Jupiter Fund Management PLC (LSE:JUP) has agreed to acquire CCLA, the leading asset manager in the UK for the non-profit sector, for £100 million and announced plans to return 50% of 2025 performance fee revenue through dividends or share buybacks.
Founded in 1958, CCLA manages over £15.1 billion in assets for non-profit organisations including charities, religious groups and local authorities, and has delivered annual net inflows to long-term funds for 15 consecutive years.
It had revenue of £66 million and operating earnings of just under £13.00 million for the year ended 31 March 2025.
The acquisition, which is subject to regulatory approval, is expected to be "materially accretive" to management fee earnings per share from completion. It also expects cost synergies of at least £16 million annually by the end of 2027.
Jupiter CEO Matthew Beesley said: "The market-leading and well-respected CCLA brand will be maintained and we will together continue to deliver the same exemplary levels of service to CCLA's clients.
"This acquisition helps us to increase scale in our home market of the UK, where Jupiter is already a leading player, without any disruption to our existing clients.
"It opens up a new client segment for us, broadening our appeal to a range of charitable and religious institutions, both in the UK and internationally, while also allowing us to expand our existing presence in the UK Local Authority sector."
The purchase will be funded from existing cash resources, with no new shares or debt to be issued.