Well that didn't take long. From one asset management deal to the next in just 24 hours. The latest is in the US with Franklin Templeton buying Legg Mason for $6.5 billion.
The venerable Wall Street Journal got the "scoop" although one is often suspicious when the actual deal is announced just a few hours after publication...
So, Jupiter shares surged 8.3pc to close at 429.9p following today's announcements.
Clearly, the market is willing to look past mediocre results if you have a deal up your sleave.
I suspect that will encourage other asset managers to carry out similar measures.....
This weekend's M&A scoop about Jupiter buying Richard Buxton's fund manager Merian from private equity group TA Associates was confirmed by both companies this morning. See the link below:
https://www.investegate.co.uk/jupiter-fund-mgmt--jup-/rns/acquisition/202002170700101791D/..