Well they didn't waste much time.
A group of directors at Jupiter Fund Management, including chief executive Edward Bonham Carter, are selling around £80m worth of shares a year after the company's flotation, and on the day a 12 month lock in expires. The executives - who also include money managers Anthony Nutt and Philip Gibbs - are disposing of 31.3m shares via a placing, around 6.8% of the business. At last night's closing price the shares are worth some £79.9m. However the news of the sale - which accompanied a trading update - has seen Jupiter's shares slump more than 5%, down 13.8p to 241.5p. In all, a total of 65.9m shares have been released from the lock-in, so further sales could be on the cards, putting more pressure on the market price.
The trading statement, somewhat overshadowed by the placing news, was in line with analyst forecasts, suggesting a 15% rise in revenues on 2010.
