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Share Name Share Symbol Market Type Share ISIN Share Description
Jupiter Fund Management Plc LSE:JUP London Ordinary Share GB00B53P2009 ORD 2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.80 2.1% 233.60 233.60 234.00 234.40 226.60 230.00 399,198 13:32:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 419.3 151.0 27.5 8.5 1,292

Jupiter Fund Management PLC Trading Statement

16/10/2020 7:00am

UK Regulatory (RNS & others)


Jupiter Fund Management (LSE:JUP)
Historical Stock Chart


From Sep 2020 to Oct 2020

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TIDMJUP

RNS Number : 2648C

Jupiter Fund Management PLC

16 October 2020

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

16 October 2020

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2020.

HIGHLIGHTS

-- Acquisition of Merian Global Investors ("Merian") introduced GBP16.6bn of AUM on 1 July 2020, with operational integration achieved by 30 September 2020.

   --      Net outflows in the quarter of GBP1.0bn, partially offset by GBP0.8bn of market returns. 

-- AUM at 30 September 2020 of GBP55.7bn, an increase of GBP16.5bn in the quarter driven by the acquisition of Merian.

JUPITER GROUP

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                 30 Jun 2020   Acquisition         Q3 net   Market returns   30 Sep 
                        GBPm          GBPm     flows GBPm             GBPm     2020 
                                                                               GBPm 
 Mutual funds         34,264        13,970          (746)              770   48,258 
==============  ============  ============  =============  ===============  ======= 
 Segregated 
  mandates             4,668         2,375          (197)             (62)    6,784 
==============  ============  ============  =============  ===============  ======= 
 Investment 
  trusts                 276           294           (10)               92      652 
==============  ============  ============  =============  ===============  ======= 
 Total                39,208        16,639          (953)              800   55,694 
==============  ============  ============  =============  ===============  ======= 
 

Net outflows comprised GBP0.1bn of net inflows in Jupiter branded products offset by GBP1.0bn of net outflows in Merian branded products.

JUPITER BRANDED PRODUCTS

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                        30 Jun 2020   Acquisition         Q3 net   Market returns   30 Sep 
                               GBPm          GBPm     flows GBPm             GBPm     2020 
                                                                                      GBPm 
 Mutual funds                34,264             -            272              153   34,689 
=====================  ============  ============  =============  ===============  ======= 
 Segregated mandates          4,668             -          (206)             (85)    4,377 
=====================  ============  ============  =============  ===============  ======= 
 Investment trusts              276             -           (10)                6      272 
=====================  ============  ============  =============  ===============  ======= 
 Total                       39,208             -             56               74   39,338 
=====================  ============  ============  =============  ===============  ======= 
 

Net mutual fund inflows within the Jupiter branded products were GBP0.3bn during the quarter, of which GBP0.9bn were from the Fixed Income strategy.

Segregated mandates saw GBP0.2bn of net outflows during the quarter. Inflows included the funding of the second client win through the strategic partnership with NZS Capital which was offset principally by outflows from two clients, one of which related to the resignation of a fund manager.

MERIAN BRANDED PRODUCTS

ASSETS UNDER MANAGEMENT AND FLOWS

 
 
                  30 Jun 2020   Acquisition         Q3 net   Market returns   30 Sep 
                         GBPm          GBPm     flows GBPm             GBPm     2020 
                                                                                GBPm 
 Mutual funds               -        13,970        (1,018)              617   13,569 
==============  =============  ============  =============  ===============  ======= 
 Segregated 
  mandates                  -         2,375              9               23    2,407 
==============  =============  ============  =============  ===============  ======= 
 Investment 
  trusts                    -           294              -               86      380 
==============  =============  ============  =============  ===============  ======= 
 Total                      -        16,639        (1,009)              726   16,356 
==============  =============  ============  =============  ===============  ======= 
 

Net mutual fund outflows within the Merian branded products were GBP1.0bn during the quarter of which GBP0.2bn were from the Global Equity Absolute Return fund, GBP0.4bn from the Systematic strategy and GBP0.1bn from funds where there was a change of fund manager relating to the acquisition.

The Global Equity Absolute Return fund ended the period with GBP1.1bn of AUM.

NOTICE OF RESULTS

Jupiter will be issuing results for the year ending 31 December 2020 on 26 February 2021 and will host an analyst presentation to discuss the results at 9:00am. At present, we expect the presentation to be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. This is dependent on the UK government's applicable guidance at the time in respect of the coronavirus outbreak.

 
For further information           Investors                     Media 
please contact: 
  Jupiter                     Investor Relations   Despina Constantinides/Corporate 
                              +44 (0)20 3817 1065           Communications 
                                                       +44 (0)20 3817 1196/1278 
 
  Powerscourt                  Justin Griffiths 
                              +44 (0)20 7549 0999 
 
 

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.

