There would be no change to Jupiter’s senior leadership, but one additional non-executive board member would be nominated by TA Associates Management – a significant long-term shareholder of Jupiter with an approximate 16% shareholding – following completion.Also, Merian’s investment team and assets would migrate onto Jupiter’s operational platform.The acquisition is consistent with Jupiter’s strategic priorities and accelerates its growth plans, it said.Andrew Formica, Jupiter’s chief executive officer, said: “This is an exciting acquisition that enhances our position as a leading UK asset manager, provides increased scale and diversification into attractive product areas, and creates stronger future growth prospects for the business.”He added that Jupiter would “be able to offer a wider choice of strongly performing active investment strategies to our clients, while shareholders will benefit from a highly earnings accretive deal delivered through substantial cost synergies”.Mark Gregory, Merian’s CEO, said: “I believe the enlarged business will be more strongly positioned to offer greater choice and investment performance to clients and continue to meet clients’ ever-evolving needs.”Jonathan Miller, director and manager research ratings UK at Morningstar, said: “It is somewhat surprising that after Merian’s own change of direction backed by private equity around 18 months ago, they’re set to be acquired.”Miller said that Formica made several acquisitions while CEO of Henderson, one of them being the merger between Henderson Global Investors and Janus Capital in 2016, adding that Formica “has already put this strategy to work after less than a year as CEO of Jupiter”.The deal, Miller explained, “is symptomatic of the pressure active managers are finding themselves under”, noting that Merian was valued just shy of £600m in June 2018, “but Jupiter is set to pay £370m for the acquisition, with £29m in net debt and Merian shareholders becoming a 17% shareholder of the enlarged entity”.The Jupiter board has received financial advice from Fenchurch Advisory Partners and JPMorgan Cazenove in relation to the acquisition. Jupiter Fund Management is poised to acquire Merian Global Investors, an independent active asset manager with £22.4bn in assets under management (AUM), for £370m (€444m) upfront through the issue of new shares.The deal is subject to the satisfaction of customary conditions including regulatory consents and Jupiter shareholder approval. Its completion is expected in the second half of 2020.Jupiter said the move would enhance its position as one of the UK’s leading active asset managers with more than £65bn of combined AUM.It would also reinforce Jupiter’s core UK franchise and extend capabilities into attractive product gaps, it added.
Northland’s The Daktory shut down as two appear in courtStuff.co.nz 12 January 2017A cannabis clubhouse in Northland has been shut down following a police raid.Members of The Daktory openly sell and smoke cannabis at the organisation’s Port Rd clubhouse in Whangarei.It is leased by Brian Borland, who has been a cannabis dealer for 42 years.Police stormed the clubhouse on Wednesday after a neighbour spoke out about the goings-on at the address.He said he was “appalled” that the club was getting away scot-free with growing and selling the drug.A 60-year-old man and a 28-year-old woman were arrested and were due to appear in the Whangarei District Court on Thursday afternoon.Members were planning to protest outside the court before the hearing.READ MORE: http://www.stuff.co.nz/national/88336257/Northlands-The-Daktory-shut-down-as-two-appear-in-court?cid=app-iPhone
Reports claim Pogba is open to the idea of joining PSG, who could be willing to hand him a bumper contract worth in excess of £400,000-a-week. read also:Man Utd star Pogba reacts to George Floyd killing on social media It is claimed Pogba would like to link-up with PSG superstars Kylian Mbappe, Neymar and former United player Angel Di Maria. Pogba has been repeatedly linked with a move away from Old Trafford since last summer after he admitted that he was keen on a ‘new challenge’. FacebookTwitterWhatsAppEmail分享 Loading… Manchester United are prepared to sell Paul Pogba to PSG this summer. Wantaway Manchester Utd ace Paul pogba The Daily Star says United will tell PSG to stump up around £130m if they want to sign Pogba. The French champions have been linked with a move for the World Cup winning midfielder as speculation about his Old Trafford future continues to mount.Advertisement Promoted Content7 Black Hole Facts That Will Change Your View Of The UniverseWho’s The Best Car Manufacturer Of All Time?10 Risky Jobs Some Women DoWhich Country Is The Most Romantic In The World?Best & Worst Celebrity Endorsed Games Ever MadeIs Cristiano Ronaldo Converting His Hotels To Hospitals?The Very Last Bitcoin Will Be Mined Around 2140. Read More6 Incredibly Strange Facts About HurricanesWho Is The Most Powerful Woman On Earth?7 Reasons Why You Don’t Get Your Work Done On ScheduleBig Actors Who Started Off With A Part In A Soap Opera2020 Tattoo Trends: Here’s What You’ll See This Year