Jupiter shares drop as private equity firm sells final 10% stake

Jupiter shares have fallen almost 5% in morning trading after TA Associates sold its final 10.6% stake in the company.

TA Associates sold 48.6m shares in the fund group at a price of 406p apiece yesterday, netting it £197m in the process. Jupiter shares were off 4.6% at 409p this morning as a result of the disposal, though they remain up 6% year-to-date and up 20% on a one-year view. The private equity group, which backed Jupiter's management buyout in 2007, held as much as 22% of the firm's share capital as of 2010. It began gradually reducing that stake over the course of 2011 before disposing of its final holding yesterday.