 
 Jupiter Group 
 
  Historic AUM and flows by quarter 
----------------------------------- 
 
 
 
 Flows and AUM by 
  quarter 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
                       Q1 2019  Q2 2019  Q3 2019  Q4 2019  Q1 2020  Q2 2020  Q3 2020  Q4 2020 
                          GBPm     GBPm     GBPm     GBPm     GBPm     GBPm     GBPm     GBPm 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Total 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM            42,673   44,061   45,908   45,089   42,831   34,985   39,208 
 Acquisition                 -        -        -        -        -        -   16,639 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows           3,259    3,280    4,014    2,856    4,065    3,075    4,422 
 Gross outflows        (3,741)  (3,883)  (5,329)  (4,984)  (6,383)  (2,770)  (5,375) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows               (482)    (603)  (1,315)  (2,128)  (2,318)      305    (953) 
 Market returns          1,870    2,450      496    (130)  (5,528)    3,918      800 
 Closing AUM            44,061   45,908   45,089   42,831   34,985   39,208   55,694 
 
 Mutual funds 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM            36,940   37,473   38,983   38,461   37,692   30,671   34,264 
 Acquisition                 -        -        -        -        -        -   13,970 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows           2,697    3,034    3,017    2,638    3,353    2,823    4,057 
 Gross outflows        (3,688)  (3,608)  (3,973)  (3,189)  (6,244)  (2,603)  (4,803) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows               (991)    (574)    (956)    (551)  (2,891)      220    (746) 
 Market returns          1,524    2,084      434    (218)  (4,130)    3,373      770 
 Closing AUM            37,473   38,983   38,461   37,692   30,671   34,264   48,258 
 
 Segregated mandates 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM             4,577    5,348    5,568    5,266    4,811    4,084    4,668 
 Acquisition                 -        -        -        -        -        -    2,375 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows             561      246      996      218      712      252      365 
 Gross outflows           (48)    (269)  (1,344)    (836)    (137)    (164)    (562) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows                 513     (23)    (348)    (618)      575       88    (197) 
 Market returns            258      243       46      163  (1,302)      496     (62) 
 Closing AUM             5,348    5,568    5,266    4,811    4,084    4,668    6,784 
 
 Investment trusts 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM             1,156    1,240    1,357    1,362      328      230      276 
 Acquisition                 -        -        -        -        -        -      294 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows               1        0        1        0        0        0        0 
 Gross outflows            (5)      (6)     (12)    (959)      (2)      (3)     (10) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows                 (4)      (6)     (11)    (959)      (2)      (3)     (10) 
 Market returns             88      123       16     (75)     (96)       49       92 
 Closing AUM             1,240    1,357    1,362      328      230      276      652 
 
 
 
 Jupiter branded products 
 
  Historic AUM and flows by quarter 
----------------------------------- 
 
 
 
 Flows and AUM by 
  quarter 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
                       Q1 2019  Q2 2019  Q3 2019  Q4 2019  Q1 2020  Q2 2020  Q3 2020  Q4 2020 
                          GBPm     GBPm     GBPm     GBPm     GBPm     GBPm     GBPm     GBPm 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Total 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM            42,673   44,061   45,908   45,089   42,831   34,985   39,208 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows           3,259    3,280    4,014    2,856    4,065    3,075    3,015 
 Gross outflows        (3,741)  (3,883)  (5,329)  (4,984)  (6,383)  (2,770)  (2,959) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows               (482)    (603)  (1,315)  (2,128)  (2,318)      305       56 
 Market returns          1,870    2,450      496    (130)  (5,528)    3,918       74 
 Closing AUM            44,061   45,908   45,089   42,831   34,985   39,208   39,338 
 
 Mutual funds 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM            36,940   37,473   38,983   38,461   37,692   30,671   34,264 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows           2,697    3,034    3,017    2,638    3,353    2,823    2,697 
 Gross outflows        (3,688)  (3,608)  (3,973)  (3,189)  (6,244)  (2,603)  (2,425) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows               (991)    (574)    (956)    (551)  (2,891)      220      272 
 Market returns          1,524    2,084      434    (218)  (4,130)    3,373      153 
 Closing AUM            37,473   38,983   38,461   37,692   30,671   34,264   34,689 
 
 Segregated mandates 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM             4,577    5,348    5,568    5,266    4,811    4,084    4,668 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows             561      246      996      218      712      252      318 
 Gross outflows           (48)    (269)  (1,344)    (836)    (137)    (164)    (524) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows                 513     (23)    (348)    (618)      575       88    (206) 
 Market returns            258      243       46      163  (1,302)      496     (85) 
 Closing AUM             5,348    5,568    5,266    4,811    4,084    4,668    4,377 
 
