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 Ombudsman Service has told Kingswood Financial Advisors to compensate a client over a Sipp investment in an unregulated Harlequin property fund. The case concerns Mr B’s complaints about the advice he received regarding two unregulated investments: one into a Harlequin property fund and the other into Green Oil. The ombudsman’s ruling relates to […]
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The FCA is reviewing the market for preference shares following the furore over Aviva’s recent decision to cancel its high-yielding preference shares at par value. FCA chief executive Andrew Bailey says in a Dear CEO letter that the regulator is reviewing the prevailing market for certain fixed income shares, particularly those classed as perpetual, irredeemable […]