Edward Bonham Carter has today officially handed the CEO role at Jupiter Fund Management to Maarten Slendebroek.
Value is drying up among the largest investment trusts in the market, with discounts shrinking as buyers favour more liquid products.
Jupiter shares have fallen almost 5% in morning trading after TA Associates sold its final 10.6% stake in the company.
Jupiter CEO Edward Bonham Carter has sold one million shares in the company as he prepares to step back from running the business.
Jupiter saw its AUM hit a new record in 2013, driven by strong flows into several key funds.
Scotland's £800bn fund management industry has begun to step up contingency plans in the event the country's populace votes for independence this September.
Rathbones has reported a 15% increase in pre-tax profit for 2013, to £44m, but its interest in a potential purchase of Jupiter's private client business remains uncertain.