Jupiter boss rules out merger deal

Jupiter chief executive Maarten Slendebroek has put the kibosh on suggestions the firm is in the market for a merger with another asset management group.

In October it was reported that Macquarie was looking to acquire Jupiter, with both firms refraining from commenting on the speculation.

M&A activity has been ramping up in the asset management space recently.

Also in October, Henderson Global Investors and Janus Capital announced a planned merger for this year, while earlier this month Standard Life and Aberdeen revealed a tie-up to create the UK’s largest active asset manager.

Speaking at the annual Jupiter investment dinner in London last night, Slendebroek said that while an acquisition would be possible, the firm is capable of growing organically for years to come.

He said: “I look at the mergers in the asset management industry and think you have to be brutally dedicated to cost-cutting.

“It is eminently doable; we can definitely do that. But our current size is £40bn and we can grow for years to come using the same strategy. We are in good shape. We are not looking to be acquired by anyone. We have enough capital and pay a generous dividend.”

In its 2016 results, Jupiter announced net inflows of £1bn, although admitted international diversification had compensated for “a tough year in the UK”.