UPDATE 1-Jupiter names veteran fund manager Nichola Pease as chairman

(Adds background, director comment)

Nov 6 (Reuters) - UK’s Jupiter Fund Management on Wednesday appointed industry veteran Nichola Pease as non-executive chairman, months after its star fund manager Alexander Darwall decided to start a rival investment firm.

Jupiter has seen net outflows of 1.3 billion pounds ($1.68 billion) in the third quarter, mainly from its European growth fund, which was managed by Darwall.

Pease, who has over 30 years of experience in the asset management and financial services sector, will replace Liz Airey who was chairman for five years, the company said.

Pease is the wife of Odey Asset Management founder Crispin Odey and was previously on the board of asset manager Schroders Plc.

“At a time when Jupiter is moving forward under new leadership and with a refreshed plan to grow the business, Nichola’s industry expertise will prove invaluable,” Jonathon Bond, senior independent director of Jupiter, said. ($1 = 0.7761 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur)