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Jupiter MBO is joint private equity deal

Jupiter’s senior management is buying the firm from Commerzbank, taking joint ownership with private equity firm TA Associates for a sum exceeding the German bank’s price tag of £740m.

Edward Bonham Carter will be group chief executive of Jupiter Investment Management Holdings, with three Jupiter fund managers, Ant-hony Nutt, Philip Gibbs and John Chatfeild-Roberts, on the board.

Bonham Carter will cont-inue to manage his £272m undervalued assets fund and stresses that TA Associates is a long-term investor, unlike many private equity players.

The deal, which was announced on Tuesday, will see the MBO completed in July, subject to FSA approval.

Commerzbank, which first invested in Jupiter in 1995, will make about £204m from the transaction.

Jonathan Carey, who has been joint chief executive with Bonham Carter since 2000, has been appointed deputy chairman, with Adrian Creedy appointed chief operating officer. TA Associates will also have three members on the board, including managing director Michael Wilson.

Bonham Carter says: “We have been looking into this for the past year and the result of this is going to be more of the same for Jupiter as we cont-inue to move into new areas such as continental Europe and the private client and hedge fund arena.”


Keeping it in the family

The taxation of scheme pensions is to be brought in line with changes to Asp death benefits announced in last year’s pre-Budget statement. This effectively kills off small “family” pension schemes. Changes already announced last December will introduce a Draconian 70 per cent tax charge on inter-generational pension inheritances. In addition, inheritance tax continues to […]

Scot Life creates worksite marketing role

Clare Thomson has joined Scottish Life to the new role of workplace marketing manager within the corporate business team.She will report to head of corporate business Mark Polson, working closely with IFAs to create scheme-specific communication strategies to help advisers and employers communicate pension benefits more effectively to staff.  Thomson will also assume overall responsibility […]

Germany set to open up market for Reits

Germany is being put forward as the next major growth area for Reits by La Salle Investment Management.La Salle, which runs the Skandia Investment Management global property securities fund, expects Germany to introduce a real estate investment trust reg-ime in July.Managing director Todd Carter says the primary reason for holding assets in a Reit fund […]

Batchelor focuses on UK for Lehman

Guy Batchelor has been appointed as Lehman Brothers UK mortgage business sales and marketing director.Former Platform head of sales and marketing Batchelor has been with Lehman since January as franchise development director for Europe but has now switched to a UK-only focus.It also means he will retain his front-line role in the media spotlight that […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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