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Petheram has returned just 17.4% over the last five years, placing the fund 80 out of 93 funds in Citywire's Sterling Corporate Bonds sector.
Assets in the fund have roughly halved over the last five years, as investors have withdrawn money, and currently stand at £143 million.
Petheram will work alongside Talib Sheikh, who will join Jupiter as head of multi-asset strategy next month.
Petheram (pictured) will also continue to run the bond portion of the Jupiter Distribution , Distribution and Growth and Enhanced Distribution funds. Alastair Gunn runs the shares portion of each of the three portfolios.
Richards joined Jupiter from university in 2011 and been a member of the fixed income team since 2013. He will co-manage the Corporate Bond fund with Darling, who joined the company in 2015 as a credit analyst in fixed income.