She will replace current chair Liz Airey, who will step down from the board at the same time. Ms Airey has been a non-executive director of Jupiter since May 2010 and was appointed chairman in September 2014.
Ms Pease has worked in asset management for over 30 years. She was the chief executive and later deputy chair of JO Hambro Capital Management from 1998 until 2008. She then held a number of roles in the charity and public sectors.
She was a non-executive director of Jupiter rival Schroders from September 2012 to November 2019. She was also chair of the remuneration committee and a member of the audit and risk committee and nomination committee.
Jonathon Bond, senior independent director of Jupiter, said: "I am very pleased to announce the appointment of Nichola. She is an outstanding successor to our outgoing chairman and brings significant relevant experience to the board. At a time when Jupiter is moving forward under new leadership and with a refreshed plan to grow the business, Nichola's industry expertise will prove invaluable.
"I would like to take this opportunity to express the board's gratitude to Liz Airey. We have benefitted immensely from her long and successful stewardship, during which the company has grown significantly while also navigating a rapidly evolving market environment. We wish her all the very best for the future."
Ms Pease added: "Jupiter is an exceptional firm with a high-quality team and an ambitious strategy to build the business over the next five years. I look forward to joining the board at a very exciting time for the business."