Jupiter and TA Associates complete MBO

Jupiter and TA Associates have completed the management buy out (MBO) of the asset management group from former owner Commerzbank after receiving the green light from the Financial Services Authority (FSA).

The MBO which was initially agreed in March at a price of £740 million sees Jupiter and private equity group TA Associates take joint ownership of the firm with Jupiter controlling the majority stake.

Jupiter chief executive Edward Bonham Carter becomes group chief executive of the new Jupiter Investment Management board which also includes Philip Gibbs, Anthony Nutt, and John Chatfeild-Roberts, along with Jonathan Carey and Adrian Creedy who become group executive deputy chairman and chief operating officer respectively.

TA Associates will have three representatives on the new board with the group still looking to recruit an independent chairman.

Bonham Carter said: ‘Our new ownership structure creates considerable certainty for our clients going forward, with both Jupiter’s senior management team and employees participating in equity ownership of the business alongside TA Associates.’

‘We believe the asset management sector in the UK and Europe is in the early stages of a significant growth phase and TA Associates’ considerable experience in asset management will undoubtedly help us achieve our goal of increasing our share of these markets.’

Ajit Nedungadi, managing director and head of TA Associates’ London office, said: 'We are confident that Jupiter’s powerful brand and investment performance will continue to provide a strong platform for future growth and are delighted to have completed this investment in partnership with management.

'TA has now invested over €1 billion in ten investments in Europe over the past five years.'