Jupiter Asset Management has promoted one of Anthony Nutt’s colleagues to act as deputy manager on the Jupiter Income Trust, which he manages.

Philip Matthews is to work as Nutt’s number two on the £2.5 billion fund, having previously worked as part of the UK equities team and managed the £102 million Jupiter Growth & Income fund.

John Chatfeild-Roberts, chief investment officer at Jupiter, said the investment house has built a strong reputation for developing its fund management team over the past decade.

He added, ‘Philip has proved his abilities as a fund manager over the last nine years and we believe the time is right for his efforts to be recognised with this promotion.’

Anthony Nutt, manager of the Jupiter Income Trust said that the UK equities team has grown in strength and depth during the past decade, through the nurturing of talented individuals.

He said, ‘Philip has been very successful in steering the Jupiter Growth & Income Fund through the last few turbulent years.

'He sits alongside me so I know him well; I look forward to working closely with him over the coming years.’