Trading Update and Notice of Results

RNS Number : 0785C
Jupiter Fund Management PLC
14 January 2015
 

Jupiter Fund Management plc

Q4 Trading Update and Notice of Results

 

 

Trading Update and Notice of Results

 

14 January 2015

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 December 2014.

 

HIGHLIGHTS

 

§ Assets under management ("AUM") increased to £31.9 billion as at 31 December 2014.

§ Net mutual fund inflows of £309 million in the three months to 31 December 2014.

§ Cumulative net mutual fund inflows of £1.4 billion in the year to 31 December 2014.

 

Maarten Slendebroek, Chief Executive, commented:

 

"Our core mutual fund franchise again delivered healthy net inflows this quarter, resulting in cumulative net inflows of £1.4bn across the year, an underlying organic growth rate of 6%. 2014 saw encouraging progress with the continuing diversification of our product and distribution capabilities and, together with the well-executed sale of our private client operations, Jupiter is well placed to deliver profitable growth at attractive margins."

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

 

 

 

30 September
2014

£m

Q4 net flows

£m

Market movement

£m

Private client transaction

£m

31 December
2014

£m

 


Mutual funds

26,387

309

848

n/a

27,544



Segregated mandates

4,250

(716)

24

n/a

3,558



Investment trusts

956

(219)

56

n/a

793



Private clients

65

-

-

(65)

-



Total

31,658

(626)

928

(65)

31,895










 

Net mutual fund inflows were £309 million during the fourth quarter, with top selling funds including Dynamic Bond, Strategic Bond, European Growth and UK Growth. Together with improved market levels, mutual funds AUM increased to £27.5 billion at 31 December 2014. Overall net outflows for the quarter were £626 million due to the previously notified loss of a single large segregated mandate and closure of the £234m Second Split investment trust. The table also reflects the transfer out of the remaining private client accounts this quarter following the sale to Rathbone Investment Management Limited on 26 September 2014.

 

Mutual funds contributed total net inflows of £1.4 billion for the full year, an organic growth rate of 6% on opening assets, helping total AUM increase to £31.9 billion at year end. This outcome is despite a number of conscious strategic decisions which reduced AUM but were taken to benefit Jupiter's future as a focused mutual fund provider, notably the sale of our private client operations, closure of sub-economic funds and continued pricing discipline within segregated mandates.

 

NOTICE OF RESULTS

 

Jupiter will be issuing its audited results for the year ended 31 December 2014 on 26 February 2015 and will host an analyst presentation to discuss the results at 9:00am. The presentation will be held at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD.

 

OUTLOOK

 

We believe that our chosen savings markets offer the prospect of significant long-term growth. As we extend our relationships with key distributors on a global basis, we are confident we can continue to deliver profitable growth at attractive margins and, within our sustainable balance sheet structure, share the rewards of this growth with our investors.

 

For further information please contact:


Investors

Media



Jupiter

Philip Johnson

+44 (0)20 7314 4807

Despina Constantinides

+44 (0)20 3817 1278

 

 

 


FTI Consulting

Laura Ewart

+44 (0)20 3727 1160

Andrew Walton

+44 (0)20 3727 1514


 

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

3

 

 

 

 

 

 

 

 

 

 

 

 

 

Flows and AUM by quarter









 

 

 

 

Q1 2013

£m

Q2 2013

£m

Q3 2013

£m

Q4 2013

£m

Q1 2014

£m

Q2 2014

£m

Q3 2014

£m

Q4 2014

£m

 


Total

 

 

 

 

 

 

 

 



Opening AUM

26,268

29,138

29,045

29,889

31,659

32,211

33,105

31,658

 


Gross inflows

1,726

1,729

1,618

1,782

2,320

2,543

2,239

1,956

 


Gross outflows

(1,517)

(1,520)

(1,347)

(1,272)

(1,773)

(1,822)

(2,021)

(2,582)

 


Net Flows

209

209

271

510

547

721

218

(626)

 


Market / FX movements

2,661

(302)

573

1,260

5

173

(155)

928

 


Private client transaction

n/a

n/a

n/a

n/a

n/a

n/a

(1,510)

(65)

 


Closing AUM

29,138

29,045

29,889

31,659

32,211

33,105

31,658

31,895

 


 


 




 

 


 


Mutual funds


 




 

 


 


Opening AUM

20,572

22,885

22,730

23,336

24,760

25,195

25,761

26,387

 


Gross inflows

1,572

1,493

1,535

1,627

1,970

2,095

2,069

1,917

 


Gross outflows

(1,325)

(1,314)

(1,257)

(1,169)

(1,505)

(1,685)

(1,838)

(1,608)

 


Net Flows

247

179

278

458

465

410

231

309

 


Market / FX movements

2,066

(334)

328

966

(30)

156

(79)

848

 


Private client transaction

n/a

n/a

n/a

n/a

n/a

n/a

474

n/a

 


Closing AUM

22,885

22,730

23,336

24,760

25,195

25,761

26,387

27,544

 




 




 

 


 


Segregated mandates


 




 

 


 


Opening AUM

3,207

3,531

3,526

3,635

3,911

3,834

4,197

4,250

 


Gross inflows

93

67

24

95

130

410

170

27

 


Gross outflows

(149)

(167)

(52)

(40)

(216)

(84)

(182)

(743)

 


Net Flows

(56)

(100)

(28)

55

(86)

326

(12)

(716)

 


Market / FX movements

380

95

137

221

9

37

(61)

24

 


Private client transaction

n/a

n/a

n/a

n/a

n/a

n/a

126

n/a

 


Closing AUM

3,531

3,526

3,635

3,911

3,834

4,197

4,250

3,558

 




 




 

 


 


Investment trusts


 




 

 


 


Opening AUM

601

663

659

694

722

902

906

956

 


Gross inflows

10

9

9

10

161

2

0

12

 


Gross outflows

(1)

0

(3)

(3)

(2)

(3)

(1)

(231)

 


Net Flows

9

9

6

7

159

(1)

(1)

(219)

 


Market / FX movements

53

(13)

29

21

21

5

(15)

56

 


Private client transaction

n/a

n/a

n/a

n/a

n/a

n/a

66

n/a

 


Closing AUM

663

659

694

722

902

906

956

793

 




 




 

 


 


Private clients


 




 

 


 


Opening AUM

1,888

2,059

2,130

2,224

2,266

2,280

2,241

65

 


Gross inflows

51

160

50

50

59

36

-

-

 


Gross outflows

(42)

(39)

(35)

(60)

(50)

(50)

-

-

 


Net Flows

9

121

15

(10)

9

(14)

-

 


Market / FX movements

162

(50)

79

52

5

(25)

-

-

 


Private client transaction

n/a

n/a

n/a

n/a

n/a

n/a

(2,176)

(65)

 


Closing AUM

2,059

2,130

2,224

2,266

2,280

2,241

65

-

 


 

 

 

 

 

 

 

 

 


 

 


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