Interim Management Statement

RNS Number : 6257C
Jupiter Fund Management PLC
18 April 2013
 



 

Jupiter Fund Management plc

Q1 Interim Management Statement

 

Interim Management Statement

 

18 April 2013

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2013.

 

HIGHLIGHTS

 

§ Assets under management ("AUM") increased to £29.1 billion in the three months to 31 March 2013.

§ Net mutual fund inflows of £247 million in the three months to 31 March 2013.

 

Edward Bonham Carter, Chief Executive, commented:

 

"Our increasingly diverse distribution presence enabled us to deliver net mutual fund inflows of £247 million despite a hiatus in the UK IFA market following the implementation of RDR at the start of 2013. Combined with strong market growth in in the first quarter, this helped Jupiter's AUM increase to £29.1 billion at 31 March 2013."

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

 

     31 December 2012

£m

Q1 net flows

£m

Market movement

£m

  31 March

  2013

£m

 


Mutual funds

20,572

247

2,066

22,885



Segregated mandates

3,207

(56)

380

3,531



Private clients

1,888

9

162

2,059



Investment trusts

601

9

53

663



Total

26,268

209

2,661

29,138









 

Jupiter delivered net mutual fund flows of £247 million during the first quarter. The predicted hiatus in IFA flows caused by the implementation of RDR resulted in a slow start to the year, with overall flows predominantly contributed by our international and wealth manager channels. Inflows were spread between top-performing equity funds, such as the UK Special Situations and European unit trusts, and funds positioned towards the cautious end of the risk spectrum, such as Merlin Income and Strategic Bond. These flows, together with improved market levels, led to mutual funds AUM increasing to £22.9 billion at 31 March 2013.

 

Overall net inflows for the quarter were £209 million, held back by the partial loss of a segregated mandate, and total AUM was £29.1 billion as at 31 March 2013.

 

CORPORATE UPDATE

 

On 26 March 2013, Legal & General Group plc announced it has agreed to acquire Cofunds Holdings Ltd, subject to regulatory approval. Jupiter will receive net proceeds of £16.5 million at completion, likely in Q2, and will use this cash to reduce the Group's gross debt.

 

NOTICE OF RESULTS

 

Jupiter will issue its results for the period ended 30 June 2013 on 1 August 2013 and will host an analyst presentation to discuss the results at 9.00am. The presentation will be held at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. For further details of announcement dates, please see http://www.jupiteronline.com/Jupiter-Fund-Management-plc/Shareholder-info/Financial-calendar.

 

OUTLOOK

 

While financial markets have made progress during the year to date, consumer confidence across Europe remains fragile and industry flows vulnerable to any perceived increase in stock market volatility. However, we continue to believe in the long-term growth prospects for the savings market and remain focused on investing in our business to capitalise on these opportunities while delivering strong fund performance for our clients.

 

 

 

 

 

 

 

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 2012

£m

Q2 2012

£m

Q3 2012

£m

Q4 2012

£m

Q1 2013

£m

Q2 2013

£m

Q3 2013

£m

Q4 2013

£m

 


Total

 

 

 

 

 

 

 

 



Opening AUM

22,807

24,177

23,371

24,999

26,268




 


Gross inflows

1,207

1,359

1,635

1,820

1,726




 


Gross outflows

(1,320)

(1,548)

(1,056)

(1,132)

(1,517)




 


Net Flows

(113)

(189)

579

688

209




 


Market / FX movements

1,483

(617)

1,049

581

2,661




 


Closing AUM

24,177

23,371

24,999

26,268

29,138




 


 


 

 



 

 


 


Mutual funds


 

 



 

 


 


Opening AUM

17,219

18,351

18,054

19,655

20,572




 


Gross inflows

1,122

1,105

1,586

1,482

1,572




 


Gross outflows

(1,067)

(895)

(791)

(992)

(1,325)




 


Net Flows

55

210

795

490

247




 


Market / FX movements

1,077

(507)

806

427

2,066




 


Closing AUM

18,351

18,054

19,655

20,572

22,885




 





 



 

 


 


Segregated mandates



 



 

 


 


Opening AUM

3,338

3,493

2,927

2,905

3,207




 


Gross inflows

42

116

16

285

93




 


Gross outflows

(144)

(618)

(186)

(79)

(149)




 


Net Flows

(102)

(502)

(170)

206

(56)




 


Market / FX movements

257

(64)

148

96

380




 


Closing AUM

3,493

2,927

2,905

3,207

3,531




 





 



 

 


 


Private clients



 



 

 


 


Opening AUM

1,731

1,757

1,824

1,852

1,888




 


Gross inflows

43

138

33

53

51




 


Gross outflows

(109)

(35)

(79)

(61)

(42)




 


Net Flows

(66)

103

(46)

(8)

9




 


Market / FX movements

92

(36)

74

44

162




 


Closing AUM

1,757

1,824

1,852

1,888

2,059




 





 



 

 


 


Investment trusts



 



 

 


 


Opening AUM

519

576

566

587

601




 


Gross inflows

0

0

0

0

10




 


Gross outflows

0

0

0

0

(1)




 


Net Flows

0

0

0

0

9




 


Market / FX movements

57

(10)

21

14

53




 


Closing AUM

576

566

587

601

663




 


 

 

 

 

 

 

 

 

 


 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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