Maarten Slendebroek, chief executive officer of Jupiter Fund Management, has snapped up a larger stake in his company following its recent share-price slide.
Slendebroek (pictured) bought £15,000 worth of Jupiter shares yesterday at a price of £3.64 each; the stock had been trading 11% higher at £4.15 at the end of July.
The chief executive now owns 0.038% of Jupiter, a position worth over £600,000 at current prices.
Jupiter’s recent share-price weakness followed the release of its half-year results last week, when the group revealed pre-tax profit had fallen by 18% despite net inflows of £875 million.
Jupiter attributed the lower profit to costs incurred in the sale of its private client division, a writedown of its investment in Adria, and a one-off gain in the equivalent period of 2013 from the disposal of its stake in Cofunds.
Despite the recent correction, Jupiter’s share price is still up by 48% over the past three years compared with a 16% rise by the FTSE 100.
Last week Slendebroek also told Wealth Manager of Jupiter’s plans to return more cash to shareholders.