REG - Jupiter Fund Mgmt - Half-year Report
25/07/2025 07:00
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RNS Number : 5158S Jupiter Fund Management PLC 25 July 2025
Jupiter Fund Management plc | Interim Report and Accounts 2025
Results for the six months ended 30 June 2025
25 July 2025
A strong first half with positive momentum
· We have had a strong start to 2025 with growing momentum.
· We have continued to make progress against each of our strategic
objectives and are now seeing the benefits of achievements in prior periods.
· With our focus on achieving a cost:income ratio of 70%, delivered
through efficiency and scale, we announced a further cost saving target and
the agreed acquisition of CCLA Investment Management Limited (CCLA), subject
to regulatory approvals.
· Net positive flows in the second quarter, driven by ongoing
institutional momentum and an improving retail picture, offset first quarter
outflows, resulting in net outflows for the six months of £0.2bn.
· Assets under management (AUM) ended the period up 4% at £47.1bn
(31 December 2024: £45.3bn).
· Total operating costs were lower at £125.4m (H1 2024: £129.1m).
· Underlying profit before tax was £30.4m (H1 2024: £47.9m) and
statutory profit before tax was £27.5m (H1 2024: £38.7m).
· In line with our capital allocation policy, we announce an ordinary
dividend of 2.1p per share.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
AUM (£bn) 47.1 51.3 45.3
Net flows (£bn) (0.2) (3.4) (10.3)
Net revenue(1) (£m) 153.9 173.7 364.1
Statutory profit before tax(2) (£m) 27.5 38.7 88.3
Basic earnings per share (EPS)(2) (p) 4.1 5.4 12.5
Underlying profit before tax(1) (£m) 30.4 47.9 97.5
Underlying EPS(1) (p) 4.2 6.6 13.4
Total dividends per share (p) 2.1 3.2 5.4
Cost:income ratio(1) 82% 74% 78%
1 The Group's use of alternative performance measures (APMs) is explained on
pages 26 to 28.
2 IFRS measures.
Matthew Beesley, Chief Executive Officer, commented:
"Jupiter has delivered a strong start to 2025, with growing momentum in the
first half of the year. Direct management actions over previous periods are
driving meaningful changes, and we are beginning to see the tangible benefits
come through in our results.
Although we still saw small outflows for the first half, we generated net
positive flows in the second quarter. Momentum in the institutional channel is
strong and we have seen a month-by-month improvement in retail demand over the
time period. We have generated net positive flows so far in July.
Alongside our efforts to increase scale, our focus on cost discipline remains
resolute and we have announced further efficiencies as we work towards our
target of a 70% cost:income ratio. Our operating model remains efficient and
scalable, and we are excited to welcome our new colleagues at CCLA in due
course.
With a marked recovery in client sentiment across both channels, improving
investment performance across all time periods and the strongest investment
line-up we have ever had, there are good reasons to be optimistic that we can
continue to build on this momentum going forward."
Analyst presentation
There will be a virtual analyst presentation at 9:00am (BST) on 25 July 2025.
The presentation will be accessible via a live webcast, which will be
available at: https://secure.emincote.com/client/jupiter/jfm042. Please note
that questions can be asked via the webcast.
The results announcement and the presentation will be available at:
https://www.jupiteram.com/global/en/corporate/investor-relations/results-and-reports/.
Copies may also be obtained from the registered office of the Company at The
Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.
For further information please contact:
Investors Media
Jupiter Alex James Victoria Howley
+44 (0)20 3817 1636 +44 (0)20 3817 1657
Edelman Smithfield Andrew Wilde
+44 (0)7786 022 022
LEI Number: 5493003DJ1G01IMQ7S28
Forward-looking statements
This announcement may contain certain "forward-looking statements" with
respect to certain plans of Jupiter Fund Management plc (Jupiter) and its
current goals and expectations relating to its future financial condition,
performance, operations, results, business, strategy and objectives.
Statements containing the words "believes", "intends", "expects", "plans",
"seeks" and "anticipates", and words of similar meaning, are forward looking.
Forward-looking statements and forecasts are based on the Directors' current
view and information known to them at the date of this announcement. There are
a number of factors that could cause actual results or developments to differ
materially from those expressed or implied by forward-looking statements and
forecasts. By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances which are
beyond Jupiter's control including, among other things, UK domestic and global
economic and business conditions; market-related risks such as fluctuations in
interest rates and exchange rates, and the performance of financial markets
generally; the policies and actions of regulatory authorities; the impact of
competition, inflation and deflation; the timing, impact and other
uncertainties of future acquisitions or combinations within relevant
industries; and the impact of changes in capital, solvency or accounting
standards, and tax and other legislation and regulations in the jurisdictions
in which Jupiter and its affiliates operate.
As a result, Jupiter's actual future financial condition, performance and
results may differ materially from the plans, goals and expectations set forth
in Jupiter's forward-looking statements. Jupiter undertakes no obligation to
update or revise any forward-looking statements contained in this presentation
or any other forward-looking statements it may make. Nothing in this
presentation should be construed as a profit forecast.
