Bridgepoint Group has announced that J.P. Morgan Securities has entered into an arrangement to purchase ordinary shares in the group as part of a buyback programme.

The private investment firm has stated that the aggregate purchase price for the programme is £50m, and any shares purchased from now on will be cancelled.

Bridgepoint has said that the sole purpose of the share purchases is to reduce the company’s share capital.

The firm announced on 6 September that it was intending to purchase a second share buyback programme of up to £50m. As part of the deal, the existing programme has been extended and is now expected to complete on or before 31 October 2023, having returned over £47m to shareholders to date.

In its latest half-year financial results in July, Bridgepoint recorded €24.6bn in fee paying assets under management, an increase of 24% compared to H1 2022.

Furthermore, management fees totalled £124.6m, with fee related earnings reaching £42.9m, an increase of 24% and 91% respectively compared to the first half of 2022.

The announcement of the share buyback programme also comes as Bridgepoint stated that it has added Energy Capital Holdings, LP and affiliated entities to its platform.

As a result of the transaction and approval by the Financial Conduct Authority, a notice of a general meeting has been published, which is set to take place on 19 October 2023.

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