Jupiter reports 16% rise in assets on strong net inflows

Asset manager Jupiter Fund Management saw a 16% increase in its assets under management in the first half of 2017, the firm reported on Wednesday.

Jupiter’s total assets under management rose to £46.9bn for the six months ended 30 June, while that figure was at £37bn for the corresponding half of 2016.

Strong net inflows of £3.6bn was a key driver of the asset growth, with new money being invested from clients and favourable market conditions also contributing.

Pre-tax profit was 8% higher in comparison with the opening quarters of last year, rising to £93.9m from £86.6m year-on-year.

Jupiter also reported that net management fees had risen by 19% to £186.5m for the period, while it also announced an interim dividend per share of 6.8p. The increased management fees also led to an increase of revenue of 15% to £195.4m

Chief executive Maarten Slendebroek said attempts to diversify its revenue streams had paid off for the firm.

Slendebroek said: “Jupiter has made significant progress in the first half of 2017 with healthy net inflows and continued strong investment outperformance after all fees underlining the ongoing success of our diversification strategy. Our culture of accountability, high performance and independent thinking gives us confidence in our ability to continue creating value for clients, growing AUM and delivering progressive returns for our shareholders over the cycle.”

Jupiter shares were 1.21% higher in early trading following the earnings report, with a price of 544p as of 10:06 BST.