Trading Update and Notice of Results

RNS Number : 2844T
Jupiter Fund Management PLC
11 October 2017
 

Trading Update and Notice of Results

 

11 October 2017

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2017.

 

HIGHLIGHTS

 

§ Positive mutual fund net inflows of £1.2bn in the quarter, achieved across a range of different strategies and geographies.

 

§ AUM closed at £48.4bn, a year-to-date increase of 19%.

 

 

Maarten Slendebroek, Chief Executive, commented:

 

"We are pleased to report another quarter of healthy flows following on from a strong first half. Total net inflows were £1.3bn, including £1.2bn of net inflows into our mutual funds across a number of different investment strategies. The business momentum from our pursuit of business diversification allied with positive investment performance after fees has driven a 3% increase in AUM over the quarter and a 19% increase since the beginning of the year."

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

 

 

30 June

 2017

£m

          Q3 net flows

£m

Market/FX movement

£m

30 Sept

 2017

£m

 

 

Mutual funds

40,930

                       1,245

                        144

42,319

 

 

Segregated mandates

4,708

                         111

                          77

4,896

 

 

Investment trusts

1,269

                         (13)

                        (40)

1,216

 

 

Total

46,907

                      1,343

                      181

48,431

 

 

 

 

 

 

 

 

 

Total AUM increased during the quarter as a result of positive inflows and investment returns in our mutual fund and segregated mandate channels.

 

Net mutual fund inflows were £1.2bn during the third quarter, with significant inflows principally within our Fixed Income strategy as well as meaningful inflows into our European Growth, UK Value, Absolute Return and Global Emerging Markets strategies, partially offset by outflows in our Fund of Funds strategy. Geographically, we saw net inflows across all regions, with Europe and the UK the highest contributors.

 

In September, we launched the Jupiter Global Emerging Markets Short Duration Bond fund. This further develops our newly-established emerging market debt offering, following the launch of the Jupiter Global Emerging Markets Corporate Bond fund in March this year.  

                                                                                                   

SUMMARY & OUTLOOK

 

The continued net inflows this year, underpinned by the delivery of strong investment outperformance after all fees to investors, affirm the confidence we have in our positioning as a high conviction active asset manager. Our business model and drive towards continued diversification by client type, product and geographic reach has enabled us to continue growing our asset base.

 

Looking towards the end of this year and onward into 2018, we aim to build on the momentum we have seen to date. We believe that diversification and investment in maintaining our scalable operating model, supported by a strong and sustainable balance sheet, provides resilience to our business. This approach leaves us well-placed to deliver asset growth for our clients and value for our shareholders.

 

NOTICE OF RESULTS

 

Jupiter will be issuing results for the period ended 31 December 2017 on 27 February 2018 and will host an analyst presentation to discuss the results at 9:00am. The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

 

 

For further information please contact:

 

Investors

Media

 

 

Jupiter

Alex Sargent/Investor Relations

+44 (0)20 3817 1534/1065

Alicia Wyllie

+44 (0)20 3817 1638

 

 

 

 

FTI Consulting

Tom Blackwell

+44 (0)20 3727 1051

Andrew Walton

+44 (0)20 3727 1514

 

           

 

LEI Number: 5493003DJ1G01IMQ7S28

 

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 2016

£m

Q2 2016

£m

Q3 2016

£m

Q4 2016

£m

Q1 2017

£m

Q2 2017

£m

Q3 2017

£m

Q4 2017

£m

 

 

Total

 

 

 

 

 

 

 

 

 

 

Opening AUM

35,674

36,181

37,023

40,356

40,543

43,533

46,907

 

 

 

Gross inflows

2,798

2,290

2,911

2,603

3,981

4,799

3,801

 

 

 

Gross outflows

(2,075)

(2,382)

(2,122)

(2,976)

(2,675)

(2,540)

(2,458)

 

 

 

Net flows

             723

(92)

789

(373)

 1,306

2,259

1,343

 

 

 

Market / FX movements

(216)

934

2,544

560

1,684

1,115

181

 

 

 

Closing AUM

36,181

37,023

40,356

40,543

43,533

46,907 

48,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

Opening AUM

31,170

31,418

32,268

35,153

35,216

37,986

40,930

 

 

 

Gross inflows

2,473

2,241

2,769

2,527

3,864

4,410

3,656

 

 

 

Gross outflows

(2,030)

(2,237)

(2,002)

(2,882)

(2,462)

(2,415)

(2,411)

 

 

 

Net flows

443

4

767

(355)

1,402

1,995

1,245

 

 

 

Market / FX movements

(195)

846

2,118

418

1,368

949

144

 

 

 

Closing AUM

31,418

32,268

35,153

35,216

37,986

40,930

42,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segregated mandates

 

 

 

 

 

 

 

 

 

 

Opening AUM

3,527

3,775

3,754

4,136

4,244

4,394

4,708

 

 

 

Gross inflows

314

48

142

76

117

308

142

 

 

 

Gross outflows

(40)

(133)

(111)

(89)

(210)

(119)

(31)

 

 

 

Net flows

274

(85)

31

(13)

(93)

189

111

 

 

 

Market / FX movements

(26)

64

351

121

243

125

77

 

 

 

Closing AUM

3,775

3,754

4,136

4,244

4,394

4,708

4,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment trusts

 

 

 

 

 

 

 

 

 

 

Opening AUM

977

988

1,001

1,067

1,083

1,153

1,269

 

 

 

Gross inflows

11

1

      -

-

-

81

     3

 

 

 

Gross outflows

(5)

(12)

(9)

(5)

(3)

(6)

(16)

 

 

 

Net flows

6

(11)

(9)

(5)

(3)

75

(13)

 

 

 

Market / FX movements

5

24

75

21

73

41

(40)

 

 

 

Closing AUM

988

1,001

1,067

1,083

1,153

1,269

1,216

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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