Jupiter Fund Management : full-year profits hit by outflows, cancels special dividend

British asset manager Jupiter Fund Management said full-year pretax profits fell 16% after fee income was hit by outflows linked to the exit of a star manager.

Jupiter, which recently announced a deal to buy peer Merian Global Investors, said pretax profit in the year to end-December was £151 million, down from £179.2 million in the year-earlier period.

As a result of the Merian deal, Jupiter said it had decided not to pay a special dividend for the year.

(Reporting by Simon Jessop; Editing by Rachel Armstrong)