Jupiter Fund Management PLC Trading Update and Notice of Results (3230D)

TIDMJUP

RNS Number : 3230D

Jupiter Fund Management PLC

26 April 2017

Trading Update and Notice of Results

26 April 2017

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

HIGHLIGHTS

-- Net mutual fund inflows of GBP1.4bn in the quarter, with overall net inflows of GBP1.3bn.

-- Total AUM increased 7.4% to GBP43.5bn at 31 March 2017.

Maarten Slendebroek, Chief Executive, commented:

"We are pleased to report a strong start to 2017, driven by our mutual fund franchise which saw net inflows of GBP1.4bn. The continued strategy to diversify our business by product, client type and geography and delivery of strong investment performance after fees across a broad range of strategies has resulted in good inflows both internationally and within the UK."

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                       31 December                  Q1 net                           Market/FX  31 March 
                              2016                   flows                            movement      2017 
                              GBPm                   GBPm                                 GBPm      GBPm 
 ====================  ===========  =============================  ===========================  ======== 
 Mutual funds               35,216                        1,402                        1,368      37,986 
 ====================  ===========  =============================  ===========================  ======== 
 Segregated mandates         4,244                        (93)                           243       4,394 
 ====================  ===========  =============================  ===========================  ======== 
 Investment trusts           1,083                            (3)                           73     1,153 
 ====================  ===========  =============================  ===========================  ======== 
 Total                      40,543                          1,306                      1,684      43,533 
 ====================  ===========  =============================  ===========================  ======== 
 
 

Total AUM increased across all channels during the quarter as a result of positive investment returns and healthy mutual funds inflows.

Net mutual fund inflows were GBP1.4bn during the first quarter, with significant flows into our Fixed Income, Absolute Return, Multi Asset and Global Emerging Market strategies. Inflows have been particularly strong in Asia and continental Europe, including positive contributions from our recently opened offices in Italy and Spain. Healthy net inflows, investment performance and currency effects led to mutual fund AUM increasing to GBP38.0bn as at 31 March 2017, an increase of 7.9% in the quarter.

NOTICE OF RESULTS

Jupiter will be issuing results for the period ended 30 June 2017 on 26 July 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 & OUTLOOK

Net inflows, underpinned by the delivery of strong investment outperformance after all fees to investors, affirm the confidence we have in our diversification strategy offering potential for further long-term growth. We continue to invest in maintaining our scalable operating model, leaving us well placed to deliver growth and to continue sharing the rewards of that growth with our stakeholders.

 
For further information            Investors             Media 
please contact: 
  Jupiter                    Alex Sargent/Investor   Alicia Wyllie 
                                   Relations         [phone] 
                                 [phone]           1638 
                                   1534/1065 
  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.

Historic flow and AUM data by quarter

 
 
 Flows and AUM 
  by quarter 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
                          Q1 2016  Q2 2016            Q3 2016  Q4 2016          Q1 2017  Q2 2017  Q3 2017  Q4 2017 
                             GBPm     GBPm               GBPm     GBPm             GBPm     GBPm     GBPm     GBPm 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
 Total 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
 Opening AUM               35,674   36,181             37,023   40,356           40,543 
 Gross inflows              2,798    2,290              2,911    2,603            3,981 
 Gross outflows           (2,075)  (2,382)            (2,122)  (2,976)          (2,675) 
 Net flows                    723     (92)                789    (373)            1,306 
 Market / FX 
  movements                 (216)      934              2,544      560            1,684 
 Closing AUM               36,181   37,023             40,356   40,543           43,533 
 
 Mutual funds 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
 Opening AUM               31,170   31,418             32,268   35,153           35,216 
 Gross inflows              2,473    2,241              2,769    2,527            3,864 
 Gross outflows           (2,030)  (2,237)            (2,002)  (2,882)          (2,462) 
 Net flows                    443        4                767    (355)            1,402 
 Market / FX 
  movements                 (195)      846              2,118      418            1,368 
 Closing AUM               31,418   32,268             35,153   35,216           37,986 
 
 Segregated 
  mandates 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
 Opening AUM                3,527    3,775              3,754    4,136            4,244 
 Gross inflows                314       48                142       76              117 
 Gross outflows              (40)    (133)              (111)     (89)            (210) 
 Net flows                    274     (85)                 31     (13)             (93) 
 Market / FX 
  movements                  (26)       64                351      121              243 
 Closing AUM                3,775    3,754              4,136    4,244            4,394 
 
 Investment 
  trusts 
 ===============  ===============  =======  =================  =======  ===============  =======  =======  ======= 
 Opening AUM                  977      988              1,001    1,067            1,083 
 Gross inflows                 11        1                  -        -                - 
 Gross outflows               (5)     (12)                (9)      (5)              (3) 
 Net flows                      6     (11)                (9)      (5)              (3) 
 Market / FX 
  movements                     5       24                 75       21               73 
 Closing AUM                  988    1,001              1,067    1,083            1,153 
 
 

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April 26, 2017 02:00 ET (06:00 GMT)