Jupiter Fund Management PLC Trading Update (5406B)

TIDMJUP

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 GBP0.6bn, resulting in a total GBP5.5bn of net inflows in the year to 31 December 2017 (2016: GBP1.0bn)

-- AUM at 31 December 2017 increased 24% in the year to GBP50.2bn (31 December 2016: GBP40.5bn)

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 GBP5.5bn, including GBP5.1bn 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 GBP50.2bn at 31 December 2017."

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                       30 Sept                              Market/FX  31 Dec 
                          2017           Q4 net flows        movement    2017 
                          GBPm               GBPm                GBPm    GBPm 
 ====================  =======  =====================  ==============  ====== 
 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 GBP0.5bn 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              Investors                    Media 
please contact: 
  Jupiter                      Alex Sargent/Investor     Kate O'Neill/Corporate 
                                     Relations                Communications 
                              [phone]/1065   [phone]/1278 
 
  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   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 
 
 

This information is provided by RNS

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January 11, 2018 02:00 ET (07:00 GMT)