London-based asset manager Jupiter is looking to sell its private client business after receiving an unsolicited bid for the division, according to several media reports.

London-based asset manager Jupiter is looking to sell its private client business after receiving an unsolicited bid for the division, according to several media reports.

The Sunday Times, who first reported on the possible deal yesterday, said that wealth management firms Rathbones, Towry and Quilter Cheviot are looking at an acquisition of the unit, which is estimated to be worth around £50 million ($82 million) and currently has £2.2 billion in funds under management.

The boutique investment bank Evercore has subsequently been hired by Jupiter to examine a possible sale of the business, the report said.

Having contacted Jupiter Fund Management, who declined to comment, WealthBriefing has not been able to confirm the sell-off plans which so far have been described in several industry media.

Rathbones and Quilter Cheviot also remain tight-lipped on the possibility of a deal, while a Towry spokesperson said the firm would not comment on the reports.

“At this point in time it is purely speculation, and we never comment on market speculation,” he said.

Jupiter’s private client business accounts for about 7.5 per cent of its total assets under management, which totalled £29.9 billion at 30 September 2013.