 Investment trusts 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Opening AUM             1,156    1,240    1,357    1,362      328      230      276 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Gross inflows               1        0        1        0        0        0        0 
 Gross outflows            (5)      (6)     (12)    (959)      (2)      (3)     (10) 
 ====================  =======  =======  =======  =======  =======  =======  =======  ======= 
 Net flows                 (4)      (6)     (11)    (959)      (2)      (3)     (10) 
 Market returns             88      123       16     (75)     (96)       49        6 
 Closing AUM             1,240    1,357    1,362      328      230      276      272 
 
 
 
 Merian branded products 
 
  Historic AUM and flows by quarter 
----------------------------------- 
 
 
 
 Flows and AUM by 
  quarter 
 ====================      ==========  ==========  =======  ======= 
                           Q1 2020(1)  Q2 2020(1)  Q3 2020  Q4 2020 
                                 GBPm        GBPm     GBPm     GBPm 
 ====================      ==========  ==========  =======  ======= 
 Total 
 ====================      ==========  ==========  =======  ======= 
 Opening AUM                   22,405      15,652   16,639 
 ========================  ==========  ==========  =======  ======= 
 Gross inflows                  1,991       1,392    1,407 
 Gross outflows               (4,589)     (3,121)  (2,416) 
 ========================  ==========  ==========  =======  ======= 
 Net flows                    (2,598)     (1,729)  (1,009) 
 Market returns               (4,155)       2,716      726 
 Closing AUM                   15,652      16,639   16,356 
 
 Mutual funds 
 ====================      ==========  ==========  =======  ======= 
 Opening AUM                   19,386      13,302   13,970 
 ========================  ==========  ==========  =======  ======= 
 Gross inflows                  1,908       1,347    1,360 
 Gross outflows               (4,498)     (3,013)  (2,378) 
 ========================  ==========  ==========  =======  ======= 
 Net flows                    (2,590)     (1,666)  (1,018) 
 Market returns               (3,494)       2,334      617 
 Closing AUM                   13,302      13,970   13,569 
 
 Segregated mandates 
 ====================      ==========  ==========  =======  ======= 
 Opening AUM                    2,705       2,124    2,375 
 ========================  ==========  ==========  =======  ======= 
 Gross inflows                     75          45       47 
 Gross outflows                  (83)       (108)     (38) 
 ========================  ==========  ==========  =======  ======= 
 Net flows                        (8)        (63)        9 
 Market returns                 (573)         314       23 
 Closing AUM                    2,124       2,375    2,407 
 
 Investment trusts 
 ====================      ==========  ==========  =======  ======= 
 Opening AUM                      314         226      294 
 ========================  ==========  ==========  =======  ======= 
 Gross inflows                      8           0        0 
 Gross outflows                   (8)           0        0 
 ========================  ==========  ==========  =======  ======= 
 Net flows                          0           0        0 
 Market returns                  (88)          68       86 
 Closing AUM                      226         294      380 
 
 

(1) Q1 and Q2 2020 represent the AUM, flows and market returns of Merian prior to acquisition by the Group.

Jupiter Group

Proforma historic AUM and flows by quarter

Flows by type

 
 
                                                   Q1 2020(2)   Q2 2020(2)   Q3 2020 
                                                         GBPm         GBPm      GBPm 
 Opening AUM                                           65,236       50,637    55,847 
================================================  ===========  ===========  ======== 
 Flows 
================================================  ===========  ===========  ======== 
                  Global Equity Absolute Return       (1,401)        (260)     (206) 
================================================  ===========  ===========  ======== 
                  Systematic                            (967)        (619)     (411) 
================================================  ===========  ===========  ======== 
                  Change of fund manager                    -        (464)     (313) 
================================================  ===========  ===========  ======== 
                  Other                               (2,548)         (81)      (23) 
================================================  ===========  ===========  ======== 
 Market returns                                       (9,683)        6,634       800 
================================================  ===========  ===========  ======== 
 Closing AUM                                           50,637       55,847    55,694 
================================================  ===========  ===========  ======== 
 

(2) Q1 and Q2 2020 are proforma and include the AUM, flows and market returns of Merian prior to acquisition by the Group.

Net outflows for Q3 2020 resulting from changes of fund manager of GBP0.3bn principally relate to the Jupiter European Special Situations fund and related segregated mandate. Net outflows relating to fund manager changes in the proforma Q2 2020 flows relate to Merian branded products, with further outflows in Q3 2020, of which the majority was from one client. In addition, the Group has been notified of further outflows of GBP0.3bn from the Merian branded products in Q4 2020 associated with the change of fund manager.

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END

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