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Jupiter jumps into FTSE 250 as market cap soars to £1bn

Urquhart-Stewart: ‘Invest in fund managers rather than the stock’
Urquhart-Stewart: ‘Invest in fund managers rather than the stock’

Jupiter is being promoted to the FTSE 250 index of mid-sized equities as part of the index’s latest rebalancing.

The company floated on the London Stock Exchange in June this year at 165p a share and was trading 37 per cent higher last week at 226p.

The price level means the firm, which has 400 staff and the majority of its clients in the UK, now has a market capitalisation of just over £1bn. This compares with FTSE 250-listed Aberdeen Asset Management, which has 1,805 staff in 24 countries and a market cap of £1.6bn.

Jupiter will make its debut in the FTSE 250 on September 20. Several brokers have recently initiated coverage on the company, including RBS, which issued a buy rating on August 28 and set a 265p target price.

Seven Investment Management co-founder Justin Urquhart Stewart says: “Jupiter is a one-off, in that you have got some very good fund managers with a great track record. I would rather invest in the fund managers than the stock.”

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