ambition to set up a new independent value equities boutique which has been a long-term personal aspiration for him. I would like to thank him sincerely for his contribution to the company and, after he leaves Jupiter, wish him well for the future."

He said: "Between Alex, Adrian and Chris, I feel that the future of these Jupiter strategies could not be in better hands. 

"Indeed, the fact that our recruitment has meant that clients will benefit from a seamless transition was a consideration in the timing of Ben informing us of his intention to leave and set up his own boutique."