Interim Management Statement

RNS Number : 9470O

Jupiter Fund Management PLC

18 October 2012

 



Jupiter Fund Management plc

Q3 Interim Management Statement

18 October 2012

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its interim management statement in respect of the three months to 30 September 2012.

HIGHLIGHTS

§ Assets under management ("AUM") increased to £25.0 billion in the three months to 30 September 2012.

§ Net mutual fund inflows of £795 million in the three months to 30 September 2012.

§ Cumulative net mutual fund inflows of £1.1 billion in the nine months to 30 September 2012.

Edward Bonham Carter, Chief Executive, commented:

"During the difficult flow environment in the first half of the year, we continued to position the business for growth. It was therefore pleasing to see an acceleration in mutual fund inflows to £795 million in the third quarter, resulting in record AUM of £25 billion."

ASSETS UNDER MANAGEMENT AND FLOWS

	AUM by product
		30 June 2012 £m	Q3 net flows £m	Market movement £m	30 September 2012 £m
	Mutual funds	18,054	795	806	19,655
	Segregated mandates	2,927	(170)	148	2,905
	Private clients	1,824	(46)	74	1,852
	Investment trusts	566	-	21	587
	Total	23,371	579	1,049	24,999

Although industry conditions remained challenging, Jupiter delivered significantly improved net mutual fund flows of £795 million in the third quarter. Our strong investment performance, recognised brand and international distribution reach helped drive this improvement in both the UK and Europe. Inflows were predominantly into funds positioned towards the cautious end of the risk spectrum, such as Merlin Income, Strategic Bond and Global Convertibles, supported by several large deals. These flows, together with improved market levels, led to mutual funds AUM increasing to £19.7 billion at 30 September 2012.

Overall net inflows for the quarter were £579 million, held back by the loss of a UK equity segregated mandate and the remainder of a large private client portfolio, following the withdrawal in Q1 of the first half of their assets. Driven by mutual funds, cumulative overall net flows have now moved positive for the year to date and total £277 million for the nine months to 30 September 2012.

OUTLOOK

While mutual funds flows have improved, we remain cautious looking forward given fragile consumer confidence and industry flows remaining vulnerable to any increase in stock market volatility. However, we continue to believe in the long-term growth prospects for the savings market and will continue to focus on delivering outperformance for our clients and investing in our distribution capabilities to take advantage of these trends.

For further information please contact:			Investors		Media
	Jupiter		Philip Johnson [phone]		Alicia Wyllie [phone]
	FTI Consulting		Ed Gascoigne-Pees [phone]		Andrew Walton [phone]

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.

	Flows and AUM by quarter
		Q1 2011 £m	Q2 2011 £m	Q3 2011 £m	Q4 2011 £m	Q1 2012 £m	Q2 2012 £m	Q3 2012 £m	Q4 2012 £m
	Total
	Opening AUM	24,078	24,453	24,783	22,299	22,807	24,177	23,371
	Gross inflows	1,619	1,541	1,653	1,002	1,207	1,359	1,635
	Gross outflows	(1,286)	(1,198)	(1,358)	(1,227)	(1,320)	(1,548)	(1,056)
	Net Flows	333	343	295	(225)	(113)	(189)	579
	Market / FX movements	42	(13)	(2,779)	733	1,483	(617)	1,049
	Closing AUM	24,453	24,783	22,299	22,807	24,177	23,371	24,999
	Mutual funds
	Opening AUM	18,418	18,715	18,925	16,763	17,219	18,351	18,054
	Gross inflows	1,493	1,272	1,120	882	1,122	1,105	1,586
	Gross outflows	(1,096)	(1,012)	(1,156)	(975)	(1,067)	(895)	(791)
	Net Flows	397	260	(36)	(93)	55	210	795
	Market / FX movements	(100)	(50)	(2,126)	549	1,077	(507)	806
	Closing AUM	18,715	18,925	16,763	17,219	18,351	18,054	19,655
	Segregated mandates1
	Opening AUM	3,440	3,487	3,548	3,370	3,338	3,493	2,927
	Gross inflows	54	170	438	86	42	116	16
	Gross outflows	(125)	(136)	(169)	(222)	(144)	(618)	(186)
	Net Flows	(71)	34	269	(136)	(102)	(502)	(170)
	Market / FX movements	118	27	(447)	104	257	(64)	148
	Closing AUM	3,487	3,548	3,370	3,338	3,493	2,927	2,905
	Private clients
	Opening AUM	1,693	1,702	1,760	1,677	1,731	1,757	1,824
	Gross inflows	72	99	95	34	43	138	33
	Gross outflows	(65)	(50)	(33)	(30)	(109)	(35)	(79)
	Net Flows	7	49	62	4	(66)	103	(46)
	Market / FX movements	2	9	(145)	50	92	(36)	74
	Closing AUM	1,702	1,760	1,677	1,731	1,757	1,824	1,852
	Investment trusts
	Opening AUM	527	549	550	489	519	576	566
	Gross inflows	0	0	0	0	0	0	0
	Gross outflows	0	0	0	0	0	0	0
	Net Flows	0	0	0	0	0	0	0
	Market / FX movements	22	1	(61)	30	57	(10)	21
	Closing AUM	549	550	489	519	576	566	587

¹ As previously notified, hedge funds are now included within segregated mandates product category

 

END

 

 

IMSQDLFFLBFLFBV