Jupiter poaches former Dalton CEO for alternatives division

Jupiter Asset Management has appointed Magnus Spence to the newly created role of head of investments in its alternatives division.

Spence will initially focus on Jupiter's current range of long/short equity Ucits products before broadening the company's alternatives range across asset class, region and country.

He will report to Stephen Pearson, chief investment officer, and work closely with James Clunie, head of strategy, absolute return. The role commences on August 31 this year.

Spence cofounded Dalton Strategic Partnership with Andrew Dalton in 2002. He helped develop the firm's hedge fund and specialist equity fund businesses for both UK and international clients.

He left the firm in 2014 and joined Fidante Partners (formerly Dexion Capital) as head of product. There he helped develop Fidante’s a liquid alternatives investment management platform. A spokesperson for Jupiter said this experience was a clincher in his recruitment.

Jupiter recently posted modestly positive results for the first half of 2016, with inflows of £600 million (€711.3 million), assets under management increasing to £37.5 billion and pre-tax profit rising to £86.6 million. The firm has suggested it could legally restructure its continental European operations if a trade deal isn’t reached between the UK and EU, following the ‘Brexit’ referendum.

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