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Jupiter Fund Mgmt (JUP)

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Friday 14 October, 2011

Jupiter Fund Mgmt

Interim Management Statement

RNS Number : 1680Q
Jupiter Fund Management PLC
14 October 2011
 



Jupiter Fund Management Plc

Q3 Interim Management Statement

 

Interim Management Statement

 

 

14 October 2011

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its interim management statement in respect of the three months to 30 September 2011.

 

HIGHLIGHTS

 

§ Net inflows of £295 million in the three months to 30 September 2011.

§ Cumulative net inflows of £971 million in the nine months to 30 September 2011.

§ Assets under management ("AUM") decreased to £22.3 billion in the three months to 30 September 2011.

§ £60 million reduction in bank debt.

 

Edward Bonham Carter, Chief Executive, commented:

 

"Jupiter continued to make progress in the third quarter, recording net inflows of £295 million despite one of the worst quarters for equity markets in the last decade and reduced risk appetite from retail investors, particularly in Europe. Our balance sheet position also continues to strengthen, allowing us to announce a substantial debt repayment."

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

AUM by product

 

 

 

 

 

 

 

30 June 2011

£m

Q3 net flows

£m

Market movement

£m

30 September
 2011

£m

 


Mutual funds

18,925

(36)

(2,126)

16,763



Segregated mandates

3,470

280

(441)

3,309



Private clients

1,760

62

(145)

1,677



Investment trusts

550

0

(61)

489



Hedge funds

78

(11)

(6)

61



Total

24,783

295

(2,779)

22,299









 

Jupiter achieved net inflows of £295 million during the period despite an £85 millon outflow from exiting our private equity business, as discussed in the Half Yearly results. These predominantly came from net inflows of £280 million into segregated mandates, where a specialist equity mandate win and a sub-advised Indian fund launched into Taiwan offset the private equity outflow.  Within mutual funds, continued inflows from our UK distribution channels were offset by the impact of the difficult flow environment in continental Europe, resulting in modest net outflows overall of £36 million during the quarter.

 

Jupiter's AUM proved resilient in the face of significant declines for world equity markets during the quarter. While the FTSE All World Index fell 16 per cent over the period and the FTSE 100 had its worst quarter for nine years, falling 14 per cent. from 5,946 to 5,128, Jupiter's AUM declined 10 per cent. from £24.8 billion as at 30 June 2011 to £22.3 billion as at 30 September 2011.

 

CORPORATE UPDATES

 

The board has authorised a £60 million partial repayment of the bank loan facility. This repayment will be made on 31 October 2011, reducing the gross balance outstanding on the bank loan facility to £143 million. 

 

OUTLOOK

 

Volatile markets continue to impact on investor confidence and flows across the asset management sector, particularly in Europe. Despite this, we continue to believe in the long-term growth prospects for the savings market and our ability to access these opportunities on behalf of investors and shareholders.

 

 

 

 

 

 

 

For further information please contact:


Investors

Media



Jupiter

Philip Johnson

+44 (0)20 7314 4807

Alicia Wyllie

+44 (0)20 7314 5573

 

 

 


FTI Consulting

Ed Gascoigne-Pees

+44 (0)20 7269 7132

Andrew Walton

+44 (0)20 7269 7204


 

Forward-looking statements

 

This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. Jupiter's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

 

 

Historic Flow and AUM data by quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flows and AUM by quarter

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2010

£m

Q2 2010

£m

Q3 2010

£m

Q4 2010

£m

Q1 2011

£m

Q2 2011

£m

Q3 2011

£m

Q4 2011

£m

 


Total

 

 

 

 

 

 

 

 



Opening AUM

19,522

21,093

19,844

22,172

24,078

24,453

24,783

 

 


Gross inflows

1,551

1,552

1,740

1,912

1,619

1,541

1,653

 

 


Gross outflows

(1,042)

(1,247)

(1,006)

(1,140)

(1,286)

(1,198)

(1,358)

 

 


Net Flows

509

305

734

772

333

343

295

 

 


Market / FX movements

1,062

(1,554)

1,594

1,134

42

(13)

(2,779)

 

 


Closing AUM

21,093

19,844

22,172

24,078

24,453

24,783

22,299

 

 


 

 

 

 

 


 

 

 

 


Mutual funds

 

 

 

 


 

 

 

 


Opening AUM

14,692

15,982

15,247

16,897

18,418

18,715

18,925

 

 


Gross inflows

1,390

1,332

1,249

1,559

1,493

1,272

1,120

 

 


Gross outflows

(959)

(890)

(765)

(1,030)

(1,096)

(1,012)

(1,156)

 

 


Net Flows

431

442

484

529

397

260

(36)

 

 


Market / FX movements

859

(1,177)

1,165

992

(100)

(50)

(2,126)

 

 


Closing AUM

15,982

15,247

16,897

18,418

18,715

18,925

16,763

 

 



 

 

 

 


 

 

 

 


Segregated mandates

 

 

 

 


 

 

 

 


Opening AUM

2,754

2,966

2,493

2,988

3,259

3,305

3,470

 

 


Gross inflows

119

164

425

274

47

155

438

 

 


Gross outflows

(54)

(298)

(215)

(32)

(118)

(27)

(158)

 

 


Net Flows

65

(134)

210

242

(71)

128

280

 

 


Market / FX movements

147

(339)

285

29

117

37

(441)

 

 


Closing AUM

2,966

2,493

2,988

3,259

3,305

3,470

3,309

 

 



 

 

 

 


 

 

 

 


Private clients

 

 

 

 


 

 

 

 


Opening AUM

1,355

1,431

1,417

1,576

1,693

1,702

1,760

 

 


Gross inflows

20

47

61

44

72

99

95

 

 


Gross outflows

(10)

(11)

(8)

(22)

(65)

(50)

(33)

 

 


Net Flows

10

36

53

22

7

49

62

 

 


Market / FX movements

66

(50)

106

95

2

9

(145)

 

 


Closing AUM

1,431

1,417

1,576

1,693

1,702

1,760

1,677

 

 



 

 

 

 


 

 

 

 


Investment trusts

 

 

 

 


 

 

 

 


Opening AUM

546

538

505

549

527

549

550

 

 


Gross inflows

0

0

0

0

0

0

0

 

 


Gross outflows

0

0

0

(46)

0

0

0

 

 


Net Flows

0

0

0

(46)

0

0

0

 

 


Market / FX movements

(8)

(33)

44

24

22

1

(61)

 

 


Closing AUM

538

505

549

527

549

550

489

 

 



 

 

 

 


 

 

 

 


Hedge funds

 

 

 

 


 

 

 

 


Opening AUM

175

176

181

162

181

182

78

 

 


Gross inflows

22

9

5

34

7

15

0

 



Gross outflows

(19)

(48)

(18)

(9)

(7)

(109)

(11)

 



Net Flows

3

(39)

(13)

25

0

(94)

(11)

 



Market / FX movements

(2)

44

(6)

(6)

1

(10)

(6)

 



Closing AUM

176

181

162

181

182

78

61

 



 

 

 

 

 

 

 

 

 


 

 


This information is provided by RNS
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