Jupiter Fund Management today announced a record level of funds under management.
Assets rose to £33.1bn (up from £29bn) in the six months ended 30 June, 2014.
Pre-tax profits were down to £48.4m (£59.1m), but this was due to a prior year inclusion of £6.7m gain on the sale of their Cofunds stake. Underlying EPS was up 4% to 12.9p (12.4p).
The record level of assets benefitted from net mutual fund inflows of £875m.
It also confirmed that the sale of its private client and charity operations to Rathbone Investment Management, first announced on 1 April, was on schedule for completion within Q3 2014.
Chief Executive Officer Maarten Slendebroek said about the results: “We are pleased with the progress being made on the implementation of our growth strategy during the first half of 2014. The Board’s intention to increase cash returns to shareholders through a combination of ordinary and special dividends reflects this progress and confidence in our future growth potential. We believe this approach will allow shareholders to participate in our organic growth story while receiving an attractive yield.”
As for the future, Slendebroek said: “We believe our chosen savings markets offer the prospect of significant long-term growth. As we extend our relationships with key distributors on a global basis, we are confident we can continue to deliver profitable growth at attractive margins and, within our sustainable balance sheet structure, share the rewards of this growth with our investors.”
