Rathbones in the frame as Jupiter considers private client sale

Jupiter is looking at a sale of its private client business after receiving an unsolicited bid for the division, according to reports.

Groups including Rathbones, Towry an Quilter are looking at a £50m acquisition of the unit, which has £2.2bn in funds under management, according to the Sunday Times. The paper reports that specialist investment bank Evercore has subsequently been hired by Jupiter to examine a possible sale of the business. Broker Numis estimates the private client division is worth around £27m-£34m, excluding balance sheet capital, and suggested the fund house could use proceeds to pay a special dividend. "On the face of it, a £50m offer would appear to make financial sense for Jupiter to sell […]...