UK-based Jupiter Asset Management is continuing its expansion into European and international marketplace with plans to open a new outpost in Madrid.
The new office is expected to open later this year once the financial regulator approves the move, as the company bids to strengthen its presence in the Spanish market, news agency Europa Press reported.
Jupiter’s Gonzalo Azcoitia will continue to lead the business in his role as sales consultant for Iberia. From the new office, located in Paseo de la Castellana 18, he will continue to service existing and new clients.
Azcoitia said the goal is to consolidate the relationship with Spanish clients to “keep growing” with products that add value to investors, according to their investment style and risk-return profile.
Kevin Scott, head of Jupiter AM in EMEA, said that the decision to open an office in Madrid “marks another step in our international expansion.”
Spanish clients can have access to the UK asset manager’s investment products through the Luxembourg Sicav Jupiter Global fund, registered in Spain, which has 18 sub-funds, such as Jupiter Dynamic Bond and Jupiter European Growth.
Last week, Jupiter also announced its entry into the Italian market with the opening of a branch office in Milan.
Jupiter has also announced the launch of its Jupiter Global Absolute Return Sicav fund.
The company said in a statement that the fund aims to achieve an absolute return over a rolling period of three years. It will be managed by James Clunie, head of strategy absolute return at Jupiter, who aims to pursue a predominantly bottom-up based approach to managing his portfolio.
Clunie has 27 years of experience in the industry, having specialised as a manager in long/short strategies. He joined Jupiter in 2013, where he is now in charge of the group’s €433m absolute return strategy.
Founded in 1985 as a specialist boutique, Jupiter boasts a total of €49n in assets under management, as at December 2015. Over the past few years, it has initiated a phase of internationalisation through expansion of its activities in Asia and several European countries.