By MARCEL PORCHERON 02/03/2009
Jupiter has announced that Edward Bonham Carter, who is both manager of Jupiter Undervalued Assets and Jupiter’s Chief Executive, is stepping down from running the fund. Patrick Harrington, who joined Jupiter in February of this year, will officially manage Undervalued Assets from the end of March. As a result we have removed our two star rating of the fund.
This change follows a period of poor performance by Bonham Carter during which Bestinvest became concerned that his operational management responsibilities at Jupiter were detracting from his day to day fund management duties. As a result we had already downgraded our buy rating of the fund in October 2008.
For the time being we have higher conviction in other managers to add value for investors. We recommend Artemis UK Special Situations or M&G Recovery as suitable alternatives to this fund.