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

+44 (0)20 7314 4807

Alicia Wyllie

+44(0)20 7314 5573

 

 

 


Financial Dynamics

Ed Gascoigne-Pees

+44 (0)20 7269 7132

Andrew Walton

+44 (0)20 7269 7204


 

 

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


 

 



 

 

 

 

 

 

 

 

 


 

 


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