Jupiter Fund Management plc
1 April 2014
Sale of Private Client & Charities Operations
Jupiter Fund Management plc ("Jupiter", "the Group") announces that following a strategic review, it has reached an agreement to sell its Private Client & Charities operations to Rathbone Investment Management Limited ("Rathbones"), a subsidiary of Rathbone Brothers Plc, for a consideration of £43m, assuming all the £2.1bn of in-scope client assets transfer to Rathbones. The consideration will be received in cash and is subject to a minimum of £32m. The transaction is expected to complete towards the end of the third quarter of 2014.
As at 31 December 2013, Jupiter's private client assets under management totalled 7% of Jupiter's £31.7bn under management. Approximately 30% of the in-scope private client assets are held in collective vehicles run by the Group.
Maarten Slendebroek, Chief Executive of Jupiter Fund Management plc, said: "Our private client operations have been part of Jupiter since the Group was founded in 1985. However, the Group has evolved to become predominantly a mutual fund provider and we believe it is in the best long term interests of our private clients for them to transfer to Rathbones, a specialist wealth management organisation."
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For further information please contact:
Investors Media
Jupiter Philip Johnson Alicia Wyllie
+44 (0)20 7314 4807 +44 (0)20 7314 5573
FTI Consulting Laura Ewart Andrew Walton
+44 (0)20 3727 1160 +44 (0)20 3727 1514