Jupiter Asset Management (Jupiter) has promoted its alternatives specialist Magnus Spence, appointing him as head of its investment trusts.

Mr Spence joined Jupiter in 2016 as head of alternatives. In his expanded role, he will continue to be responsible for the firm’s alternatives business while holding new responsibilities. He takes over Jupiter’s investment trust business from Richard Pavry, who is leaving the firm next month.

The asset manager is aiming to develop its investment trust capabilities, with Jupiter enjoying an extensive history in this sector. Jupiter has managed investment trusts since the company’s inception in 1985, when it was appointed as manager to River Plate and General Investment Trust PLC.

In 1989 the firm launched the first green investment trust, Merlin International Green Investment Trust PLC. More recently, it has launched, or been appointed to manage, a wide variety of investment trust strategies, including Jupiter Emerging and Frontier Income Trust and Jupiter US Smaller Companies PLC.

Mr Spence has nearly two decades of experience in the alternatives asset management industry. Earlier this year he played a key role in the re-positioning of the Jupiter Monthly Alternative Income Fund, a fund of investment trusts investing across a range of alternative assets. Prior to joining Jupiter, he worked as head of product at Fidante Partners (formerly Dexion Capital plc, a firm specialising in alternative investment trusts), and was also chief executive officer and managing partner of Dalton Strategic Partnership LLP.

Commenting on the appointment, chief executive officer said Andrew Formica said: “Our strong history of delivering both income and capital gains over many years to shareholders in our investment trust range mean we are well positioned as we continue to develop this important part of our business under Magnus’s leadership. Our thanks go to Richard for his valuable contribution to the success of the business over the last 20 years.”