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Commerzbank to sell Jupiter to its management team and TA Associates21/03/2007. Source: AltAssets. 
 US buy-out firm TA Associates has agreed to back Jupiter's senior management team in its €1bn MBO. The transaction will lead to an extraordinary capital gain for Jupiter's current owner, German bank Commerzbank, in the region of €300m, according to a statement.
This agreement is in line with Commerzbank's stated strategy and permits the bank to focus its asset management businesses on Germany, its core market.
Ajit Nedungadi, managing director and head of TA Associates' London office, said, 'Jupiter is a powerful brand in the UK fund management industry driven by an impressive record of investment performance and growth. The investment fits very well with TA's focus on growth businesses in targeted industries in the UK and on the continent.'
Jupiter has £19.2bn under management in unit trusts, investment trusts, hedge funds, pensions and private client portfolios. The company employs 450 staff in its London and Kent offices.
TA Associates has total assets under management of approximately €7.7bn. The firm's investments in the asset management sector include Advisory Research, Affiliated Managers Group, AIM Management Group (AMVESCAP), Numeric Investors and Thomson Advisory Group (PIMCO).
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