Japan Income Manager Somerville to Leave Jupiter

Silver-rated Japan Income fund manager Simon Somerville is leaving Jupiter after 11 years to run an institutional mandate for Marathon

Emma Wall 26 May, 2016 | 4:23PM
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Silver Rated Jupiter Japan Income fund manager Simon Somerville is leaving the firm after more than a decade. The four-star manager will be joining Marathon Asset Management to run a Japanese equities portfolio for institutional investors.

Somerville has delivered a 10-year annualised return to investors of 3.6%, beating the category by 1.95% and the benchmark by 1.46%. He has delivered a five year annualised return of 7.3%.

Somerville will be replaced by Dan Carter who is currently deputy manager of the fund and has worked alongside Somerville for eight years. Jupiter highlighted this track record saying that there would be “no change to the investment philosophy of the fund as Dan and Simon have the same approach and the funds will continue to be managed alongside each other, ensuring continuity for investors”.

Morningstar analyst Lena Tsymbaluk said it was Somerville’s experience and a consistent approach that focuses on high-quality, cash-generative businesses, that had earned the fund a Silver Rating. Tsymbaluk will be meeting with Carter in due course before taking a decision on the future of the Morningstar analyst rating.

Somerville said that the decision to leave was a difficult one, but it was the right time to leave and he would ensure the transition caused no disruption for investors.

“One of the most difficult aspects of my decision was to leave behind the Japanese franchise that I have spent the last 11 years,” he said. “I have been incredibly fortunate to have such loyal and long standing clients and I feel very responsible for ensuring the handover of my portfolio to Dan is a smooth one.”

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Emma Wall  is former Senior International Editor for Morningstar