Jupiter Asset Management, the £17bn (€21bn) London funds house, is among the winners from the nationalisation of Iceland's banks after it picked up a multi-million euro mandate to run one of Landsbanki's Luxembourg fund families. It is the latest Icelandic asset management business to be sold off in recent weeks.

The €124m ($158m) mandate win for Jupiter followed a decision by the Luxembourgian market regulator, the Commission de Surveillance du Secteur Financier, to remove Landsbanki's local subsidiaries as investment managers of the funds, which include balanced funds, equity funds and a money market product.