Interim Management Statement

RNS Number : 5606E

Jupiter Fund Management PLC

11 April 2014

 



	Jupiter Fund Management plc
Q1 Interim Management Statement and Notice of Results

Interim Management Statement and Notice of Results

11 April 2014

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

HIGHLIGHTS

§ Assets under management ("AUM") increased to £32.2 billion in the three months to 31 March 2014.

§ Net mutual fund inflows of £465 million in the three months to 31 March 2014.

Maarten Slendebroek, Chief Executive, commented:

 "Jupiter delivered a further £0.5 billion of net inflows in the first quarter as we continue to expand our distribution network and product set. These flows came predominantly from our mutual fund franchise, which will continue to be the main driver of growth going forward following the recently announced disposal of our private client operations."

ASSETS UNDER MANAGEMENT AND FLOWS

		31 December 2013 £m	Q1 net flows £m	Market movement £m	31 March  2014 £m
	Mutual funds	24,760	465	(30)	25,195
	Segregated mandates	3,911	(86)	9	3,834
	Private clients	2,266	9	5	2,280
	Investment trusts	722	159	21	902
	Total	31,659	547	5	32,211

Jupiter delivered net mutual fund flows of £465 million during the first quarter, with inflows from the UK and our expanding international channels. Inflows were spread across fixed income funds, such as Strategic Bond and Dynamic Bond, and top-performing equity funds, such as UK Special Situations and UK Growth. This led to mutual funds AUM increasing to £25.2 billion at 31 March 2014.

Overall net inflows for the quarter were £547 million, supported by the win of the F&C US Smaller Companies investment trust mandate during the quarter, and total AUM was £32.2 billion at 31 March 2014.

CORPORATE UPDATE

On 1 April 2014, Jupiter announced the sale of its private client operations to Rathbone Investment Management Limited. The transaction is expected to complete towards the end of the third quarter of 2014. As at 31 March 2014, approximately 30% of the private client assets are held in collective vehicles run by the Group.

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.

NOTICE OF RESULTS

Jupiter will issue its results for the period ended 30 June 2014 on 30 July 2014 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.

For further information please contact:			Investors		Media
	Jupiter		Philip Johnson [phone]		Alicia Wyllie [phone]
	FTI Consulting		Laura Ewart [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 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
	Gross inflows	1,726	1,729	1,618	1,782	2,320
	Gross outflows	(1,517)	(1,520)	(1,347)	(1,272)	(1,773)
	Net Flows	209	209	271	510	547
	Market / FX movements	2,661	(302)	573	1,260	5
	Closing AUM	29,138	29,045	29,889	31,659	32,211
	Mutual funds
	Opening AUM	20,572	22,885	22,730	23,336	24,760
	Gross inflows	1,572	1,493	1,535	1,627	1,970
	Gross outflows	(1,325)	(1,314)	(1,257)	(1,169)	(1,505)
	Net Flows	247	179	278	458	465
	Market / FX movements	2,066	(334)	328	966	(30)
	Closing AUM	22,885	22,730	23,336	24,760	25,195
	Segregated mandates
	Opening AUM	3,207	3,531	3,526	3,635	3,911
	Gross inflows	93	67	24	95	130
	Gross outflows	(149)	(167)	(52)	(40)	(216)
	Net Flows	(56)	(100)	(28)	55	(86)
	Market / FX movements	380	95	137	221	9
	Closing AUM	3,531	3,526	3,635	3,911	3,834
	Private clients
	Opening AUM	1,888	2,059	2,130	2,224	2,266
	Gross inflows	51	160	50	50	59
	Gross outflows	(42)	(39)	(35)	(60)	(50)
	Net Flows	9	121	15	(10)	9
	Market / FX movements	162	(50)	79	52	5
	Closing AUM	2,059	2,130	2,224	2,266	2,280
	Investment trusts
	Opening AUM	601	663	659	694	722
	Gross inflows	10	9	9	10	161
	Gross outflows	(1)	0	(3)	(3)	(2)
	Net Flows	9	9	6	7	159
	Market / FX movements	53	(13)	29	21	21
	Closing AUM	663	659	694	722	902

 

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