Jupiter aims to go into a global orbit

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Jupiter Fund Management’s new chief executive Maarten Slendebroek plans to take one of Britain’s best-known retail fund managers global, and expects investors outside its home market to one day account for “at least” half of the firm’s business.

Slendebroek said the move to expand into overseas markets was already going well, particularly in Asia.

Slendebroek was named as the replacement for Jupiter’s long-serving chief executive Edward Bonham Carter in December though he first joined the company in September 2012, working as distribution and strategy director.

He previously spent 18 years at BlackRock, most recently as head of the international retail business.

After joining when assets under management at the firm stood at around £25bn, he set a target to be able to manage £50bn in assets without sacrificing margin. The firm managed just over £32bn of assets at the end of March.

Of recent fund flows, he said they had been “unbelievably steady. They stand out by their steadiness. I’d like to see the pace go up a little bit, as a result of the processes we’ve put in place, but isn’t it a great place to be?

“We said about the first quarter we thought it’d be in line with the fourth quarter and it came out within a few million,” Slendebroek said, adding that he expected the next quarter to show “a similar trend” and be steady to slightly higher.

While he would give more detail at Jupiter’s interim results on July 30, he said the trends set in 2013 of increased business abroad and a “huge” contribution from fixed income were “pretty indicative” of its more recent growth.

“Those are, I think, pretty steady trends for us. That’s a good thing as fixed income is a great diversifier for us, as we are a big equity house, and international is good as it’s a different client base.”