Trading Update

RNS Number : 5406B

Jupiter Fund Management PLC

11 January 2018

 

Trading Update and Notice of Results

11 January 2018

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 December 2017.

HIGHLIGHTS

§ Net inflows in the quarter of £0.6bn, resulting in a total £5.5bn of net inflows in the year to 31 December 2017 (2016: £1.0bn)

§ AUM at 31 December 2017 increased 24% in the year to £50.2bn (31 December 2016: £40.5bn)

Maarten Slendebroek, Chief Executive, commented:

"This year has been one of consistent progress at Jupiter. Continued strong investment performance has enabled us to deliver positive returns after fees for clients. The successful continuation of our strategy of diversification produced total net inflows for the year of £5.5bn, including £5.1bn of net flows into our mutual funds across a range of investment strategies. These positive flows, which are underpinned by our ability to deliver investment outperformance, have helped drive a 24% increase in AUM over the year to £50.2bn at 31 December 2017."

ASSETS UNDER MANAGEMENT AND FLOWS

		30 Sept  2017 £m	Q4 net flows    £m	Market/FX movement £m	31 Dec  2017 £m
	Mutual funds	42,319	458	968	43,745
	Segregated mandates	4,896	157	155	5,208
	Investment trusts	1,216	(45)	56	1,227
	Total	48,431	570	1,179	50,180

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 £0.5bn during the fourth quarter, with inflows into our Absolute Return, Fixed Income and Multi Asset strategies partially offset by outflows in our Fund of Funds strategy. The segregated mandate channel also saw meaningful inflows during the quarter. Geographically, net inflows continued across all regions, with Continental Europe the highest contributor.

Following new fund launches in March (Global Emerging Markets Corporate Bond Fund), May (Emerging & Frontier Income Trust) and September (Global Emerging Markets Short Duration Bond Fund), the Global Levered Absolute Return Fund was launched in October, further developing our Absolute Return offering and diversifying the client base for this strategy. We also expanded our geographic reach in the quarter, with flows from clients in Thailand and Latin America.

In November the Dividend & Growth Trust was closed, resulting in net outflows from the investment trust channel, however a proportion of the clients chose to transfer into the UK Growth Trust.

SUMMARY & OUTLOOK

The strong flows for 2017, 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 further diversification by client type, product and geographic reach has enabled us to continue growing our asset base throughout the year.

In 2018 we aim to build on the momentum we have seen in 2017 with further business diversification alongside investment in maintaining our operating model, supported by a strong and sustainable balance sheet. This approach provides resilience to our business and leaves us well-placed to deliver positive outcomes 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 [phone]/1065	Kate O'Neill/Corporate Communications [phone]/1278
	FTI Consulting		Tom Blackwell [phone]	Andrew Walton [phone]

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	48,431
	Gross inflows	2,798	2,290	2,911	2,603	3,981	4,799	3,801	3,880
	Gross outflows	(2,075)	(2,382)	(2,122)	(2,976)	(2,675)	(2,540)	(2,458)	(3,310)
	Net flows	723	(92)	789	(373)	1,306	2,259	1,343	570
	Market / FX movements	(216)	934	2,544	560	1,684	1,115	181	1,179
	Closing AUM	36,181	37,023	40,356	40,543	43,533	46,907	48,431	50,180
	Mutual funds
	Opening AUM	31,170	31,418	32,268	35,153	35,216	37,986	40,930	42,319
	Gross inflows	2,473	2,241	2,769	2,527	3,864	4,410	3,656	3,624
	Gross outflows	(2,030)	(2,237)	(2,002)	(2,882)	(2,462)	(2,415)	(2,411)	(3,166)
	Net flows	443	4	767	(355)	1,402	1,995	1,245	458
	Market / FX movements	(195)	846	2,118	418	1,368	949	144	968
	Closing AUM	31,418	32,268	35,153	35,216	37,986	40,930	42,319	43,745
	Segregated mandates
	Opening AUM	3,527	3,775	3,754	4,136	4,244	4,394	4,708	4,896
	Gross inflows	314	48	142	76	117	308	142	231
	Gross outflows	(40)	(133)	(111)	(89)	(210)	(119)	(31)	(74)
	Net flows	274	(85)	31	(13)	(93)	189	111	157
	Market / FX movements	(26)	64	351	121	243	125	77	155
	Closing AUM	3,775	3,754	4,136	4,244	4,394	4,708	4,896	5,208
	Investment trusts
	Opening AUM	977	988	1,001	1,067	1,083	1,153	1,269	1,216
	Gross inflows	11	1	-	-	-	81	3	25
	Gross outflows	(5)	(12)	(9)	(5)	(3)	(6)	(16)	(70)
	Net flows	6	(11)	(9)	(5)	(3)	75	(13)	(45)
	Market / FX movements	5	24	75	21	73	41	(40)	56
	Closing AUM	988	1,001	1,067	1,083	1,153	1,269	1,216	1,227

 

END

 

 

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