Update: Gibbs to hand over Absolute Return fund ahead of 2014 retirement

Jupiter's Philip Gibbs is to hand over his £536m Absolute Return fund to recent hire James Clunie in September, ahead of his retirement in 2014.

Gibbs (pictured), who joined Jupiter in 1997, has already handed over his Financials fund, and now runs just the Absolute Return unit trust and the Jupiter Second Split trust. He will continue to run the split-cap trust until it winds up in October 2014, at which point he will retire from the industry. Gibbs has managed the Second Split Cap trust since 1998. Edward Bonham Carter, chief executive, said: "Philip has delivered outstanding long-term returns to clients during his career at Jupiter and I would like to thank him for the contribution he has made to the company during this ti...