Key Jupiter managers set for £140m windfall

Jupiter’s six most senior fund managers are set to own a stake worth about £140m following the asset manager’s IPO.

Anthony Nutt, Philip Gibbs, Alex Darwall, John Chatfeild-Roberts, Ian McVeigh and CEO Edward Bonham Carter hold the largest individual stakes in the group, currently owning more than 31% of the company.

Initial share sales could reap the managers between £43.5m and £79.2m. Assuming a 180p per-share mid-point of the global offer, the managers' stake will drop to 17.63%.

Nutt, the Jupiter Income fund manager, will hold the largest stake at 4.9% - worth nearly £39m at the mid-point price. Financials manager Gibbs will hold a £27.2m position, while Bonham Carter's stake will be worth almost £26.5m.

Key staff will not be to sell any ordinary shares for a 12-month period following admission.

Approximately 61% of Jupiter's AUM at 31 December 2009 was managed by eight fund managers, with Nutt controlling 18% of assets.

Chatfeild-Roberts' Merlin multi-manager team controls 20% of the group's AUM.

Jupiter's prospectus outlines the key-man risk the group faces.

"Jupiter is reliant on its ability to attract and retain talented fund managers and the loss of a number of such managers or one or more principal fund managers could have a material adverse effect on Jupiter's business Jupiter's continued success depends on its ability to attract and retain talented fund managers," it reads.

"In order to retain its principal fund managers and, when necessary, attract new managers, Jupiter must offer competitive compensation arrangements, the costs of which are significant."

It also shows Chatfeild-Roberts received a bonus of £1.06m last year, in addition to his £249,452 salary. Bonham Carter's bonus was £528,750 last year and salary was £250,000.

In addition to their bonus, Bonham Carter and Chatfeild-Roberts received £221,250 and £422,500 in deferred bonus awards respectively in 2009, which will vest over the next two years.