Jupiter Fund Management reports profits boost despite outflows
Asset management giant Jupiter recorded a 21 per cent surge in profits last as the firm’s acquisition of Merian led to a boost in performance.
Profits before tax at Jupiter grew 21 per cent to £216.7m as statutory profits before tax increased by 39 per cent to £183.7m.
The London-headquartered firm also saw assets under management (AUM) increase 3 per cent to reach a record year-end level of £60.5bn.
Jupiter bosses said the company had delivered strong growth amid a challenging year.
“Our first full-year results following the acquisition of Merian demonstrate the strength of the combined business – both in diversifying our offering and positively impacting profits,” said Andrew Formica, Chief Executive.
“We have reported another year of strong gross sales. Delivering for our clients remains a key priority and it is encouraging to see continued inflows into newly launched products, demonstrating that we are taking the right actions as we continue to adapt to client needs, supported by strong long-term investment performance.”
The firm reported net outflows across market however, with Formica saying outflows had been driven by ongoing weaker client demand across the market in areas such as UK and European equities.
The firm now said it was looking to build in product areas including sustainable equities and partnerships with NZS Capital in the US and an expansion into the Australian market.
Earnings per share increased 10 per cent to 31.7p, with dividend payments being held at 9.2 pence per share, bringing total dividends for the year to 17.1p per share.