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Reuters
10-07-2025
- Business
- Reuters
Jupiter shares jump after it strikes deal for charity fund manager CCLA
LONDON, July 10 (Reuters) - Shares in British money manager Jupiter (JUP.L), opens new tab were on track for their biggest daily gain in five years after it announced on Thursday it would buy smaller rival CCLA Investment Manager, part of a wider wave of consolidation in the fund industry. The company also announced an update to its capital returns plans for shareholders, saying it would return half of its performance fee-related revenue to investors this year in the form of a special dividend or share buyback, or both. Jupiter said the updated payouts were in addition to its existing ordinary dividend and share buyback plans. Shares in Jupiter were last up 12%, set for their biggest daily increase since March 2020. Jupiter said it had agreed to buy CCLA for 100 million pounds ($136 million), adding 15 billion pounds of assets under management from the specialist firm, which serves clients including charities, religious institutions and local councils. The company said the takeover helped it increase scale and access a new pool of clients. It also said it expected to make cost savings of at least 16 million pounds per year by the end of 2027. The deal is expected to close before the end of this year, Jupiter said. Jupiter, which manages 45.3 billion pounds of client assets, has been trying to rebuild investor confidence after several years of tough trading and the departure of one of its star fund managers, Ben Whitmore. Shares in the company are up nearly 40% this year, but remain down about 80% from their 2017 peak. ($1 = 0.7351 pounds)
South China Morning Post
23-06-2025
- Business
- South China Morning Post
Global investors turn to Hong Kong funds for returns amid geopolitical tensions
Hong Kong's fund industry will continue to attract strong inflows as international investors use the city as a 'safe harbour' amid rising geopolitical tensions, according to officials and fund managers. Financial Secretary Paul Chan Mo-po said the Middle East offered huge opportunities for Hong Kong despite the recent flare-up in the region. On Saturday, the US joined Israel in attacking Iran's nuclear facilities, a move that threatened to destabilise the Middle East. 'The Gulf economies remain resilient and forward-looking, [and] many GCC [Gulf Cooperation Council] nations are advancing an ambitious diversification agenda, including financial market development,' Chan said in a speech on Monday at the Hong Kong Investment Funds Association's (HKIFA) annual conference, which was attended by hundreds of fund managers. Chan said the city's sound regulatory system and enabling government 'have reinforced Hong Kong's position as a safe harbour for global investors during these turbulent times'. 'This is most obviously reflected in the recent upturn in our stock market and influx of capital as reflected in bank deposits,' he said, adding that some US$44 billion worth of capital had flowed into Hong Kong-domiciled funds in the 12 months to the end of March, a threefold increase from a year earlier. Hong Kong managed nearly US$4 trillion in assets at the end of 2023.
