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Jupiter ascends as investors applaud Merian Global buy

Merian has £22.4bn under management and will significantly diversify Jupiter’s business

Jupiter Fund Management PLC -
Earnngs will get a boost from 2021 onwards

Jupiter Fund Management PLC (LON:JPM) raced higher as investors applauded the acquisition of rival asset manager Merian Global Investors Limited for £370mln.

Merian has £22.4bn under management and will significantly diversify Jupiter’s business, with its share of the top five funds dropping to 33% from 46%.

The acquisition takes the number of funds with more than £1bn under management down to 16 from ten, with cost savings from the deal expected to boost Jupiter's earnings by a low to mid-teen percentage from 2021 onwards.

Andrew Formica, Jupiter’s chief executive, said: "This is an exciting acquisition that enhances our position as a leading UK asset manager, provides increased scale and diversification into attractive product areas, and creates stronger future growth prospects for the business.”

Jupiter's shares rose 8% to 429.9p on the FTSE 250 index.

Quick facts: Jupiter Fund Management PLC

Price: 200 GBX

LSE:JUP
Market: LSE
Market Cap: £888.8 m
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