British fund manager Jupiter reported a rise in interim profit, record inflows and assets under management, offsetting a jump in outflows from the year earlier.
Assets under management finished the six months to
Pretax profit rose 40 per cent to £57m, from £40.8m in the same period last year, as revenue also rose to £247.7m – 36 per cent up on the year before.
These results offset accelerated net outflows, which surged to £2.3bn, up from £2bn a year earlier. Jupiter’s mutual funds were responsible for the vast majority – £1.7bn – of these outflows.
“Outflows were concentrated in a few areas, often where performance has been robust but the asset class has not been in client demand. European Growth and
Jupiter chief executive
“Despite the headwinds facing the business, we have delivered a robust set of results. Investment performance remains strong and we continue to deliver increasing levels of gross flows,” Formica said.
“Although we saw net outflows in the first half, we have a number of key products with strong investment performance and we are hopeful given performance and compelling market valuations that sentiment will change.”
It comes after the fund manager also reported increased net outflows at year-end in February, which surged 11 per cent to £4bn, slightly short of an expected £4.2bn.
This was largely due to redemptions as figures show the group generated gross inflows of £16.5bn, up from the £13.4bn the previous year.
The fund manager made a defensive acquisition of
The post
© City AM, source