CITY investors will be closely watching Jupiter Fund Management’s debut on the London Stock Exchange today, after its shares rose from 165p to 190p in unofficial dealing.
Rival asset manager Gartmore has disappointed since its initial public offering (IPO) in December. Its share price has almost halved from 217p to 117.7p amid fears over internal and Financial Services Authority investigations into trades made by star manager Guillaume Rambourg.
Although Jupiter also relies on a handful of well-known managers – Tony Nutt, John Chatfeild-Roberts, Philip Gibbs and Guy de Blonay run 38 per cent of its assets – it claims its revenues are diversified and it does not rely on “blockbuster” products.
Investors will be hoping market jitters around the indebtedness of periphery eurozone countries such as Spain and Greece do not turn Jupiter’s first few weeks as a publicly listed company into a rocky ride.
Last week, chief executive Edward Bonham Carter said he was pleased with the outcome of the IPO even though the shares were priced towards the bottom end of the range.