Jupiter Fund Management's Chief Investment Officer, John Chatfeild-Roberts, has stood down as manager of one of its flagship funds, leaving deputy manager Simon Somerville to take his place.

Chatfeild-Roberts, who became CIO last year, will swap roles with Somerville to become deputy manager of the 256 million pound Jupiter Global Managed Fund, Jupiter said in a statement on Tuesday.

Somerville will remain lead manager of two Jupiter Japan funds, supported by Dan Carter who takes on the role of deputy manager.

In June Chatfeild-Roberts sold close to 2.8 million shares in Jupiter after a post flotation lock-in expired, for around 6.7 million pounds, leaving him with a 1.56 percent holding.

The fund firm, which listed last year, recently issued a third quarter trading statement showing 300 million pounds of new client money had come in over the period.

It also revealed weak stock markets had driven assets under management down 2.5 billion pounds to 22.3 billion, despite the inflows.

(Reporting by Tommy Wilkes; editing by Chris Vellacott)