Jupiter Fund Management PLC Trading Update and Notice of Results (4014M)

TIDMJUP

RNS Number : 4014M

Jupiter Fund Management PLC

13 October 2016

 
           Jupiter Fund Management plc 
  ==================================== 
  Trading Update and Notice of Results 
-------------------------------------- 
 
 

13 October 2016

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2016.

HIGHLIGHTS

Overall net inflows for the quarter were GBP789 million, resulting in total AUM at 30 September 2016 of GBP40.4 billion.

-- Net mutual fund inflows of GBP767 million in the three months to 30 September 2016.

-- Net segregated mandate inflows of GBP31 million in the three months to 30 September 2016.

Maarten Slendebroek, Chief Executive, commented:

"We are pleased to report that our mutual fund franchise delivered a strong quarter with net inflows of GBP0.8 billion, including positive flows from our segregated mandate channel. This has been achieved against a backdrop of market uncertainty following the UK referendum. Alongside these flows, we continue to see strong investment performance across our product range."

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                       30 June                Q3 net                        Market/FX  30 September 
                          2016                 flows                         movement          2016 
                          GBPm                  GBPm                             GBPm          GBPm 
 ====================  =======  ==========================  =========================  ============ 
 Mutual funds           32,268                         767                     2,118         35,153 
 ====================  =======  ==========================  =========================  ============ 
 Segregated mandates     3,754                          31                        351         4,136 
 ====================  =======  ==========================  =========================  ============ 
 Investment trusts       1,001                         (9)                         75         1,067 
 ====================  =======  ==========================  =========================  ============ 
 Total                  37,023                         789                     2,544         40,356 
 ====================  =======  ==========================  =========================  ============ 
 
 

Total AUM increased across the quarter as a result of healthy inflows, weak sterling and positive investment returns.

Net mutual fund inflows were GBP767 million during the third quarter, with significant inflows into our Absolute Return, Fixed Income and Global Emerging Market strategies and a return to net flows from the Income Trust Fund, within the UK Value Strategy.

NOTICE OF RESULTS

Jupiter will be issuing its audited results for the period ended 31 December 2016 on 28 February 2017 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.

SUMMARY

Client flows returned to the levels achieved in the first quarter of the year, affirming the confidence we have in our strategy of diversification by product and client type into areas offering potential for long-term growth. We are confident that, as we extend our relationships with key distributors on a global basis and deliver outperformance after fees, we can continue to deliver growth.

Looking forward towards the end of this year and into 2017, we expect the current challenging environment of changeable markets and regulatory uncertainty to continue, but we believe that the resilience in our business arising from continued diversification, supported by a strong and sustainable balance sheet, leaves us well-placed to progress and to continue to share the rewards of growth with our stakeholders.

 
For further information            Investors              Media 
please contact: 
  Jupiter                    Alex Sargent/Charlotte   Alicia Wyllie 
                                      Jones           [phone] 
                                 [phone]            1638 
                                    1534/1519 
  FTI Consulting                 Tom Blackwell        Andrew Walton 
                                 [phone]       [phone] 
                                      1051                 1514 
 
 

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.

3

 
 
------------------------------------------------- 
 
 
 
 Flows and AUM 
  by quarter 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
                         Q1 2015  Q2 2015  Q3 2015  Q4 2015          Q1 2016  Q2 2016            Q3 2016  Q4 2016 
                            GBPm     GBPm     GBPm     GBPm             GBPm     GBPm               GBPm     GBPm 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
 Total 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
 Opening AUM              31,895   34,761   34,332   33,525           35,674   36,181             37,023 
 Gross inflows             2,949    2,523    2,126    2,161            2,798    2,290              2,911 
 Gross outflows          (2,077)  (2,025)  (2,049)  (1,665)          (2,075)  (2,382)            (2,122) 
 Net flows                   872      498       77      496              723     (92)                789 
 Market / FX movements     1,994    (927)    (884)    1,653            (216)      934              2,544 
 Closing AUM              34,761   34,332   33,525   35,674           36,181   37,023             40,356 
 
 Mutual funds 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
 Opening AUM              27,544   30,133   29,738   29,215           31,170   31,418             32,268 
 Gross inflows             2,747    2,432    2,031    2,077            2,473    2,241              2,769 
 Gross outflows          (1,864)  (1,961)  (1,835)  (1,527)          (2,030)  (2,237)            (2,002) 
 Net flows                   883      471      196      549              443        4                767 
 Market / FX movements     1,706    (866)    (719)    1,406            (195)      846              2,118 
 Closing AUM              30,133   29,738   29,215   31,170           31,418   32,268             35,153 
 
 Segregated mandates 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
 Opening AUM               3,558    3,749    3,737    3,409            3,527    3,775              3,754 
 Gross inflows               175       65       69       75              314       48                142 
 Gross outflows            (207)     (64)    (211)    (132)             (40)    (133)              (111) 
 Net flows                  (32)        1    (142)     (57)              274     (85)                 31 
 Market / FX movements       223     (13)    (186)      175             (26)       64                351 
 Closing AUM               3,749    3,737    3,409    3,527            3,775    3,754              4,136 
 
 Investment trusts 
 ======================  =======  =======  =======  =======  ===============  =======  =================  ======= 
 Opening AUM                 793      879      857      901              977      988              1,001 
 Gross inflows                26       26       25        9               11        1                  - 
 Gross outflows              (5)        -      (2)      (5)              (5)     (12)                (9) 
 Net flows                    21       26       23        4                6     (11)                (9) 
 Market / FX movements        65     (48)       21       72                5       24                 75 
 Closing AUM                 879      857      901      977              988    1,001              1,067 
 
 

This information is provided by RNS

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October 13, 2016 02:00 ET (06:00 GMT)