Jupiter appointed as new fund manager

Jupiter appointed as new fund manager

3rd July 2019

Update from Toni Meadows, Omnis Chief Investment Officer

Omnis Investments Limited is pleased to announce that Jupiter Asset Management has been appointed as the new Investment Manager of the Omnis Income & Growth Fund, with Ben Whitmore as the Fund Manager. Jupiter, and in turn Ben, will replace Woodford Investment Management (WIM) and Neil Woodford, who have been the manager of the Fund since 2016.

During this change, let’s take a moment to look back on how we got here.

Omnis is a specialised asset manager, which provides a range of actively managed funds. We, however, don’t do the day to day buying and selling of investments. We choose who we believe are the best fund houses and more specifically, the fund managers, for the job. Back in 2015 we chose Neil Woodford to run our income and growth strategy, which then launched in 2016. Neil had a strong reputation and track record as a fund manager who invested against the general market view – a contrarian investor.

Due to an extended period of underperformance, the decision was taken at the end of May that a change needed to be made. We decided to make this change to enhance the portfolio performance and to enable you to maximise your investment goals. 

Straightaway Omnis started the process to replace WIM by seeking out and shortlisting several managers who we felt were not only suited to managing the Fund but could maximise its potential. The process was rigorous and along with the Omnis investment team and the Omnis board of directors, we also brought in Fundhouse, an independent adviser, to assess the vying candidates. Each were judged on four core requirements: Suitability, Quality, Ability and Diversification (meaning how they complimented but differed from our existing fund managers).

In the end, Jupiter and specifically Ben, won out. Ben Whitmore is a highly regarded fund manager. His investment strategy, style and track record are impressive, and we are delighted that he has agreed to manage the Fund on our behalf.

Next week, we plan to bring to you an in-depth profile on Jupiter, and Ben Whitmore as we are sure you have lots of questions. We will provide you with a detailed overview of the new mandate and explain what this means for your portfolio. In the meantime, there’s no action needed on your behalf. One of the benefits of investing through Omnis is that we manage the Investment Manager transfer for you. Please feel free to discuss this with your financial adviser who is fully aware of the changes and will be able to answer any of your questions. We look forward to providing you with a further update in the next few days.