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Duffield to set up another company

John Duffield, who departed as boss of Jupiter last week, is to launch a

new asset management company.

Duffield is also planning legal action against Jupiter&#39s parent company

Commerzbank for unfair dismissal.

The 60-year old founder of Jupiter left after a row with Commerzbank over

£80m which he claimed was owed to him and his colleagues. Commerzbank

are reported to have agreed to the payment on the condition that Duffield

left immediately.

The news of Duffield&#39s new firm comes as Jupiter&#39s new CEOs, Edward

Bonham-Carter and Jonathan Carey, are trying desperately to hold the

company together.

Since Duffield&#39s departure, eight of the nine Jupiter directors have also

left, with fears that there will be further departures on the fund

management side as the month progresses.

Many of the fund managers received payouts of over £1m when

Commerzbank bought out the remaining quarter of Jupiter a month ago.

In an effort to prevent a panic sell-off, Standard & Poor&#39s rating service

issued a statement saying it would not be withdrawing any of Jupiter&#39s five

A and AA fund ratings last week. However, several major IFAs are already

advising clients to sell holdings in the company.

l Investment, p30

The Scottish Amicable Barbarians concluded their traditional end of season

rugby tour withan 85-10 trouncing of English Premiership cham- pions

Leicester Tigers. The match at Twickenham saw a star-stud- ded Baa Baa

line-up, including All Black great Zinzan Brooke, making his last

first-class appearance, emb- arrass a Leicester side.

The line-up also featured England star Lawrence Dallaglio, pictured

scoring early in the match. The game rounded off a successful tour for the

Barbarians, who beat Scotland 45-42 and Ireland 31-30.

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