Jupiter to use £16.5m Cofunds sale cash to pay down debt

clock

Jupiter said today it intends to use the money raised from the Cofunds sale to pay down debt as it unveiled a near £3bn rise in assets under management.

In its Q1 2013 interim management statement, the group - which agreed a deal last month to offload its stake in platform giant Cofunds - said it would net a total of £16.5m, likely received this quarter. Jupiter intends to use this to pay off some of the group's existing debt. "Jupiter will receive net proceeds of £16.5m at completion, likely in Q2, and will use this cash to reduce the Group's gross debt," it said. The brief update from the group - which yesterday confirmed popular manager Philip Matthews would be leaving to join Schroders later this year - also revealed assets had...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Inflation protection not front of mind for financial advisers

Inflation protection not front of mind for financial advisers

Titan Square Mile report suggests

Jen Frost
clock 04 November 2025 • 3 min read
Trick or treat? The UK and global economy face their Halloween ghosts

Trick or treat? The UK and global economy face their Halloween ghosts

‘Wealth managers and market professionals are tiptoeing past economic graveyards’

Stephen Jones
clock 31 October 2025 • 4 min read
Why investors need to think about emerging markets a little differently

Why investors need to think about emerging markets a little differently

'Emerging markets are starting to look eerily similar to developed'

James Flintoft
clock 29 October 2025 • 3 min read