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Jupiter and TA Associates complete MBO

Jupiter and TA Associates have completed the management buyout of Jupiter Group from Commerzbank AG for £740m.

The MBO has been approved by the FSA, seeing Jupiter and US private equity firm TA Associates taking joint ownership of the group.

Jupiter’s senior management team – including Bonham Carter and fund managers Anthony Nutt, Philip Gibbs and John Chatfeild-Roberts – have a majority stake in the business and employees were given, and nearly all have accepted, the opportunity to acquire shares in the new holding company.

Jupiter Investment Management chief executive Edward Bonham Carter says: “We are delighted to have completed this transaction and to have TA Associates as our partner. Our new ownership structure creates considerable certainty for our clients going forward, with both Jupiter’s senior management team and employees participating in equity ownership of the business alongside TA Associates.

“We believe the asset management sector in the UK and Europe is in the early stages of a significant growth phase and TA Associates’ considerable experience in asset management will undoubtedly help us achieve our goal of increasing our share of these markets.”

TA Associates managing director Michael A R Wilson says: “We are pleased to complete our eleventh asset management investment and look forward to working closely with Jupiter management to help them continue building value for clients, employees and shareholders.”


The food chain

The battle to which I referred last week does appear to be continuing, albeit sotto voce rather than roaring. Markets are swinging around, caught in the tides of news and data.

Scot Prov appoints Medicals Direct

Scottish Provident announced today it has appointed Medicals Direct as its medicals service provider.Medicals Direct has access to a network of doctors and nurses throughout the UK and provides medical services to adviser clients. Both the adviser’s client and Medicals Direct will receive notification when Scottish Provident underwriting requests a medical or health test then […]

LibDems unveil tax reform plans

The LibDems are calling for a major reform of the tax system including the scrapping of capital gains tax taper relief and raising the IHT threshold. They have developed a six-point plan that proposes the abolition of capital gains tax taper relief in response to the current private equity debate and the introduction of capital […]

Gil Knight replaced on Gartmore US opportunities and growth funds

Gil Knight is to be replaced by Marsico Capital Management as manager of Gartmore’s US opportunities and US growth funds.Marsico is based in Denver and specialises in US large and multi cap equity mandates.The deal is an exclusive tie-in with Gartmore in the UK and the first presence for Marsico in this country. It currently […]

Cricket - thumbnail

England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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