Jupiter European Income manager Millar to exit

Jupiter's European Income fund manager Malcolm Millar is leaving the firm, handing his fund to Cedric de Fonclare.

Millar, who has been at Jupiter since 2002, has run the £30m fund since launch in 2007. De Fonclare, who runs the £586m European Special Situations portfolio, will take over responsibility for the fund. De Fonclare has delivered top quartile performance over the last three years on the Special Situations fund, returning 17% against the Europe ex-UK sector average of 8.3%. Meanwhile Millar, who previously worked at PwC, has lagged the sector, returning 4% over three years on European Income. He is leaving within the next few weeks. A spokesperson at Jupiter confirmed the departure.