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
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30 September £m |
Q4 net flows £m |
Market movement £m |
Private client transaction £m |
31 December £m |
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Mutual funds |
26,387 |
309 |
848 |
n/a |
27,544 |
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Segregated mandates |
4,250 |
(716) |
24 |
n/a |
3,558 |
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Investment trusts |
956 |
(219) |
56 |
n/a |
793 |
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Private clients |
65 |
- |
- |
(65) |
- |
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Total |
31,658 |
(626) |
928 |
(65) |
31,895 |
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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: |
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Investors |
Media |
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Jupiter |
Philip Johnson +44 (0)20 7314 4807 |
Despina Constantinides +44 (0)20 3817 1278 |
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FTI Consulting |
Laura Ewart +44 (0)20 3727 1160 |
Andrew Walton +44 (0)20 3727 1514 |
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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
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Flows and AUM by quarter |
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Q1 2013 £m |
Q2 2013 £m |
Q3 2013 £m |
Q4 2013 £m |
Q1 2014 £m |
Q2 2014 £m |
Q3 2014 £m |
Q4 2014 £m |
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Total |
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Opening AUM |
26,268 |
29,138 |
29,045 |
29,889 |
31,659 |
32,211 |
33,105 |
31,658 |
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Gross inflows |
1,726 |
1,729 |
1,618 |
1,782 |
2,320 |
2,543 |
2,239 |
1,956 |
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Gross outflows |
(1,517) |
(1,520) |
(1,347) |
(1,272) |
(1,773) |
(1,822) |
(2,021) |
(2,582) |
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Net Flows |
209 |
209 |
271 |
510 |
547 |
721 |
218 |
(626) |
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Market / FX movements |
2,661 |
(302) |
573 |
1,260 |
5 |
173 |
(155) |
928 |
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Private client transaction |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
(1,510) |
(65) |
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Closing AUM |
29,138 |
29,045 |
29,889 |
31,659 |
32,211 |
33,105 |
31,658 |
31,895 |
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Mutual funds |
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Opening AUM |
20,572 |
22,885 |
22,730 |
23,336 |
24,760 |
25,195 |
25,761 |
26,387 |
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Gross inflows |
1,572 |
1,493 |
1,535 |
1,627 |
1,970 |
2,095 |
2,069 |
1,917 |
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Gross outflows |
(1,325) |
(1,314) |
(1,257) |
(1,169) |
(1,505) |
(1,685) |
(1,838) |
(1,608) |
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Net Flows |
247 |
179 |
278 |
458 |
465 |
410 |
231 |
309 |
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Market / FX movements |
2,066 |
(334) |
328 |
966 |
(30) |
156 |
(79) |
848 |
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Private client transaction |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
474 |
n/a |
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Closing AUM |
22,885 |
22,730 |
23,336 |
24,760 |
25,195 |
25,761 |
26,387 |
27,544 |
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Segregated mandates |
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Opening AUM |
3,207 |
3,531 |
3,526 |
3,635 |
3,911 |
3,834 |
4,197 |
4,250 |
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Gross inflows |
93 |
67 |
24 |
95 |
130 |
410 |
170 |
27 |
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Gross outflows |
(149) |
(167) |
(52) |
(40) |
(216) |
(84) |
(182) |
(743) |
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Net Flows |
(56) |
(100) |
(28) |
55 |
(86) |
326 |
(12) |
(716) |
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Market / FX movements |
380 |
95 |
137 |
221 |
9 |
37 |
(61) |
24 |
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Private client transaction |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
126 |
n/a |
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Closing AUM |
3,531 |
3,526 |
3,635 |
3,911 |
3,834 |
4,197 |
4,250 |
3,558 |
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Investment trusts |
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Opening AUM |
601 |
663 |
659 |
694 |
722 |
902 |
906 |
956 |
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Gross inflows |
10 |
9 |
9 |
10 |
161 |
2 |
0 |
12 |
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Gross outflows |
(1) |
0 |
(3) |
(3) |
(2) |
(3) |
(1) |
(231) |
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Net Flows |
9 |
9 |
6 |
7 |
159 |
(1) |
(1) |
(219) |
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Market / FX movements |
53 |
(13) |
29 |
21 |
21 |
5 |
(15) |
56 |
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Private client transaction |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
66 |
n/a |
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Closing AUM |
663 |
659 |
694 |
722 |
902 |
906 |
956 |
793 |
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Private clients |
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Opening AUM |
1,888 |
2,059 |
2,130 |
2,224 |
2,266 |
2,280 |
2,241 |
65 |
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Gross inflows |
51 |
160 |
50 |
50 |
59 |
36 |
- |
- |
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Gross outflows |
(42) |
(39) |
(35) |
(60) |
(50) |
(50) |
- |
- |
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Net Flows |
9 |
121 |
15 |
(10) |
9 |
(14) |
- |
- |
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Market / FX movements |
162 |
(50) |
79 |
52 |
5 |
(25) |
- |
- |
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Private client transaction |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
(2,176) |
(65) |
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Closing AUM |
2,059 |
2,130 |
2,224 |
2,266 |
2,280 |
2,241 |
65 |
- |
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