Edward Bonham Carter to leave Jupiter

Edward Bonham Carter will leave Jupiter Fund Management at the end of December after almost three decades at the City of London company.

Jupiter said the industry veteran would dedicate more time to his non-executive work, which include roles at property investor and manager Land Securities Group, television network ITV and The Investor Forum.

Bonham Carter, who joined the FTSE 250 group in 1994, previously held the roles of chief executive and vice-chair. He was an architect of the company’s 2007 management buyout and listing on the London stock exchange three years later.

He stepped back from the board in 2021 but stayed on to guide Jupiter’s responsible investing work amid growing interest in environmental, social and governance investing.

“After 28 years with Jupiter, and over 40 in the investment industry, now is the right time for me to step away from the business to focus on my other interests and appointments,” Bonham Carter said.

“I am proud of all that Jupiter has achieved during my time with the company, all the while maintaining what sets it apart — a dedication to active investment management, which I firmly believe still has a key role to play in the investment industry.”

Bonham Carter’s departure follows the October appointment of Matthew Beesley as chief executive. Beesley has moved quickly to shake up the ailing City stalwart by cutting staff numbers and rationalising a quarter of Jupiter’s fund range.

“I have had the pleasure of working with Edward during my time as CIO, and more recently CEO of Jupiter. The contribution he has made to the company over almost three decades is clear,” Beesley said.

Jupiter has suffered from several years of persistent investor outflows and a declining share price. Net outflows slowed in the most recent quarter, bringing its assets under management to £47.4bn.

A scion of a family that includes actor Helena Bonham Carter and former prime minister HH Asquith, Bonham Carter started his career as an administrative assistant at Schroders in 1982. He soon moved into asset management and ascended the ranks at Jupiter.

The fund house, like many of its peers, has struggled to compete as the higher fees charged by active stock pickers are undercut by cheaper passive alternatives.

Netwealth, where he is non-executive chair, has capitalised on this trend by channelling much of its clients’ money into passive funds.