Mitchell, who joined the firm in February, replaces Simon Somerville, who has managed the £316 million ($487 million) fund since 2011. He will assume his new role next month, while Somerville will continue as head of Japanese equities, Jupiter confirmed.

Under the new management, the fund will still be run as a global portfolio but hold fewer stocks, and for a longer period, with a greater focus on dividend growth.

“Global equities is an important and growing asset class with the opportunity to add significant value for investors from an active management style,” said Jupiter Asset Management's head of investments, Stephen Pearson.

“Stephen’s experience and proven investment process combined with the ability to invest across the globe without benchmark constraints will, we believe, drive returns for investors over the long term.”

The Jupiter Global Managed fund's year-on-year growth ending 31 January 2015 stood at 13.6 per cent. On Thursday, Hargreaves Lansdown removed the fund from its Wealth 150 list of favourite funds across major sectors.