Commerzbank has officially called off the sale of Jupiter, having failed to secure an attractive price.
Commerzbank will now focus on selling Jupiterproducts through Commerzbank’s distribution networks in Continental Europe.
Jupiter remains a profitable asset management subsidiary of Commerzbank, last week announcing a return to profits of 20.9 million before tax.
Klaus Patig, member of the board of managing directors of Commerzbank, commented:
“We always stated we were under no financial imperative to sell Jupiter and would only do so if we found a buyer with the right cultural fit and for the right price. Jupiter is too valuable an asset to sell in this environment. It has proved a robust and profitable investment for us and we remain committed to working with the management to build the business further”.
Commenting on this announcement, Edward Bonham Carter, Joint Chief Executive of Jupiter International Group said:
“Given the stock market falls Commerzbank’s decision is understandable. We look forward to the benefits of ownership by Commerzbank by distributing more of our products into continental Europe, Germany in particular. This decision allows us to continue to do what we’re best at which is to manage money and achieve out performance for investors.”