March 5 (Bloomberg) -- Jupiter Fund Management Plc tumbled in London after TA Associates Inc. sold its remaining 10.6 percent stake in the money manager run by Edward Bonham Carter.
TA, which invested in London-based Jupiter before its initial public offering in 2010, sold about 48.6 million shares at 406 pence apiece, according to statement from JPMorgan Cazenove, which managed the deal. TA raised 197.2 million pounds ($329 million) through the sale, according to the statement.
The shares, which closed at 428.7 pence yesterday, fell 4 percent to 410.4 pence at 9:13 a.m. in London today. They have more than doubled since Jupiter went public in London. TA, a Boston-based private-equity firm, owned 22.3 percent at the time of the IPO and has gradually sold down the shares.
Jupiter last week raised its full-year dividend by 43 percent to 12.6 pence a share as its assets under management swelled to 31.7 billion pounds. Bonham Carter, 53, is stepping down this month as chief executive officer after 14 years to become vice chairman. Maarten Slendebroek, who joined Jupiter from BlackRock Inc. in 2012, was named to replace him.
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