Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: how to control your destiny in an age of regulation

Profile: how to control your destiny in an age of regulation

‘RDR was good news to us because it aligned our practices with the industry,’ says Courtiers boss Jamie Shepperd

Wealth Manager on Twitter