City PR firm Brunswick has hit back at claims of a 'dirty tricks'
campaign against fund manager Jupiter Asset Management.
The agency, which acts for rival fund manager New Star Asset Management,
has admitted sending journalists copies of Jupiter's accounts for 2000,
filed at Companies House, along with an analysis. However, the firm
denies a 'dirty tricks operation', claiming the information was factual
and openly available to the public.
The agency is understood to be considering all its options, and is
believed not to have ruled out possible legal action of its own.
A spokesman said: 'We will take all steps necessary to defend our
reputation - nothing can be ruled out or ruled in.'
He added 'This is not a covert dirty tricks operation. The information
was distributed openly in white envelopes to a select number of
journalists who had expressed an interest.'
Jupiter, however, has confirmed it will take legal action against
Brunswick and is in talks with lawyers Clifford Chance to decide on the
nature of that action.
Among other items, Jupiter claimed that a section of the analysis headed
Liquidity Collapses, which stated that fixed assets represented 93 per
cent of Jupiter's balance sheet, was misleading.
It also claims the analysis exaggerated the difference between Jupiter's
liabilities and its cash position and inaccurately reported that
creditors were owed £87m - Jupiter claims the true figure is
£71m.
A spokesman for Jupiter, which retains Lansons Communications for PR
work, insisted: 'This is schoolboy dirty tricks.'
