Jupiter has hired Magnus Spence as head of its alternatives investment division.

Spence, who has head of product at Fidante Partners (formerly Dexion Capital), will take up the new role at the end of August.

He will focus initially on the current range of Jupiter long/short equity UCITS products.

In the medium term, Magnus’ focus will be on broadening Jupiter’s alternatives product range across asset class, region and country.

He will report into Stephen Pearson, chief investment officer, and work with James Clunie, head of strategy, absolute return.

Prior to Fidante, Spence was chief executive and managing partner of Dalton Strategic Partnership from 2011-2014, a specialist equity firm which he co-founded in 2002. 

“We are very much looking forward to welcoming someone of Magnus’ experience and calibre to the investment management team we are building at Jupiter," said Pearson.

"Magnus will be working closely with me, James and the fund management team to strengthen and broaden our presence in the alternatives sector. This is an asset class which is highly sought after and important for the future development of our investment proposition’’