Interim Management Statement

RNS Number : 0601F

Jupiter Fund Management PLC

18 April 2011

 



Jupiter Fund Management plc

Q1 Interim Management Statement

Interim Management Statement

18 April 2011

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its interim management statement in respect of the three months to 31 March 2011.

HIGHLIGHTS

§ Assets under management (AUM) increased to £24.5 billion in the three months to 31 March 2011.

§ Net inflows of £333 million in the three months to 31 March 2011.

Edward Bonham Carter, Chief Executive, commented:

"Against a backdrop of volatile markets and falling UK consumer disposable income, Jupiter has had a steady start to 2011 with net inflows in the first quarter of £333 million."

ASSETS UNDER MANAGEMENT AND FLOWS

	AUM by product
		31 December 2010 £m	Q1 net flows £m	Market movement £m	31 March       2011 £m
	Mutual funds	18,418	397	(100)	18,715
	Segregated mandates	3,259	(71)	117	3,305
	Private clients	1,693	7	2	1,702
	Investment trusts	527	0	22	549
	Hedge funds	181	0	1	182
	Total	24,078	333	42	24,453

AUM increased 2 per cent. from £24.1 billion as at 31 December 2010 to £24.5 billion as at 31 March 2011.

We achieved net inflows of £333 million across our products during the period, with continued inflows into our mutual funds partially offset by segregated outflows. Mutual funds contributed first quarter net inflows of £397 million, driven by our fund of fund range and continued growth from our international channels, particularly into the Jupiter Global Convertibles and Jupiter Strategic Total Return SICAV products.

During the quarter, segregated mandate net outflows of £71 million primarily resulted from a single client redeeming part of their portfolio.  This decision was taken on fund reconstruction rather than performance grounds.

OUTLOOK

The business continues to develop in line with management expectations.

CORPORATE UPDATES

On 18 March, the Group announced its intention to make an £80 million partial repayment of the bank loan facility during 2011. This repayment was made on 31 March 2011.

For further information please contact:			Investors		Media
	Jupiter		Philip Johnson [phone]		Alicia Wyllie [phone]
	Financial Dynamics		Ed Gascoigne-Pees [phone]		Andrew Walton [phone]

Forward-looking statements

This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. Jupiter's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Historic Flow and AUM data by quarter

	Flows and AUM by quarter
		Q1 2010 £m	Q2 2010 £m	Q3 2010 £m	Q4 2010 £m	Q1 2011 £m	Q2 2011 £m	Q3 2011 £m	Q4 2011 £m
	Total
	Opening AUM	19,522	21,093	19,844	22,172	24,078
	Gross inflows	1,551	1,552	1,740	1,912	1,619
	Gross outflows	(1,042)	(1,247)	(1,006)	(1,140)	(1,286)
	Net Flows	509	305	734	772	333
	Market / FX movements	1,062	(1,554)	1,594	1,134	42
	Closing AUM	21,093	19,844	22,172	24,078	24,453
	Mutual funds
	Opening AUM	14,692	15,982	15,247	16,897	18,418
	Gross inflows	1,390	1,332	1,249	1,559	1,493
	Gross outflows	(959)	(890)	(765)	(1,030)	(1,096)
	Net Flows	431	442	484	529	397
	Market / FX movements	859	(1,177)	1,165	992	(100)
	Closing AUM	15,982	15,247	16,897	18,418	18,715
	Segregated mandates
	Opening AUM	2,754	2,966	2,493	2,988	3,259
	Gross inflows	119	164	425	274	47
	Gross outflows	(54)	(298)	(215)	(32)	(118)
	Net Flows	65	(134)	210	242	(71)
	Market / FX movements	147	(339)	285	29	117
	Closing AUM	2,966	2,493	2,988	3,259	3,305
	Private clients
	Opening AUM	1,355	1,431	1,417	1,576	1,693
	Gross inflows	20	47	61	44	72
	Gross outflows	(10)	(11)	(8)	(22)	(65)
	Net Flows	10	36	53	22	7
	Market / FX movements	66	(50)	106	95	2
	Closing AUM	1,431	1,417	1,576	1,693	1,702
	Investment trusts
	Opening AUM	546	538	505	549	527
	Gross inflows	0	0	0	0	0
	Gross outflows	0	0	0	(46)	0
	Net Flows	0	0	0	(46)	0
	Market / FX movements	(8)	(33)	44	24	22
	Closing AUM	538	505	549	527	549
	Hedge funds
	Opening AUM	175	176	181	162	181
	Gross inflows	22	9	5	34	7
	Gross outflows	(19)	(48)	(18)	(9)	(7)
	Net Flows	3	(39)	(13)	25	0
	Market / FX movements	(2)	44	(6)	(6)	1
	Closing AUM	176	181	162	181	182

 

END

 

 

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