Jupiter Asset Management head of UK Selina Tyler on three key areas of wealth-manager demand in 2026
Where – and why – are you anticipating demand or fund-flows from UK-based wealth managers and their clients over the next 12 months?
Over the next 12 months I see three clear areas of demand from UK wealth managers and their clients. The first is high-conviction regional equities. Many allocators are reassessing long-held passive exposures, particularly to the US, and are looking for active managers who can offer something genuinely differentiated. That is driving interest in named, high-conviction strategies in areas such as European equities, Asian income, Japan, India and UK equities.
The second is a continuation of appetite for alternatives. In particular, clients are looking for liquid alternative strategies that can deliver a different risk and return profile and reduce correlation to more traditional equity and bond allocations.
The third theme is income. After a period of higher inflation and higher rates, the search for sustainable income across asset classes remains very strong. Wealth managers are looking to strategic bond, high-yield bond and equity income strategies, among others, to deliver regular cashflows. The important point for us is that this demand is predominantly in liquid vehicles that can sit at the heart of a diversified portfolio, rather than in illiquid structures that may be harder for advisers and end-clients to manage.
How are you planning to address and serve that interest?
Jupiter has always sought to offer something differentiated. By design, our portfolios are high-conviction and our culture is built on the independence of our fund managers. Clients come to us when they want active management that looks and feels different to an index, supported by a strong investment culture.
On the distribution side, we think very carefully about how we organise ourselves to serve UK wealth managers. We have regional teams across the country – not just in London – and our fund managers are very willing to meet clients in person.
That matters when advisers want to understand exactly how a strategy works, how it behaves in different markets and where it can add value in a client portfolio. Whether it is European equities with Niall Gallagher, Asian income with Jason Pidcock, India with Avinash Vazirani, or UK equities with managers such as Alex Savvides and Adrian Gosden, we know there is real value in those direct conversations.
We are also investing in data and insight. External provider tools, alongside our own data, help us understand existing usage, gaps in client portfolios and where our strategies may be most relevant. That allows us to tailor our engagement and to focus on the areas where we can genuinely help.
Ultimately it is a combination of listening carefully, understanding the needs of advisers and their clients, and ensuring we are structurally set up, with the right people and the right information, to serve those needs over the long term.
Are you seeing a divergence in the demands of UK wealth managers versus, for example, their peers in Europe or on the institutional side in the UK?
Across wealth channels, whether in the UK or in Europe, I see very similar themes. There is strong interest in active, differentiated strategies, a desire for alternatives that can diversify risk and a continued need for income. Clients in the UK and across Europe are widening the opportunity set they consider because they recognise what worked in previous cycles may not be sufficient in the next.
The more pronounced divergence is between wealth and institutional clients. UK institutional investors have used systematic approaches for a long time – and what is interesting now is the democratisation of quantitative techniques.
We see increasing interest from wealth managers in strategies that incorporate systematic elements, both in absolute return, through strategies such as Jupiter Global Equity Absolute Return, and in systematic long-only regional and global equity approaches. On the institutional side, there is often a greater degree of customisation, with mandates designed very precisely around specific objectives and constraints.
At the same time, demand within wealth for high-conviction active equity strategies remains very strong. Clients are looking for experienced managers with clear philosophies in areas such as European equities, Asian Income, India and UK equities, and they value the ability to access those views in a straightforward fund format.
On the fixed income side, we see complementary demand for strategies such as Strategic Bond, Monthly Income Bond and High Yield – particularly where they can provide regular income. Many wealth managers are gradually unravelling large passive positions, especially in US equities, and are redeploying into active strategies across both equities and bonds. In my view, that puts a premium on having a healthy, robust investment culture to house those investors.
As a business, how do you define ‘alternative’ and ‘private’ assets and to what extent should asset managers be looking to service investor demand here?
Definitions of alternatives have moved around over time but the most practical way we think about them is as strategies that offer an uncorrelated or clearly differentiated return profiles relative to traditional long-only equity and bond funds. For us, this includes approaches that can reduce overall portfolio correlation and provide additional sources of return.
At Jupiter, our focus today is on the liquid alternative end of the spectrum within public markets. That includes strategies that use different tools to manage risk and return, alongside exposures such as gold and silver that can act as portfolio diversifiers. We want clients to have clarity about what they own, how it behaves and how it can be combined with their existing holdings, rather than reaching for very complex or opaque structures.
