Sale of Private Client & Charities Operations

RNS Number : 6632D

Jupiter Fund Management PLC

01 April 2014

 



Jupiter Fund Management plc

1 April 2014

Sale of Private Client & Charities Operations

Jupiter Fund Management plc ("Jupiter", "the Group") announces that following a strategic review, it has reached an agreement to sell its Private Client & Charities operations to Rathbone Investment Management Limited ("Rathbones"), a subsidiary of Rathbone Brothers Plc, for a consideration of £43m, assuming all the £2.1bn of in-scope client assets transfer to Rathbones. The consideration will be received in cash and is subject to a minimum of £32m. The transaction is expected to complete towards the end of the third quarter of 2014.

As at 31 December 2013, Jupiter's private client assets under management totalled 7% of Jupiter's £31.7bn under management. Approximately 30% of the in-scope private client assets are held in collective vehicles run by the Group.

Maarten Slendebroek, Chief Executive of Jupiter Fund Management plc, said: "Our private client operations have been part of Jupiter since the Group was founded in 1985. However, the Group has evolved to become predominantly a mutual fund provider and we believe it is in the best long term interests of our private clients for them to transfer to Rathbones, a specialist wealth management organisation."

Ends

For further information please contact:

                                                   Investors                                   Media

Jupiter                                        Philip Johnson                            Alicia Wyllie

                                                  [phone]                   [phone]

FTI Consulting                           Laura Ewart                                Andrew Walton

                                                  [phone]                  [phone]

 

END

 

 

DISQKDDKDBKBCNN