Jupiter Fund Management plans to halt its open-ended funds from making any new investments in unlisted companies — a move that coincides with the FTSE 250-listed asset manager offloading its entire stake in Starling Bank.

Chief executive Matthew Beesley explained the policy change in a letter to Jupiter clients on 7 February, seen by Financial News. Jupiter said its stake in Starling will be acquired in the coming weeks by “multiple institutional buyers”, all of whom are current shareholders in the unlisted digital bank.