ONE of the country’s longest serving money managers and mentor to a host of rising stars yesterday announced he is leaving the industry.
Tony Nutt, who has worked at retail equity manager Jupiter Asset Management for the past 17 years, turns 60 next year and has decided to retire from the business in 2014.
Nutt, one of Jupiter chief executive Edward Bonham Carter’s key lieutenants, is a seen as a central figure at the business, overseeing its UK equity desk and running two of its best known funds. He joined the house from rival Schroder Investment Management in 1995 following 12 years at Schroders.
Yesterday, Jupiter announced a management shake up on the back of the news.
Its special situations manager Ben Whitmore has been given the reins of the Nutt’s income trust while Philip Matthews has been handed the keys to the high income fund from 2013 onwards.
Nutt said: “It is pleasing to have been involved in the development of so many talented managers who are now producing outperformance for clients on their own funds.”
Star fund managers like Ariel Bezalel and Alastair Gunn have all come through the ranks under Nutt’s leadership.
Despite a couple of years of sub-par performance, Nutt has managed to deliver a return of 352.2 per cent on his high income funds compared to the sector average of 161 per cent.
The income trust has delivered a 109.1 per cent return compared to a sector average of 87 per cent.