Former Jupiter UK Special Situations fund manager Ben Whitmore has launched his first value equity fund since leaving the asset management brand four months ago.
Whitmore, who previously managed the standout strategy, will now co-manage the TM Brickwood UK Value fund alongside co-founder Kevin Murphy, who had also departed Schroders to join Whitmore’s new venture.
Brickwood Asset Management was co-founded by Whitmore and Dermot Murphy in January 2024. Dermot Murphy is Kevin Murphy’s brother. They are joined by chief executive Claudia Ripley.
Will Ben Whitmore Replicate Jupiter Success?
“This is a high-profile fund launch from an exciting new boutique venture that specialises in value investing,” says Morningstar equity fund analyst Daniel Haydon.
“Interest in the venture is expected to be high, but the question on everybody’s minds will be whether this team will be able to replicate past successes. We know Whitmore and the Murphy brothers well from their time at Jupiter and Schroders. They have solid credentials and impressive track records.
“As we form an evidence-based, forward-looking view, it will be critical to thoroughly analyze the organizational setup and assess any evolution to how they run money. On this front, we are looking forward to engaging with the firm very shortly.”
Whitmore announced he would be leaving Jupiter Asset Management in January 2024. Shortly afterwards, Morningstar analysts placed the then-£2.15 billion Special Situations fund under review, citing concerns over management continuity and investment process. It subsequently downgraded Jupiter’s Special Situations and Jupiter Income Trust to Neutral in March of that year.
Whitmore had originally intended to leave Jupiter in June 2024, but his departure was pushed back by four months while Jupiter decided how the Special Situations fund would be managed.
At one point, the business considered giving Whitmore’s new firm, Brickwood Asset Management, a fresh mandate to run the fund to ensure management continuity. It eventually decided not to.
It is now managed by Alex Savvides, who joined Jupiter from J O Hambro, where he had previously managed the company’s own Dynamic UK Equity fund.
In October 2024, Jupiter rebranded the UK Special Situations strategy to the Jupiter UK Dynamic Equity fund. Performance on the fund continues to be positive over five years, with returns of 49.78%. Over the last 12 months it has returned 16.19%.
Change Continues at Jupiter Asset Management
Whitmore’s departure is just one part of an ongoing narrative of change at Jupiter Fund Management.
In December, Morningstar also placed Jupiter’s UK Mid Cap fund under review following news that lead manager Richard Watts would depart in 2024 to set up a new business with Nick Williamson, his co-manager on the Chrysalis investment trust. Tim Service, a veteran of Jupiter since 2007, will run the UK Mid Cap offering thereafter.
Amid several high-profile manager departures, Jupiter’s share price had a difficult 2024. In the past 12 months, its stock price is down 5.3%. Over five years the company’s stock is down -72.43%.
What is ‘Special Situations’ Investing?
Special situations funds are contrarian active funds run by managers who are trying to spot opportunities outside the trends typically identified by analysts and economists.
In this way, they are “benchmark agnostic”, meaning they can make concentrated bets away from the index by favoring businesses of varying sizes depending on the managers' conviction.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.
