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Towry, Rathbones and Quilter Cheviot eye Jupiter wealth arm

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Towry, Rathbones and Quilter Cheviot eye Jupiter wealth arm

Jupiter Fund Management is considering selling its wealth management division, with Towry, Quilter Cheviot and Rathbones all in the frame to buy the business, which is worth an estimated £50 million.

The Sunday Times reported that Jupiter has appointed investment bank Evercore to examine the division’s future after it received an unsolicited offer for its wealth management arm, which has £2.2 billion of assets under management.

The private client arm accounts for 7.5% of Jupiter’s total funds under management, according to the paper.

The possible sale follows the news that chief executive Edward Bonham Carter (pictured) plans to stand down from the role in March 2014.

He will be replaced as chief executive by Maarten Slendebroek, but will remain on Jupiter’s board and take on a new executive role as vice chairman.

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