Britain's Jupiter takes global equities team from fund firm Origin
LONDON, Oct 3 (Reuters) -British asset manager Jupiter JUP.L said on Thursday it was acquiring a team of fund managers and more than 800 million pounds ($1.05 billion) of assets from fund firm Origin, as it tries to grow in emerging market and global equities.
The London-based company also announced that Nick Payne, a well known manager in its global emerging market equities team, would leave Jupiter at the end of the year "to pursue other opportunities".
Jupiter, which manages about 51 billion pounds in assets, has like many mid-sized European fund managers suffered from a squeeze on fees and rise of lower-cost passive investing, which has left many of its active investment strategies out of favour.
Shares in London-listed Jupiter Fund Management have fallen 5.5% so far in 2024 and are down more than 60% in the last 3 years.
The acquisition will see a team of five from Origin join Jupiter. Most of the assets are from institutional clients spanning Europe, Canada and Australia, and fit with Jupiter's "strategically important growth areas" of institutional clients and its international business, the firm said in a statement.
Kiran Nandra, Head of Equities at Jupiter, said in a statement that the acquisition was "an important part of our efforts to increase scale across our Emerging Markets capabilities", as well as growing Jupiter's global equities range and giving it a start in global smaller companies-related strategies.
($1 = 0.7626 pounds)
Reporting by Tommy Reggiori Wilkes;Editing by Elaine Hardcastle
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