Jupiter Asset Management has named Andrew Clark - the former head of business development for Schroders’ private banking arm - as its new head of private clients and charities.

Jupiter Asset Management has named Andrew Clark - the former head of business development for Schroders’ private banking arm - as its new head of private clients and charities.

Clark is succeeding Colin Chisholm. “Colin has been combining the role of head of private clients and charities together with managing his own clients for 16 years,” a spokesperson for Jupiter told WealthBriefing. “However, as the private client business has grown, it has become harder to manage both roles. Colin has decided he would prefer to manage his client portfolios rather than continue as head of the team and so we have appointed a new head of private clients and charities.”

Clark, who joins Jupiter in early December, took up the business development role at Schroders in April 2010. Before this he spent 15 years with Merrill Lynch’s private client division, and its predecessor firms BlackRock and Mercury Asset Management. His most recent role with Merrill Lynch Global Wealth Management was that of managing director, head of discretionary, EMEA.

In his new role Clark is charged with pushing forward the expansion of Jupiter’s private client division, which is now 24-strong and has £1.8 billion ($2.9 billion) in assets under management – a figure which has doubled over the past four years.

It is understood that Clark will not be bringing over any colleagues from Schroders to Jupiter.

Jupiter made a profit before tax of £31.2 million in the six months to 30 June, down from £37.3 million in the same period last year. Similarly, the group's revenue total of £117.7 million during the first half of 2012 was lower than the £128.3 million it reported for the first six months of 2011.