Stifel downgrades Jupiter's Chrysalis to 'Sell'

Spooked by Starling purchase

Stifel, the global wealth management and investment banking group, has downgraded Jupiter’s Chrysalis investment trust to a ‘Sell’ rating.

Analyst Iain Scouller pointed to the £20m purchase of Starling Bank shares yesterday (7 February) by Chrysalis as the primary reason for the downgrade. "We are surprised at this additional £20m investment in Starling Bank, and our ‘first-read' is that this is an unnecessary purchase of shares from other Jupiter managed funds," he wrote. Jupiter's unlisted assets ban hailed as 'positive move' for investors The move has been made by Stifel as Jupiter revealed it is going to stop investing in unlisted assets via open-ended funds following deteriorating investor sentiment. This poli...