Stifel, the global wealth management and investment banking firm, has upgraded Jupiter’s Chrysalis investment trust to a ‘Hold’ rating, just under a month after putting it on its ‘Sell’ list.
The change comes after Chrysalis' shares did not fall as far as the analysts Iain Scouller, William Crighton and Sachin Saggar expected, following its purchase of £20m shares of Starling Bank. At the time, Stifel analysts said it was an "unnecessary purchase", which resulted from Jupiter's move to prohibit investments in unlisted assets via its open-ended portfolios, with the assets rehoused into Chrysalis. Stifel downgrades Jupiter's Chrysalis to 'Sell' According to today's (2 March) note, the Starling deal wiped £60m in shareholder value from the trust, as its share price fell fr...
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