Jupiter Sells Starling Bank Stake to Reduce Unlisted Assets (1)

Jupiter Asset Management has agreed to sell all of its stake in Starling Bank held by its open-ended funds, as the asset manager looks to reduce its exposure to unlisted assets.

The position in Starling will be “acquired by multiple institutional buyers and is expected to close in the coming weeks,” Chief Executive Officer Matthew Beesley said in a Feb. 7 letter sent to clients seen by Bloomberg.

The majority of the stake was held in Jupiter’s UK Mid Cap fund, the letter said. The £1 billion ($1.2 billion) fund has shrunk by £1.6 billion in the past 12 months, ...