Jupiter Asset Management’s owner Commerzbank says it will decide whether to float the firm on the London Stock Exchange by the end of the year.City estimates value Jupiter at 1bn although both sides stress no decision has been made. Jupiter recently put in place a long-term incentive scheme for key managers, echoing Gartmore’s lock-in of key staff before being bought by Hellman and Friedman last week. A Jupiter spokeswoman says: “We would like to make it clear to our investors that our managers are locked into the business. We welcome the fact that Commerzbank is looking into this. If a float did go ahead, it would be positive and a natural progression for the group.” A Commerzbank spokesman says: “We are investigating the possibility of an initial public offer for Jupiter and a decision will be made by year-end.”
AIG is entering the UK bulk annuity market to challenge the dominance of Prudential and Legal & General. The US firm, which is rumoured to be interested in making a bid for Pru, says it will also be looking at other pension opportunities in the UK. It is moving into the market with Higham Group […]
The Investment Management Association says the White Paper is a major step towards achieving a pension system fit for the 21st Century. It welcomes the Government’s preference for a single, centrally-run national personal accounts scheme. The Association of British Insurers says the White Paper points pension policy in the right direction and provides a solid […]
Swiss Re and its core operating companies will remain on Standard & Poor’s CreditWatch with negative implications, where it was placed on November 18, 2005 following the plans to acquire GE Insurance Solutions. The CreditWatch placement will be resolved in June upon the completion of the acquisition of GEIS, which is still pending regulatory approval.The […]
You may be pleased to know that the World Cup has not been delayed. Imagine if Fifa announced that due to countries disagreeing about the quality of the pitches, it had been decided that the World Cup would be pushed back to 2007. It would cause worldwide outrage.
Macroeconomic matters are less significant for stockpickers, says fund manager Philip Wolstencroft. The companies in his portfolio are growing reliably and stand at a 20 per cent discount to the market.
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
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