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Edward Bonham Carter, Jupiter’s joint group chief executive, said: “Senior management has committed significant personal assets to take joint ownership of the business with TA, with employees also participating in equity ownership.” The partnership couldn’t be more suited as this marks TA Associates’ 10th investment in the global asset management sector.
The sale will allow Commerzbank to focus its asset management business on its core market in Germany and lead to an extraordinary capital gain for the bank in the region of £300m. Ajit Nedungadi, managing director and head of TA Associates’ London office said: “Jupiter is a powerful brand in the UK fund management industry, driven by an impressive record of investment performance and growth. The investment fits very well with TA’s focus on growth businesses in targeted industries in the UK and on the Continent.”