Jupiter Fund Management's AUM hits record high
Jupiter Fund Management
75.60p
16:45 24/04/24
Investment manager Jupiter Fund Management said on Friday that assets under management had hit an all-time high of £58.7bn in 2020, offsetting an increased level of outflows throughout the year.
Financial Services
13,858.08
17:09 24/04/24
FTSE 250
19,719.37
17:09 24/04/24
FTSE 350
4,419.71
17:09 24/04/24
FTSE All-Share
4,374.06
16:44 24/04/24
Assets under management rose 37% year-on-year, boosted by its seemingly defensive acquisition of Merian Global Investors in July, while outflows widened 11% to £4.0bn but came in lower than the £4.2bn expected by analysts.
Jupiter reported an underlying pre-tax profit for the year of £179.0m, up 10% year-on-year but basic earnings per share slumped 23% to 21.3p as net management fees widened and operating margins contracted.
After having scrapped it in 2019, Jupiter also reinstated a special dividend of 3.0p per share for 2020.
Chief executive Andrew Formica said: "We made significant progress against our strategic objectives and laid strong foundations for future growth, despite the disruptive impact on financial markets and businesses brought by Covid-19.
"Against a backdrop of strengthening investor sentiment and improved momentum as we turn the corner in the battle against Covid-19, I am confident that Jupiter is strongly positioned for future growth."
As of 0825 GMT, Jupiter shares were up 0.27% at 292.80p.