Interim Management Statement

RNS Number : 5895U

Jupiter Fund Management PLC

19 October 2010

 



Jupiter Fund Management plc

Q3 IMS Report

INTERIM MANAGEMENT STATEMENT

19 October 2010

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its interim management statement in respect of the three months to 30 September 2010.

HIGHLIGHTS

§ AUM increased to £22.2 billion in the three months to 30 September 2010.

§ Net inflows of £734 million in the three months to 30 September 2010.

§ Cumulative net inflows of £1,548 million in the nine months to 30 September 2010.

Edward Bonham Carter, Chief Executive, commented:

"Whilst markets rose across the quarter, fears of a double dip recession in developed world economies depressed sentiment before a rally in September. Against this backdrop, it was pleasing to see the Group maintain steady net inflows in our mutual funds range and make progress in our segregated mandates."

ASSETS UNDER MANAGEMENT AND FLOWS

	AUM by business line
		30 June 2010 £m	Q3 Net flows £m	Market Movement £m	30 September 2010 £m
	Mutual funds	15,248	484	1,165	16,897
	Segregated mandates	2,493	210	285	2,988
	Private clients	1,417	53	106	1,576
	Investment trusts	505	0	44	549
	Hedge funds	181	(13)	(6)	162
	Total	19,844	734	1,594	22,172

Assets under Management have increased 12 per cent. from £19.8 billion as at 30 June 2010 to £22.2 billion as at 30 September 2010.

We experienced net inflows of £734 million across our business lines during the period, driven by inflows into our mutual funds and segregated mandates. Mutual funds contributed third quarter net inflows of £484 million, slightly ahead of their second quarter and 2009 equivalents, reflecting continued net inflows into our Merlin fund-of-funds and SICAV products. During the quarter, segregated fund net inflows of £210 million benefited from the funding of a new mandate and additional assets from existing customers.

OUTLOOK

Trading conditions are in line with management expectations and the Group remains confident of its prospects for the full year.

CORPORATE UPDATES

The outsourcing of our Transfer Agency operations to IFDS was completed on 2 August, which resulted in headcount being reduced by 75. The transfer was successful and has been fully operational for two months.

On 1 October, the Jupiter Strategic Total Return and the Jupiter Global Convertibles funds managed by Miles Geldard and Lee Manzi were launched. Initial flows into these funds are encouraging.

Kathryn Langridge joined as an emerging markets fund manager in July and Jupiter has received regulatory approval to launch a global emerging markets unit trust in the fourth quarter.

For further information please contact:

		Investors		Media
	Jupiter	Philip Johnson [phone]		Alicia Wyllie [phone]
	Financial Dynamics	Ed Gascoigne-Pees [phone]		Andrew Walton [phone]

Historic Flow and AUM data by quarter

	Flows and AUM by quarter
		Q1 2009 £m	Q2 2009 £m	Q3 2009 £m	Q4 2009 £m	Q1 2010 £m	Q2 2010 £m	Q3 2010 £m
	Total
	Opening AUM	14,814	13,816	15,474	18,651	19,522	21,093	19,844
	Gross inflows	999	1,059	1,299	1,594	1,551	1,552	1,740
	Gross outflows	(587)	(554)	(928)	(1,078)	(1,042)	(1,247)	(1,006)
	Net Flows	412	505	371	516	509	305	734
	Market / FX movements	(1,410)	1,153	2,806	355	1,062	(1,554)	1,594
	Closing AUM	13,816	15,474	18,651	19,522	21,093	19,844	22,172
	Mutual funds
	Opening AUM	10,709	10,099	11,447	13,961	14,692	15,982	15,247
	Gross inflows	758	827	1,013	1,365	1,390	1,332	1,249
	Gross outflows	(360)	(418)	(624)	(814)	(959)	(890)	(765)
	Net Flows	398	409	389	551	431	442	484
	Market / FX movements	(1,008)	939	2,125	180	859	(1,177)	1,165
	Closing AUM	10,099	11,447	13,961	14,692	15,982	15,247	16,897
	Segregated mandates
	Opening AUM	2,400	2,091	2,349	2,679	2,754	2,966	2,493
	Gross inflows	138	133	153	90	119	164	425
	Gross outflows	(166)	(107)	(247)	(123)	(54)	(298)	(215)
	Net Flows	(28)	26	(94)	(33)	65	(134)	210
	Market / FX movements	(281)	232	424	108	147	(339)	285
	Closing AUM	2,091	2,349	2,679	2,754	2,966	2,493	2,988
	Private clients
	Opening AUM	938	987	1,047	1,310	1,355	1,431	1,417
	Gross inflows	100	86	117	21	20	47	61
	Gross outflows	(3)	(3)	(8)	(24)	(10)	(11)	(8)
	Net Flows	97	83	109	(3)	10	36	53
	Market / FX movements	(48)	(23)	154	48	66	(50)	106
	Closing AUM	987	1,047	1,310	1,355	1,431	1,417	1,576
	Investment trusts
	Opening AUM	524	461	491	556	546	538	505
	Gross inflows	0	0	0	69	0	0	0
	Gross outflows	(1)	0	0	(100)	0	0	0
	Net Flows	(1)	0	0	(31)	0	0	0
	Market / FX movements	(62)	30	65	21	(8)	(33)	44
	Closing AUM	461	491	556	546	538	505	549
	Hedge funds
	Opening AUM	243	178	140	145	175	176	181
	Gross inflows	3	13	16	49	22	9	5
	Gross outflows	(57)	(26)	(49)	(17)	(19)	(48)	(18)
	Net Flows	(54)	(13)	(33)	32	3	(39)	(13)
	Market / FX movements	(11)	(25)	38	(2)	(2)	44	(6)
	Closing AUM	178	140	145	175	176	181	162

 

END

 

 

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