Dan Nickols, who leads Jupiter’s UK ‘smid’-cap group, will go away the agency on 30 June 2024.
Dan Nickols, head of Jupiter Asset Administration’s small and mid-cap UK equities group, will retire on 30 June 2024. He’s lead supervisor of the £426m Jupiter UK Smaller Corporations fund and the £120m Rights and Points Funding Belief and is an FE fundinfo Alpha Supervisor.
Matt Cable will substitute him on the helm of each methods. He has co-managed the Rights and Points belief with Nickols since Jupiter received the mandate in October 2022. Cable joined Jupiter in 2019 and has greater than 15 years of funding expertise, garnered at M&G Investments and Schroders.
Tim Service, who has labored with Nickols for nearly 20 years, will substitute him as head of Jupiter’s ‘smid’-cap group and can be a supporting supervisor on the fund and belief. Service has been at Jupiter since 2007 and was beforehand a UK fairness fund supervisor at Merian International Traders. Earlier in his profession, he was an analyst at JPMorgan and ABN Amro.
Nickols joined Jupiter in 2020 when it acquired Merian, the place he led the UK small and mid-cap group. Earlier than that, he labored at Albert E Sharp, Morgan Stanley and Deloitte and Touche.
Jupiter UK Smaller Corporations has a robust long-term observe report however has struggled throughout the previous 5 years, trailing the IA UK Smaller Corporations sector and the Numis Smaller Corporations index. It peaked at £1.5bn in belongings below administration in September 2021 when it was the most well-liked fund in its sector however has been in outflow mode since then, shrinking to 1 third of its former dimension.
Fund vs sector and benchmark over 5yrs
Supply: FE Analytics
The fund suffered in 2022 as central banks quickly hiked charges, placing the small and mid-sized growth-oriented corporations in its portfolio below strain.
As Bestinvest managing director Jason Hollands defined: “This was all the way down to the robust progress type bias being hit exhausting throughout a interval of rising rates of interest and borrowing prices. It’s also a comparatively concentrated portfolio for a small-cap fund, with circa 56 holdings, which does go away it extra weak to stock-specific danger than extra diversified merchandise.”
