Trading Update

RNS Number : 6171V

Jupiter Fund Management PLC

16 January 2013

 



	Jupiter Fund Management plc
Q4 Trading Update

Trading Update

16 January 2013

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 December 2012.

HIGHLIGHTS

§ Assets under management ("AUM") increased to £26.3 billion in the three months to 31 December 2012.

§ Net mutual fund inflows of £490 million in the three months to 31 December 2012.

§ Cumulative net mutual fund inflows of £1.6 billion in the year to 31 December 2012.

Edward Bonham Carter, Chief Executive, commented:

"Jupiter achieved another good quarter, driven by continued positive momentum from our mutual fund franchise. This supported overall net inflows of over £680 million and led to AUM increasing to £26.3 billion at the year end."

ASSETS UNDER MANAGEMENT AND FLOWS

	AUM by product
		30 September 2012 £m	Q4 net flows £m	Market movement £m	31 December 2012 £m
	Mutual funds	19,655	490	427	20,572
	Segregated mandates	2,905	206	96	3,207
	Private clients	1,852	(8)	44	1,888
	Investment trusts	587	0	14	601
	Total	24,999	688	581	26,268

Although industry conditions remain challenging, investor sentiment appears to have improved towards the end of the year. Against this backdrop, Jupiter delivered net mutual fund flows of £490 million during the fourth quarter, helped by our strong investment performance, recognised brand and international distribution reach. Inflows continued into funds positioned towards the cautious end of the risk spectrum, such as Merlin Income and Strategic Bond, and we also experienced inflows into top-performing equity funds, such as UK Special Situations and the European Growth SICAV. These flows, together with improved market levels, led to mutual funds AUM increasing to £20.6 billion at 31 December 2012.

Overall net inflows for the quarter were £688 million, assisted by flows from two segregated mandate clients. Driven by mutual funds, cumulative overall net inflows totalled £966 million for the full year of 2012, up from a cumulative net total of £278 million for the nine months to September 2012.

OUTLOOK

While we have seen strong mutual funds flows in the second half of 2012, we remain cautious on the short-term outlook due to continued market uncertainties. The long-term growth prospects for the savings market remain promising and we will continue to focus on delivering outperformance for our clients and investing in our distribution capabilities.

NOTICE OF RESULTS

Jupiter will be issuing its audited results for the year ended 31 December 2012 on 28 February 2013 and will host an analyst presentation to discuss the results at 8.45am. The presentation will be held at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. For further details of announcement dates during 2013, please see http://www.jupiteronline.com/Jupiter-Fund-Management-plc/Shareholder-info/Financial-calendar.

For further information please contact:			Investors		Media
	Jupiter		Philip Johnson [phone]		Alicia Wyllie [phone]
	FTI Consulting		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 2011 £m	Q2 2011 £m	Q3 2011 £m	Q4 2011 £m	Q1 2012 £m	Q2 2012 £m	Q3 2012 £m	Q4 2012 £m
	Total
	Opening AUM	24,078	24,453	24,783	22,299	22,807	24,177	23,371	24,999
	Gross inflows	1,619	1,541	1,653	1,002	1,207	1,359	1,635	1,820
	Gross outflows	(1,286)	(1,198)	(1,358)	(1,227)	(1,320)	(1,548)	(1,056)	(1,132)
	Net Flows	333	343	295	(225)	(113)	(189)	579	688
	Market / FX movements	42	(13)	(2,779)	733	1,483	(617)	1,049	581
	Closing AUM	24,453	24,783	22,299	22,807	24,177	23,371	24,999	26,268
	Mutual funds
	Opening AUM	18,418	18,715	18,925	16,763	17,219	18,351	18,054	19,655
	Gross inflows	1,493	1,272	1,120	882	1,122	1,105	1,586	1,482
	Gross outflows	(1,096)	(1,012)	(1,156)	(975)	(1,067)	(895)	(791)	(992)
	Net Flows	397	260	(36)	(93)	55	210	795	490
	Market / FX movements	(100)	(50)	(2,126)	549	1,077	(507)	806	427
	Closing AUM	18,715	18,925	16,763	17,219	18,351	18,054	19,655	20,572
	Segregated mandates1
	Opening AUM	3,440	3,487	3,548	3,370	3,338	3,493	2,927	2,905
	Gross inflows	54	170	438	86	42	116	16	285
	Gross outflows	(125)	(136)	(169)	(222)	(144)	(618)	(186)	(79)
	Net Flows	(71)	34	269	(136)	(102)	(502)	(170)	206
	Market / FX movements	118	27	(447)	104	257	(64)	148	96
	Closing AUM	3,487	3,548	3,370	3,338	3,493	2,927	2,905	3,207
	Private clients
	Opening AUM	1,693	1,702	1,760	1,677	1,731	1,757	1,824	1,852
	Gross inflows	72	99	95	34	43	138	33	53
	Gross outflows	(65)	(50)	(33)	(30)	(109)	(35)	(79)	(61)
	Net Flows	7	49	62	4	(66)	103	(46)	(8)
	Market / FX movements	2	9	(145)	50	92	(36)	74	44
	Closing AUM	1,702	1,760	1,677	1,731	1,757	1,824	1,852	1,888
	Investment trusts
	Opening AUM	527	549	550	489	519	576	566	587
	Gross inflows	0	0	0	0	0	0	0	0
	Gross outflows	0	0	0	0	0	0	0	0
	Net Flows	0	0	0	0	0	0	0	0
	Market / FX movements	22	1	(61)	30	57	(10)	21	14
	Closing AUM	549	550	489	519	576	566	587	601

¹ As previously notified, hedge funds are now included within segregated mandates product category

 

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