Aviva Investors and Jupiter Asset Management are reshaping their equity businesses through senior appointments and changes to investment team structures.
Aviva Investors has appointed Luciano Lilloy as head of sustainable equities, a newly created role, and Duncan Bulgin as head of equity research.
Lilloy joins from Impax Asset Management, bringing experience in sustainable and thematic investing. He will also become a named portfolio manager on Aviva Investors’ Global Climate Equity Strategy.
Bulgin joins from GAM Investments and has more than 20 years of investment experience as an analyst and portfolio manager, including senior leadership roles at GAM and Newton Investment Management. Alongside his new role, he will oversee global commodities research.
Bulgin will succeed Max Burns, who will retire later this year following a phased transition. Burns joined Aviva Investors in 2016 and became head of equity research in 2022.
As part of the transition, Harsharan Mann will become co-portfolio manager of the Global Core Strategy, while Lilloy will assume Burns’ portfolio management responsibilities for the Global Climate Equity Strategy.
Aviva Investors has also brought its equity capabilities under a single leadership structure. Its Index Investments team will move into the equities business, led by Nicholette MacDonald-Brown, who joined the firm as global head of active equities in September 2025.
Jupiter rebuilds UK small-cap team
Meanwhile, Jupiter has hired George Ensor and Mayan Uthayakumar from River Global, which was recently acquired by Liontrust, to strengthen its UK small and micro-cap equities capability.
The pair have worked together for more than 10 years and managed more than £450m in small and micro-cap equity strategies for institutional and retail clients as at 31 May 2026.
Jupiter said the duo had consistently outperformed their benchmark, delivering first-quartile performance over one- and three-year periods to the end of May.
Ensor and Uthayakumar are expected to join Jupiter by January 2027 and will take over investment management of the asset manager’s existing UK SMID range following an orderly transition.
Their appointment forms part of a wider restructuring of Jupiter’s UK equities business under Adrian Gosden and Alex Savvides, who will lead the income and alpha investment teams, respectively.
Tim Service and Matt Cable will leave Jupiter in early 2027 following the transition.
