The investment house boasts 11 top-rated managers and 10 funds in the FE Select 100 – a quant-led list for advisers that identifies the best funds across a number of different asset classes.
Jupiter saw off stiff competition from the likes of Fidelity and M&G, which both have a higher quantity of funds and a greater amount of assets under management (AUM).
Jupiter’s FE Alpha Managers
| Name | Best-known fund |
| Alexander Darwall | Jupiter European |
| Algy Smith-Maxwell | Jupiter Merlin Growth |
| Ariel Bezalel | Jupiter Strategic Bond |
| Cedric de Fonclare | Jupiter European Special Situations |
| Elena Shaftan | Jupiter Emerging European Opportunities |
| Guy de Blonay | Jupiter Financial Opportunities |
| Ian McVeigh | Jupiter UK Growth |
| John Chatfeild-Roberts | Jupiter Merlin Income |
| Peter Lawery | Jupiter Merlin Balanced |
| Philip Gibbs | Jupiter Absolute Return |
| Philip Matthews | Jupiter Growth & Income |
Source: FE Analytics
The firm has top-rated funds and managers across a number of different asset classes.
John Chatfeild-Roberts, Peter Lawery and Algy Smith Maxwell’s Merlin portfolios are among the most highly regarded in the multi-asset space; Alexander Darwall and Cedric de Fonclare’s Jupiter European and European Special Situations funds consistently top the IMA Europe ex UK sector; Ian McVeigh and Philip Matthews are both forces to be reckoned with in the UK growth space; and Ariel Bezalel’s Jupiter Strategic Bond fund has been one of the best-performing fixed interest portfolios of recent years.
Jupiter also has a number of top-rated specialist managers, including Philip Gibbs, Guy de Blonay and Elena Shaftan.
Jupiter funds in the FE Select 100
| Name | IMA Sector |
| Jupiter Distribution | Mixed Investment 0%-35% Shares |
| Jupiter Emerging European Opportunities | Specialist |
| Jupiter European | Europe ex UK |
| Jupiter European Special Situations | Europe ex UK |
| Jupiter High Income | UK Equity & Bond Income |
| Jupiter Japan Income | Japan |
| Jupiter Merlin Balanced | Mixed Investment 40%-85% Shares |
| Jupiter Merlin Growth Portfolio | Flexible Investment |
| Jupiter Merlin Income | Mixed Investment 40%-85% Shares |
| Jupiter Strategic Bond | Sterling Strategic Bond |
Source: FE Analytics
Chatfeild-Roberts (pictured), chief investment officer of the firm, says the managers’ independence has allowed a number of different funds to flourish.
"It’s not my job to tell any of the managers how to direct their portfolios," he commented. "It’s all about getting the people running the right funds." "All of our managers are encouraged to express themselves in their portfolio. [As a result], we are very demanding in our results."
Chatfeild-Roberts says the wage structure at Jupiter – which is very bonus driven – is specifically aimed at getting the most out of the managers – although he highlights a more practical advantage as well.
"As a rule, if a manager performs very well, they will be paid very well, and if they perform badly, they will be paid below average," he said.
"We have a bonus pool, which is not really the usual way of doing things in an age where newspaper headlines are against bonuses."
"Doing it this way also allows us to adjust our pay structure. If the FTSE fell to 3,000 then our profitability as a firm would be significantly reduced. If we had a fixed cost base and a culture of high basic salaries, we wouldn’t be able to reduce our outgoings to the same extent."
This management style is very similar to that of JO Hambro; however, unlike the boutique firm, Jupiter seldom charges performance fees on its portfolios.
Charles Younes, analyst on the FE Research team, believes Jupiter’s performance culture makes it stand out from the majority of groups.
"The group gets managers on board at the right time in their learning curve," he said. "It’s the right place to go to if you’re confident in your own ability as a manager and want to prove your talent. Someone like Ariel Bezalel is a good example."
"Jupiter has a star manager culture, but it tends to develop managers into stars from a lower level. It has a good retention rate because of this."
"I also like the fact they make a lot of the younger analysts co-managers, so that they can learn from the more experienced members of the team."
While Younes agrees that Jupiter managers are given a great deal of flexibility, he believes Chatfeild-Roberts is a hugely influential figure at the firm.
"The managers are given freedom, but I think a lot of the ideas and macro calls come from the CIO," he said. "All of the managers sit in the same room and there’s a definite overlap."
"This isn’t necessarily a bad thing, of course. The managers have the final say and a lot of them differ greatly in their views, which means they excel in more than one area."
In light of this study, FE Trustnet conducted a number of interviews with Jupiter’s management team. Their comments will be the basis of the majority of articles on the site today.