Jupiter Fund Management has agreed to acquire CCLA Investment Management, the UK’s largest asset manager focused on non-profit organisations, in a £100m (€116m) deal aimed at boosting its domestic scale and diversifying its client base.
Subject to regulatory approvals, the acquisition will bring £15.1bn in additional assets under management (AUM) to Jupiter, taking the group’s total to over £59bn. CCLA’s clients include charities, religious institutions and local authorities, a segment previously outside Jupiter’s core reach.
Matthew Beesley, chief executive officer of Jupiter, described the deal as “a significant step forward” in the group’s strategic goal to deepen its presence in the UK.
“This acquisition helps us to increase scale in our home market of the UK, where Jupiter is already a leading player, without any disruption to our existing clients,” he said.
“It opens up a new client segment for us, broadening our appeal to a range of charitable and religious institutions, both in the UK and internationally, while also allowing us to expand our existing presence in the UK local authority sector,” he added.
Jupiter will fund the transaction entirely from existing cash reserves and expects the deal to be “materially accretive” to earnings from day one. The group is targeting at least £16m in annual cost synergies by the end of 2027, with around £17m of integration costs spread over four years.
The deal follows Jupiter’s May announcement of a wider efficiency drive and supports its medium-term goal of achieving a 70% cost-income ratio.
CCLA generated £66m in revenues and close to £13m in operating earnings in the year to 31 March 2025, driven by consistent net inflows and a strong multi-asset platform.
The acquisition also reflects a strong cultural and investment alignment between the two firms. “Jupiter and CCLA share a common set of values, and each has a client-centric culture and history of focusing on active and differentiated investment solutions,” Beesley added.
Peter Hugh Smith, CEO of CCLA, said the partnership would enhance client service and strengthen operational capabilities, adding that CCLA “will now benefit from Jupiter’s technology and operational infrastructure, its broad range of investment capabilities and extensive global distribution footprint”.
CCLA’s investment teams and client engagement model will remain unchanged, and its brand will be preserved. Over time, clients are expected to migrate to Jupiter’s operational platform, though the firms said this will happen without disruption.
Alongside the acquisition, Jupiter has updated its capital allocation policy and plans to return 50% of its 2025 performance fee-related revenues – £54m as of 31 May – through a special dividend or share buybacks, subject to shareholder approval.
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