Jupiter Asset Management has appointed Magnus Spence as head of Investment Trusts as the company looks to further develop this key business area.
Spence, who joined Jupiter in 2016 as head of Alternatives, takes over responsibility for Jupiter's investment trust business from Richard Pavry, who will leave the firm in November 2019.
In his new, expanded role, Spence will continue to be responsible for the firm's alternatives business.
Spence has nearly 20 years' experience in the alternatives asset management industry. Earlier this year he was instrumental in the re-positioning of the Jupiter Monthly Alternative Income Fund, a fund of investment trusts investing across a range of alternative assets. Before joining Jupiter he worked as head of Product at Fidante Partners (formerly Dexion Capital plc, a firm specialising in alternative investment trusts) having previously been chief executive and managing partner of Dalton Strategic Partnership LLP, a specialist equity firm.
Jupiter has a long history in the investment trust industry, having managed investment trusts since the company's inception in 1985, when it was appointed as manager to River Plate & General Investment Trust PLC. In 1989 the firm launched the first green investment trust, Merlin International Green Investment Trust PLC, and in more recent years has launched, or been appointed to manage, a range of investment trust strategies, including Jupiter Emerging & Frontier Income Trust, launched for Ross Teverson and Charlie Sunnucks in 2017, and Jupiter US Smaller Companies PLC, managed by Robert Siddles, to which Jupiter was appointed in 2015.