Jupiter Fund Management beats expectations
Jupiter Fund Management has seen assets under its management increase to £32.2bn in the three months to 31 March. The figure beat stockbroker Numis' estimate of £32.1bn by 0.3 per cent.
The company also saw net mutual fund inflows of £465m for the same period and enjoyed £0.5bn of net inflows in the first quarter. It continued to expand its distribution network and product set.
"These flows came predominantly from our mutual fund franchise, which will continue to be the main driver of growth going forward following the recently announced disposal of our private client operations" said chief executive Maarten Slendebroek.
Jupiter is confident that its chosen savings markets will produce significant long-term growth. Given Jupiter's significant bias to equities, Numis believe it is favourably exposed to a sustained improvement in investor risk appetite.
However, the company's main value may lie in its long term potential to exploit structural growth opportunities in the retail savings market.