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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.”

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