Jupiter has made an agreed bid to take over fund management group Whitehall Fund Managers. The group...
Jupiter has made an agreed bid to take over fund management group Whitehall Fund Managers. The group, which has around £50m under management, is owned by the UK Civil Service Benefits Society and offers two funds which are already managed by Jupiter: Whitehall UK Growth, run by Prakash Rajasekaran and Whitehall UK Income, which is run by Rebecca Williams. The bid is subject to contract and regulatory approval.
Steve Glynn, joint managing director at Jupiter, said: "The purchase makes good sense for Jupiter as we've run the funds since launch. When we heard they were up for sale we thought it would be a natural home for the funds. We have a good relationship with the Civil Service benefits society, which will continue with Jupiter as their appointed pension fund managers."
At the same time the group has recruited Andrew Watkins from Chase Fleming Asset Management. Watkins, who was head of institutional and intermediary relations for the investment trust business, is expected to fulfil a similar role at Jupiter.
Last week it was announced Jupiter had poached Dresdner RCM's top UK fund manager Justin Seager. Glynn said: "At the moment Seager will looking after some our high performance mandates, such as our specialist UK pension funds, with the likely view and aim to run a retail fund."
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