Jupiter Fund Management PLC Trading Update and Notice of Results (2844T)

TIDMJUP

RNS Number : 2844T

Jupiter Fund Management PLC

11 October 2017

 
 Trading Update and Notice of Results 
------------------------------------- 
 

11 October 2017

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2017.

HIGHLIGHTS

-- Positive mutual fund net inflows of GBP1.2bn in the quarter, achieved across a range of different strategies and geographies.

-- AUM closed at GBP48.4bn, a year-to-date increase of 19%.

Maarten Slendebroek, Chief Executive, commented:

"We are pleased to report another quarter of healthy flows following on from a strong first half. Total net inflows were GBP1.3bn, including GBP1.2bn of net inflows into our mutual funds across a number of different investment strategies. The business momentum from our pursuit of business diversification allied with positive investment performance after fees has driven a 3% increase in AUM over the quarter and a 19% increase since the beginning of the year."

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                       30 June                                             Market/FX  30 Sept 
                          2017                Q3 net flows                  movement     2017 
                          GBPm                        GBPm                      GBPm     GBPm 
 ====================  =======  ==========================  ========================  ======= 
 Mutual funds           40,930                       1,245                     144     42,319 
 ====================  =======  ==========================  ========================  ======= 
 Segregated mandates     4,708                       111                          77    4,896 
 ====================  =======  ==========================  ========================  ======= 
 Investment trusts       1,269                        (13)                      (40)    1,216 
 ====================  =======  ==========================  ========================  ======= 
 Total                  46,907                       1,343                      181    48,431 
 ====================  =======  ==========================  ========================  ======= 
 
 

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 GBP1.2bn during the third quarter, with significant inflows principally within our Fixed Income strategy as well as meaningful inflows into our European Growth, UK Value, Absolute Return and Global Emerging Markets strategies, partially offset by outflows in our Fund of Funds strategy. Geographically, we saw net inflows across all regions, with Europe and the UK the highest contributors.

In September, we launched the Jupiter Global Emerging Markets Short Duration Bond fund. This further develops our newly-established emerging market debt offering, following the launch of the Jupiter Global Emerging Markets Corporate Bond fund in March this year.

SUMMARY & OUTLOOK

The continued net inflows this year, 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 drive towards continued diversification by client type, product and geographic reach has enabled us to continue growing our asset base.

Looking towards the end of this year and onward into 2018, we aim to build on the momentum we have seen to date. We believe that diversification and investment in maintaining our scalable operating model, supported by a strong and sustainable balance sheet, provides resilience to our business. This approach leaves us well-placed to deliver asset growth 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              Investors                 Media 
please contact: 
  Jupiter                      Alex Sargent/Investor       Alicia Wyllie 
                                     Relations           [phone] 
                              [phone]/1065 
  FTI Consulting                   Tom Blackwell           Andrew Walton 
                                [phone]      [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  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   43,533   46,907 
 Gross inflows                     2,798    2,290    2,911    2,603    3,981    4,799    3,801 
 Gross outflows                  (2,075)  (2,382)  (2,122)  (2,976)  (2,675)  (2,540)  (2,458) 
 Net flows                           723     (92)      789    (373)    1,306    2,259    1,343 
 Market / FX movements             (216)      934    2,544      560    1,684    1,115      181 
 Closing AUM                      36,181   37,023   40,356   40,543   43,533   46,907   48,431 
 
 Mutual funds 
 ======================  ===============  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM                      31,170   31,418   32,268   35,153   35,216   37,986   40,930 
 Gross inflows                     2,473    2,241    2,769    2,527    3,864    4,410    3,656 
 Gross outflows                  (2,030)  (2,237)  (2,002)  (2,882)  (2,462)  (2,415)  (2,411) 
 Net flows                           443        4      767    (355)    1,402    1,995    1,245 
 Market / FX movements             (195)      846    2,118      418    1,368      949      144 
 Closing AUM                      31,418   32,268   35,153   35,216   37,986   40,930   42,319 
 
 Segregated mandates 
 ======================  ===============  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM                       3,527    3,775    3,754    4,136    4,244    4,394    4,708 
 Gross inflows                       314       48      142       76      117      308      142 
 Gross outflows                     (40)    (133)    (111)     (89)    (210)    (119)     (31) 
 Net flows                           274     (85)       31     (13)     (93)      189      111 
 Market / FX movements              (26)       64      351      121      243      125       77 
 Closing AUM                       3,775    3,754    4,136    4,244    4,394    4,708    4,896 
 
 Investment trusts 
 ======================  ===============  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM                         977      988    1,001    1,067    1,083    1,153    1,269 
 Gross inflows                        11        1        -        -        -       81        3 
 Gross outflows                      (5)     (12)      (9)      (5)      (3)      (6)     (16) 
 Net flows                             6     (11)      (9)      (5)      (3)       75     (13) 
 Market / FX movements                 5       24       75       21       73       41     (40) 
 Closing AUM                         988    1,001    1,067    1,083    1,153    1,269    1,216 
 
 

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October 11, 2017 02:00 ET (06:00 GMT)