Chief Executive Klaus-Peter Mueller confirmed that Commerzbank is now to focus on its domestic asset management businesses. The bank is also thought to be considering the sale of its fund management businesses in the US and Italy. Goldman Sachs has been appointed as adviser.
Analysts expect the Jupiter business to go for between £500m-£600m and feel that it will probably be bought by an Australian or US financial services group.
Commerzbank paid £175m for Jupiter in 1995.
Jupiter Asset Management To Be Sold
Commerzbank confirmed on Wedneday that the fund manager it purchased in 1995, Jupiter Asset Management, is up for sale. The news was not unexpected.
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