Commerzbank has confirmed that, as previously reported in WealthBriefing, it is to sell its UK asset management subsidiary Jupiter Asset Management to Boston-based private equity firm TA Associates and the senior management led by chief executive Edward Bonham-Carter. The price is around £740 million ($1.45 billion). Commerzbank said in 2006 that it was seeking to float Jupiter, which has about £19 billion in assets under management, in London, and as recently as February 2007 insisted that a listing was still its preference. The sale is expected to result in a gain of around €300 million ($399 million), according to Commerzbank. Subject to antitrust clearances, the deal is likely to be completed by July 2007. The bank also said that the transaction was in line with its strategy of focusing on its core markets. Mr Bonham Carter has been reported as saying that Jupiter's management will own more than 50 per cent of the business, but would give no further details on the ownership of the company. He has been sharing the chief executive officer position with Jonathan Carey but will assume full executive responsibility after the buyout. Mr Carey will become executive deputy chairman. There is speculation that entering the agreement with TA Associates will give Jupiter access to the buyout firm's capital for possible purchases, though Jupiter says at present it is focused on expanding its business without acquisitions.