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Threadneedle builds stake in Cofunds after buying from Jupiter

Threadneedle builds stake in Cofunds after buying from Jupiter

Threadneedle has increased its stake in platform Cofunds after buying more than 3% of the company from co-owner Jupiter Asset Management.

Threadneedle completed a deal earlier this year according to sources, building a 20% stake, while Jupiter's share in the platform has fallen from 13% to 10%, according to documents filed with Companies House.

Jupiter said yesterday in its interim results that it made a £1 million one-off gain from selling part of its stake in Cofunds, although it declined to comment on who had acquired the stake.

Cofunds, headed by chief executive Charlie Eppinger (pictured), said it was unable to comment on shareholder transactions.

Gartmore, Jupiter, M&G and Threadneedle backed Cofunds when it launched in 2001 before funds administrator IFDS and Legal & General bought stakes in 2003 and 2005 respectively.

Other shareholders include US venture capitalist Newhouse Capital Partners, which owns 18%, as well as IFDS which owns 24%. Prudential holds 3% while the largest shareholder, Legal & General, owns 25%.

Threadneedle declined to comment.

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