Jupiter nets £22m from sale of private client arm

Jupiter Fund Management saw a net inflow of more than £1bn into its fund range in the nine months to September, a period in which it concluded the sale of its private client business to Rathbones.

In a trading update covering the three months to 30 September 2014, the group reported AUM of £31.7bn following the sale of its private client arm in a deal which will net the group proceeds of £22m. Jupiter said it intends to return these proceeds to shareholders via a special dividend after its full-year results.  Following the sale, Jupiter said it has virtually eliminated its private clients line and has reclassified 30% of its AUM into other categories as these assets are still managed by the group. The group reported net mutual fund inflows of £231m in the three months to end S...