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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Jupiter Fund Management    JUP   GB00B53P2009

JUPITER FUND MANAGEMENT (JUP)
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Jupiter slides to 27-month low as outflows jump

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10/11/2018 | 01:28pm CET

LONDON (Reuters) - Shares in British fund manager Jupiter hit 27-month lows on Thursday after it reported much larger than expected outflows in the third quarter, feeding a slide in asset management stocks that outstripped a wider market sell-off.

Shares in Jupiter shed 4.9 percent while fund supermarket Hargreaves Lansdown was down 6.8 percent by 1000 GMT, having earlier touched a five-month low.

European shares fell to 20-month lows after U.S. technology stocks, which have been driving a multi-year market rally, posted heavy losses overnight.

Jupiter reported net outflows of 800 million pounds ($1.06 billion) in its third quarter on Thursday.

That figure was above consensus forecasts, UBS analyst Michael Werner said, which had been for outflows of 840 million pounds for all of the second half. "A good portion was taken out by the numbers reported this morning," he said.

Jupiter said its assets under management slid to 47.7 billion pounds at Sept. 30 from the half year, with outflows of 600 million pounds in the fixed income strategy, mainly in continental Europe.

Market sentiment took a knock in the third quarter from rising global political and trade tensions, with European investors once again concerned about the outlook for debt-laden Italy.

Jupiter's European opportunities and funds of funds strategies also suffered outflows, it said in the trading statement, which covered the three months to the end of September. However, it saw positive flows into its European growth, value equities and absolute return strategies.

By 0930 GMT on Thursday, Britain's FTSE 100 <.FTSE> was down 1.7 percent after the S&P 500 suffered its sharpest one-day fall since February on Wednesday.

"Typically the share price (of asset managers) will tend to move more than underlying market performance", Werner said. "If they're underperforming today, that's not all that surprising."

Hargreaves, which offers a range of funds and other financial services through its online platform, posted a 3 percent rise in assets for its first quarter on Thursday.

Assets rose to 94.1 billion pounds in the three months ending Sept. 30, buoyed by 1.3 billion pounds in net new business and positive market moves, which added a further 1.2 billion pounds.

Hargreaves said it had added 29,000 new clients to its platform during the period, underpinning a 16 percent revenue jump to 120.8 million pounds.

Shares in fund managers Man Group and Ashmore Group, which will post its third-quarter trading statement on Friday, were down 3.8 percent and 1.3 percent, respectively, at 1000 GMT, respectively.

($1 = 0.7567 pounds)

(Reporting by Maiya Keidan, additional reporting by Marc Jones, editing by Sinead Cruise amd Jan Harvey)

By Maiya Keidan and Simon Jessop

Stocks mentioned in the article
ChangeLast1st jan.
ASHMORE GROUP -0.05% 368.4 Delayed Quote.-9.01%
DJ INDUSTRIAL -2.02% 24100.51 Delayed Quote.-2.50%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.-5.90%
HARGREAVES LANSDOWN -0.52% 1822.5 Delayed Quote.1.64%
JUPITER FUND MANAGEMENT 0.31% 293.8 Delayed Quote.-53.40%
MAN GROUP PLC -0.39% 126.2245 Delayed Quote.-38.71%
NASDAQ 100 -2.56% 6594.9632 Delayed Quote.3.10%
NASDAQ COMP. -2.26% 6910.6648 Delayed Quote.0.11%
S&P 500 -1.91% 2599.95 Delayed Quote.-2.76%
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Financials (GBP)
Sales 2018 412 M
EBIT 2018 186 M
Net income 2018 146 M
Finance 2018 299 M
Yield 2018 8,90%
P/E ratio 2018 9,23
P/E ratio 2019 10,32
EV / Sales 2018 2,53x
EV / Sales 2019 2,66x
Capitalization 1 341 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 4,11  GBP
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Maarten Frederik Slendebroek Chief Executive Officer & Executive Director
Elisabeth Patricia Airey Independent Chairman
Lance Deluca Co-Chief Operating Officer
Paula Marion Moore Co-Chief Operating Officer
Charlotte Jones Chief Financial Officer & Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
JUPITER FUND MANAGEMENT-53.40%1 687
T. ROWE PRICE GROUP-12.35%22 133
LEGAL & GENERAL-16.14%17 193
AMUNDI-31.90%10 972
HARGREAVES LANSDOWN1.64%10 933
STANDARD LIFE ABERDEEN PLC-43.62%7 859