Jupiter Asset Management, a major UK fund manager, is close to agreeing a buyout by senior executives backed by private equity house Candover, according to UK press reports. The management team, led by chief executive Edward Bonham-Carter, is said to be close to a deal valuing the business at up to £670 million ($1,290 million) with Commerzbank, of which Jupiter is currently a subsidiary. Commerzbank said in 2006 that it was seeking to float Jupiter in London and said in February that a listing was still its preference. Jupiter has approximately £17 billion under management. It is understood that Mr Bonham-Carter was approached by several private equity firms, including TA Associates, the US private equity firm. Other trade buyers, including Morley and Franklin Templeton, are also reported to have expressed an interest in acquiring Jupiter. Neither Candover nor Jupiter would comment.