Jupiter's McVeigh steps back from fund management

Jupiter UK Growth co-manager Ian McVeigh is to step back from day-to-day management of the £1.4bn portfolio as he takes a corporate governance role at the group.

The move, which means UK Growth co-manager Steve Davies will take sole responsibility for the fund as of 1 May, will also see Jupiter merge Davies' £123m Undervalued Assets funds into the portfolio, subject to FCA and unitholder approval. McVeigh (pictured) will now take on the newly-created head of governance role at Jupiter, having said back in 2013 that corporate engagement had become a "cornerstone" of successful stockpicking. Davies, meanwhile, became UK Growth co-manager in January 2013. He joined Jupiter in 2007 and became deputy manager in 2009. UK Growth has returned 80.2%...