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.

TA Associates puts final 10.6% Jupiter stake on sale

TA Associates puts final 10.6% Jupiter stake on sale

TA Associates has sold its final 10.6% stake in Jupiter Fund Management.

The private equity firm supported Jupiter's management buyout in 2007, buying a tranche of ordinary shares at 2p. It increased its holding to a high of 22.3% on the firm's float in 2010, priced at 165p per share.  

TA started winding down its holding in May 2011 when it trimmed its stake from 22.3% to 19.03%. A series of transactions over the following months reduced its stake to 10.6%.  

The sale of the outstanding 48.6 million shares, done through a placing with JP Morgan, was at 406p per share, netting TA Associates £197.2 million.

Earlier in the week it emerged Jupiter chief executive Edward Bonham Carter (pictured), who is being replaced by Maarten Slendebroek on 17 March, had sold a £4.4 million stake in the firm. The move reduced his total holding to a little more than 12 million shares, accounting for a 2.62% interest.

News of the TA disposal comes after last week's full-year numbers from Jupiter showed profit increased by 55%.

At the 10.30am, shares in Jupiter had lost 4.2% to stand at 410.8p versus a 52-week high of 447.6p.

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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter