Jupiter staff cash in £75 million of shares one year after flotation

One year after it floated on the London Stock Exchange, directors and staff at Jupiter Fund Management today cashed in another £75 million of their shares.

Staff collected around £80 million cash when Jupiter floated at 165p a share last June. They then agreed to a 12-month lock-in on many of their remaining shares. Today they sold another 31.3 million shares through an accelerated book-building exercise completed this morning at around 240p a share - a near 5% discount to last night's closing price. Staff still own a total of 85.5 million shares.

"A substantial number of Jupiter's 460 staff sold shares today," a source said. Among the biggest beneficiaries are chief executive Edward Bonham Carter and fund managers Anthony Nutt, Philip Gibbs, John Chatfeild-Roberts and Adrian Creedy.

Jupiter also issued a trading update saying assets under management rose 3% in the first five months of the year. It also said it is expecting headline earnings to rise from £60.3 million to between £69.5 million and £71.5 million in the six months to end-June.