Jupiter Fund Management has revealed plans to takeover rival Merian Global Investors in a move aimed at creating a more diversified asset manager and cutting costs.

Jupiter has appointed former Schroders non-executive director Nichola Pease to be its new non-executive chair from March 2020. 

Omnis Investments, Openwork’s specialist asset management company with £6.9bn under management, has appointed Jupiter Asset Management as manager of its £317m Omnis Income & Growth Fund, replacing Woodford.

Fund manager Jupiter today reported a slump in pre-tax profits of £13.7m to £179.2m as assets under management dropped by 15% to £42.7bn and the firm was hit by net outflows of £4.6bn.