Jupiter's new recruit gains pounds 100m new business

Click to follow
The Independent Online
LEONARD LICHT, the star fund manager whom Jupiter Tyndall recruited from Mercury Asset Management with a pounds 1m 'golden hello', has brought in nearly pounds 100m of additional money in his first week with his new employer.

John Duffield, Jupiter's chairman, said the new business came from three pension fund clients. 'None of it is from MAM,' he added.

Besides the golden hello and a salary of around pounds 600,000, Mr Licht will be given an option over 6 per cent of Jupiter's shares. Before he can exercise this option he must help Jupiter to attract an undisclosed amount of additional funds.

Mr Licht's option scheme is one of four which Jupiter plans to introduce to give incentives to its staff.

Jupiter yesterday announced interim pre-tax profits up from pounds 455,000 - for four months last year - to pounds 3.2m in the six months to June. Much of the improvement came from last year's acquisition of Tyndall, whose banking side was responsible for 45 per cent of profits.

Mr Duffield said acquisition of Tyndall had doubled earnings per share to 7.02p. At the end of the first half funds under management were unchanged at pounds 1.3bn, including pounds 350m of bank deposits.

He said Jupiter's success on Monday in appointing its nominees to the board of CST Emerging Asia Trust brought to an end its disputes with the investment trusts it manages.

The interim dividend rises from 2p to 3p a share. Jupiter's shares closed 2p higher at 105p.