Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Jupiter boss pounces on share weakness with £15k purchase

Jupiter boss pounces on share weakness with £15k purchase

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Your Business: Cover Star Club

Profile: Barclays' former advisory boss on his move into property

Profile: Barclays' former advisory boss on his move into property

On paper, Rick Denton might have been expected to finish his career in banking

Wealth Manager on Twitter