Mr Sheehan will run the Jupiter Growth & Income unit trust in addition to a range of institutional funds. He moves to Jupiter this summer from a similar role at Dresdner RCM, where he currently runs the Dresdner RCM UK Equity Income unit trust.
Nigel Lanning will run Mr Sheehan’s fund at Dresdner RCM. Mr Lanning will also continue in his current role as manager of the Merchant investment trust, an income and growth fund, which he has managed for 15 years.
Edward Bonham Carter, a joint group chief executive of Jupiter, said, ”We are always on the lookout for people who can add value to our clients’ portfolios, and Paul will fit
in well. His performance record has meaning and he is interested in developing his skills in growth [investing]. On the retail side we like to give our fund managers one vehicle to run and take it from there.”
Mark Dampier, the head of research at Hargreaves Lansdown, said, “It is a coup for Jupiter because they have lost some high profile fund managers recently. Paul ran the [Dresdner RCM] fund on a partly growth basis so the Jupiter Growth & Income fund should suit him.
“Jupiter doesn’t have a house style. The fund managers are quite independent and Paul should do well in that atmosphere. Nigel is a very good pair of hands for the Dresdner RCM fund but it is never good to lose a top person.”
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