WTW, which manages £150bn in multi-manager funds for pension funds and advised clients, is considering whether it keeps money with Jupiter Asset Management following the departure of fund manager Ben Whitmore.
Whitmore, currently in charge of £10bn at Jupiter, will leave the firm this summer to set up his own boutique.
Whitmore managed five funds for the firm as well as £4.8bn through segregated mandates.
Part of this mandate was for the £3bn Alliance Trust, which is the principle way in which advised clients can access WTW’s strategies.
WTW said it is now considering its options for the future, which could see it move with Whitmore to his new firm.
A spokesperson for the company told FT Adviser: “Given the degree of corporate change, we have been closely monitoring the situation at Jupiter for some time, as we do with all of our stock pickers.
“One of WTW’s key roles is to regularly consider what we would do in the portfolio should we need to make a change as a result of events such as this. We are currently considering specifically what actions to take in relation to the Alliance Trust portfolio.
“These options include retaining Jupiter, moving with Ben to his new organisation, hiring one or more replacement managers or simply redistributing the capital among existing managers.”
They added that with a multi-manager structure a change in one firm does not impact the whole portfolio.
“In the meantime, we have no doubt that Ben’s allocation will continue to be managed by him with skill and integrity, noting that he is highly motivated to perform well in advance of starting his own firm,” said the spokesperson.
“One of the big benefits of the multi-manager structure is that there can be a change of circumstances at one firm without it disrupting the whole portfolio.”
After Whitmore leaves, Alex Savvides will take over the £2.1bn Jupiter UK Special Situations fund, while former Gam managers Adrian Gosden and Chris Morrison will manage the £1.6bn Jupiter Income Trust.
Following the announcement yesterday, Jupiter’s share price dropped by 13 per cent.
Despite this, fund buyers claimed Jupiter found good replacements for Whitmore.
Some said Savvides' "track record is very good", while another said they had confidence in Savvides ability.
Jupiter has been approached for comment
tara.o'connor@ft.com, additional reporting by David Thorpe
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