Jupiter to use £16.5m Cofunds sale cash to pay down debt

Jupiter said today it intends to use the money raised from the Cofunds sale to pay down debt as it unveiled a near £3bn rise in assets under management.

In its Q1 2013 interim management statement, the group - which agreed a deal last month to offload its stake in platform giant Cofunds - said it would net a total of £16.5m, likely received this quarter. Jupiter intends to use this to pay off some of the group's existing debt. "Jupiter will receive net proceeds of £16.5m at completion, likely in Q2, and will use this cash to reduce the Group's gross debt," it said. The brief update from the group - which yesterday confirmed popular manager Philip Matthews would be leaving to join Schroders later this year - also revealed assets had...