Reuters – Edward Bonham Carter, chief executive of Jupiter Asset Management, is to stop running his Undervalued Assets fund after threatening last year to hand over the role if performance did not improve.

New hire Patrick Harrington, who joined Jupiter last week, will take over management of the fund at the end of the month, Jupiter said in a note on Monday.

Bonham Carter, a well-known figure in the fund management industry, has beaten the market and rival funds since he began running the fund eight years ago, but in more recent years performance has flagged.

Over the past five years the 122 million-pound fund has fallen 12.2 percent, while the average peer fund is down 4.3 percent and the FTSE All-Share index has risen 2.4 percent.

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