Jupiter is poaching a team from Origin as part of its push into global action

Unlock Editor’s Digest for free

FT editor Roula Khalaf selects her favorite stories in this weekly newsletter.

Asset manager Jupiter poached a team of fund managers overseeing £800m of global equities from a smaller rival in a bid to reduce its reliance on UK stocks, which have fallen out of favor in recent years .

The FTSE 250 asset manager has recruited the investment team from Origin, a London-based investment boutique focused on global equities, including emerging markets. As part of the deal, around £800m of assets will be transferred to Jupiter.

The move comes as Jupiter struggles to cut costs and broaden its range of assets. Like its UK mid-cap rivals, Jupiter’s business model has been undermined by the rise of cheaper, passive investments, as well as UK investors looking to diversify outside the London market.

The £800m worth of assets Jupiter is acquiring as part of the Origin deal include funds from institutions in Europe, Canada and Australia.

The Origin team joining Jupiter is led by Tarlock Randhawa and manages global emerging market strategies as well as global smaller company funds and international equities. Origin was bought in 2011 by the American firm Principal, which has assets of more than 500 billion dollars.

Kiran Nandra, head of equities at Jupiter, said the deal meant Jupiter could start offering funds focused on smaller global companies while increasing exposure to emerging markets. Origin’s Randhawa said “the transition for our existing customers will be seamless.”

The decision to recruit the Origin team comes as Nick Payne, Jupiter’s lead investment manager for global emerging markets equities, plans to leave the asset manager.

Matthew Beesley, Jupiter’s chief executive, told the Financial Times over the summer that he was looking to make “tight” acquisitions, but ruled out larger deals.

Jupiter manages around £50 billion in assets, of which £42 billion is on behalf of individual investors.

The asset manager, which counts Silchester among its biggest shareholders, acquired Merian Global Investors in 2020 for £370m under former Jupiter chief executive Andrew Formica.

One of Jupiter’s top fund managers, Ben Whitmore, is set to leave at the end of the month. Whitmore, who managed around £10bn for Jupiter, is leaving to set up his own firm.

Jupiter poached Alex Savvides from JO Hambro Capital Management to manage Jupiter’s UK special situations fund.