Pidcock is well-reputed in the industry, having managed the £4.4 billion Newton Asian Income Fund since it launched 10 years ago. The fund has returned 64 per cent over the past five years, compared to a sector average of 35.9 per cent.

“For Jupiter, this is a significant announcement; in recruiting Jason Pidcock they have gained a rising star of the sector. With the established Asian funds struggling for capacity there is plenty of opportunity for fund groups to provide funds for UK investors looking to invest in Asia,” said the head of investing at AXA Self Investor, Adrian Lowcock.

Upon joining Jupiter later this year, Pidcock will be responsible for the firm's larger-cap Asian income strategy.

“Jason’s focus on a combination of income and growth, typically found among large capitalisation stocks across the Asia-Pacific region will add a new dimension to our offering, dovetailing with our existing strategies and giving us the ability to provide clients with a broader range of products to suit their investment objectives. We are delighted he will be joining Jupiter,” said Jupiter's head of investments, Stephen Pearson.

Pidcock's resignation from Newton has triggered fund rating service FundCalibre to remove its “elite” rating of the Newton Asian Income fund. Meanwhile, Morningstar, the investment manager and fund tracker, which gave the fund a “silver” rating, has now placed the fund under review.