John Duffield, former CEO of Jupiter Asset Management, plans to sue Commerzbank for unfair dismissal after the German bank bought Jupiter earlier this year, said a spokesman for Mr. Duffield.
The spokesman confirmed that Mr. Duffield had been speaking with his lawyers, but no formal proceedings have yet begun. Mr. Duffield also intends to set up another asset management business, added the spokesman.
Mr. Duffield left Jupiter last week after a reported dispute over profit-sharing arrangements following Commerzbanks acquisition of the firm.
Pascal Crepin, head of business development for the asset management division of Commerzbank, would not say why Mr. Duffield left. He left the company. We do not think he was fired, he added.