Jupiter hires adviser to fend off bids amid spate of M&A activity

Robey Warshaw is one of the employers of George Osborne

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Jupiter has hired advisory firm Robey Warshaw to fend off potential bids as M&A activity runs hot in the asset management industry.

The FTSE 250 manager, headed up by Andrew Formica (pictured), is yet to receive an approach but is on the radar of potential bidders, Sky News has reported.

It reported Jupiter was smaller than the typical clients of Robey Warshaw, which employs George Osborne. The firm is currently working on BT Group’s defence strategy on a potential takeover from Patrick Drahi.

Jupiter’s share price is down 10% over the last year. While it achieved record gross inflows of £9.6bn during the first half of the financial year, particularly in global sustainable equities and fixed income, it has seen enormous outflows from its Global Equity Absolute Return Fund and Merlin range of multi-manager funds.

This month, Abrdn confirmed it would be buying Interactive Investor for £1.5bn, while former Aberdeen Asset Management boss Martin Gilbert is currently in a bidding war for River & Mercantile. At a smaller level, Liontrust announced last week it was acquiring Majedie Asset Management for £120m.

See also: Man Group’s £190m share buyback thrusts spate of M&A deals in the spotlight

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