On private assets, we are not currently active in pure-play private markets such as direct private equity or private credit. The immediate demand we see from our UK wealth client base is for liquid alternatives that sit comfortably alongside their existing open-ended funds. That said, we keep a close eye on how client needs evolve across all asset classes.
‘ESG is dead – long live ESG 2.0’ – your thoughts as a distributor, please?
ESG is not dead. What has changed is that investors and the industry are asking more detailed and more demanding questions about what ESG and sustainable investing should look like in practice. I see that as a sign of maturity rather than of decline.
At Jupiter, we have integrated ESG considerations into our investment processes, where they are material, and we also run dedicated sustainable strategies where portfolio managers have deep experience in this area. Our active stewardship is an integral part of how we invest, not an add on. Managers such as Alex Savvides in UK equities, alongside our Global Leaders and environmental strategies, spend a significant amount of time understanding companies and engaging with management teams.
From a client perspective, behaviour is shifting as the great intergenerational wealth transfer continues. Many investors, particularly younger ones, are more ‘values driven’ and want their investments to reflect that.
Sustainable considerations will continue to be a key driver for a meaningful segment of clients. The integration of CCLA into Jupiter is an important development in this context. CCLA brings longstanding expertise in responsible investment and stewardship, particularly for charity, church and public-sector clients, and that experience will strengthen Jupiter’s capabilities more broadly.
What drives your approach to client communication? And is there a case for focusing on attracting the ‘right’ type of client?
Our approach to communication is driven by alignment, focus and relevance. We want to build long-term relationships with wealth managers who value active management and who see us as a partner in serving their clients. That means being honest about where we can add value.
Data plays a central role in how we do this. We use external tools, plus our own client analytics to understand what different advisers are interested in, what they already hold and where we may be able to help. That allows us to be far more targeted. The days of ‘spamming’ contacts with all our solutions are over.
Instead, we focus on providing timely, relevant insights in the format that works best for each client. We communicate in the format our clients prefer – whether that is via video content, written content, webinars, Teams calls, telephone conversations or in-person meetings. We can, and we do, do it all.
Physical presence remains very important. We cover the whole of the UK through our regional teams and we place real value on being able to sit down with advisers and wealth managers wherever they are based. We work best with firms that want to build long-term partnerships and are prepared to think in terms of full market cycles. The way we communicate, including how we show up in difficult markets, is a key part of earning and maintaining that trust.
Outside of work, what is the strangest thing you have ever seen or done?
I am a long-time Fulham supporter and had a season ticket at Craven Cottage when I was younger. The strangest experience was probably running into Michael Jackson at a Fulham home game. It was a very surreal afternoon – and certainly not something you expect when you go to watch your team play.
May we have two book recommendations, please – ideally, one with an investment connection?
The first book I would recommend is Mothers Work! How to Get a Grip on Guilt and Make a Smooth Return to Work by Jessica Chivers. The author specialises in return-to-work coaching and the book was genuinely transformational for me when I returned to work after having my first child. It helped me navigate the practical and emotional aspects of that transition and gave me confidence it was possible to build a career in financial services while being a present parent. We have since invited Jessica to speak to returning mothers, which has been incredibly valuable.
The second is The Challenger Sale by Matthew Dixon and Brent Adamson. This book identifies different sales profiles and behaviours and looks at how they influence client outcomes. For me, it has been very helpful in thinking about how to manage a sales team and how we interact with clients, with a strong emphasis on authenticity and on building long-term partnerships rather than short-term transactions. In the context of distribution in asset management, that mindset is absolutely critical.
Gazing into your crystal ball, what does the asset management sector look like 10 years from now?
In 10 years’ time I expect the sector to have been shaped by a continued disintermediation. Asset managers will therefore need to add more value and understand the end-client better than ever. We will need to be very clear about how we add value to our clients – and to their end-clients also.
There will almost certainly be further consolidation and the trends that are already visible today, such as the intergenerational wealth transfer and digitalisation, will be much more advanced. Technology and data will play a larger role in how portfolios are constructed, monitored and reported, and in how clients experience investment products day to day.
Within that, I believe the core differentiator will remain investment capability, but the range of wrappers through which that capability is delivered will continue to expand. Active ETFs are likely to be a much more significant part of the landscape, alongside more traditional funds.
Managers who can take strong active investment processes and express them through different wrappers that suit different client needs, while maintaining clarity, stewardship and good communication, will be well-placed in that future environment.
“Many allocators are reassessing long-held passive exposures, particularly to the US, and are looking for active managers who can offer something genuinely differentiated.