Management statement
We are pleased to report that we have had a strong start to 2025, with
positive momentum. We are starting to see tangible benefits of achievements
made in prior periods now coming through, and there is cautious optimism for
an improving external environment.
There has been an improvement in client sentiment across both channels, we
continue to deliver on cost efficiency commitments, and we are making
meaningful progress towards our strategic objectives.
Since our Q1 2025 trading update, we have also released improved cost guidance
and details of the agreed acquisition of CCLA, which delivers an increase in
scale and further leverages the efficiencies within our platform.
We saw total net outflows of £0.2bn in the first half. We generated net
positive inflows in the second quarter of £0.3bn, driven by ongoing
Institutional momentum and consistent, gradual improvements in flows through
the retail, wholesale and investment trust channel. Flows were driven by
ongoing strong performance and client demand for our Systematic and Global
equity capabilities. AUM ended the six month period up 4% at £47.1bn.
As a high-conviction active asset manager, delivering positive investment
outcomes for our clients remains critical. Investment performance improved
over the first half of the year across all key time periods. Over three years
to 30 June 2025, 64% of our mutual fund AUM was outperforming their peer group
median, net of all fees (31 December 2024: 61%).
We continue to allocate resources carefully and thoughtfully, investing where
we should to drive profitable growth but seeking cost efficiencies wherever we
can. Notwithstanding a degree of seasonality in our cost base, and in spite of
inflationary pressures, this disciplined approach to cost management has led
to operating costs of £125.4m that were lower than the first six months of
2024 (H1 2024: £129.1m) and were ahead of market expectations.
Underlying profit before tax was £30.4m (H1 2024: £47.9m) and statutory
profit before tax was £27.5m (H1 2024: £38.7m).
Our capital base remains very strong and we have today announced an ordinary
dividend of 2.1p per share, in line with our capital allocation policy of
returning 50% of pre-performance fee earnings per share.
We have also previously announced our intention to make a further distribution
of capital to shareholders of 50% of performance fee revenues crystallised in
2025.
These changes, as a result of direct management actions, have helped deliver
this strong start to 2025 and provide confidence that this momentum will
continue further into the second half.
An improving flow picture
Gross flows returned to what we would consider more normalised levels in the
first half of 2025 of £7.4bn (H2 2024: £6.6bn). This was driven by an
increase in client subscriptions in the Institutional channel, where we saw
over £2bn of gross inflows.
We saw total net outflows of £0.2bn in the first half of the year, comprising
£1.6bn of net inflows from Institutional clients and £1.8bn of net outflows
from clients in the retail, wholesale and investment trust channel. There were
net outflows of £0.5bn in the first quarter, which were partially offset by
£0.3bn of net inflows in the second quarter.
Momentum in the Institutional channel continued throughout the period, but the
uptick in overall flows was driven by an improvement in demand from retail
clients. February saw the greatest level of net outflows from retail clients,
but since then we have seen a consistent improvement month-to-month, ending
with net positive retail flows in June.
Encouragingly, this momentum has continued after period end and we are net
positive across both channels so far in July.
Across both client channels, globally focused capabilities attracted the
majority of client flows. The Systematic equities capability generated £2bn
of net inflows across both client channels, with £1bn into the Global Equity
Absolute Return (GEAR) fund. The Global equities capability also saw client
demand, with £1bn of net inflows, predominantly led by Institutional demand
for the Origin and Global Leaders strategies.
There has been much speculation around clients reallocating away from
US-focused equity strategies and towards European and UK equities. Although
neither capability generated net positive flows, outflows slowed meaningfully
in the second quarter and levels of client interest are high. We remain
confident that the firm's recently joined UK and European teams can be
material drivers of growth going forward.
Positive market movements of £2.0bn led to AUM at the end of the period of
£47.1bn, an increase of 4% since the start of the year.
31 December 2024 Q1 net flows Q2 net flows H1 net flows Market and other movements 30 June 2025
£bn £bn £bn £bn £bn £bn
Retail, wholesale & investment trusts 38.9 (1.5) (0.3) (1.8) 1.1 38.2
Institutional 6.4 1.0 0.6 1.6 0.9 8.9
Total 45.3 (0.5) 0.3 (0.2) 2.0 47.1
of which is invested in mutual funds 37.2 (1.7) (0.1) (1.8) 1.4 36.8
Continued strategic progress
We continue to manage our business with focus on our four key objectives of
increasing scale, decreasing undue complexity, broadening our appeal to
clients and deepening relationships with all stakeholders.
Although we continued to see outflows, we are encouraged by the trends in
client demand as the first half developed. Momentum in the Institutional
channel persists and although exact timing can be difficult to predict, we
have a strong pipeline through the remainder of the year. There are early
signs of a shift in retail sentiment, particularly in the second quarter,
which we have seen continue into July.
Most notably in terms of increasing scale, we announced earlier in July that
we have reached agreement to acquire CCLA, the UK's largest asset manager
focused on the non-profit sector. They will bring over £15bn of AUM to the
combined group, adding scale and reinforcing our commitment to our home market
of the UK.
We have continued to remove undue complexity from the business, both through
direct management actions and the ongoing pursuit of efficiencies. In May, we
announced an initial target of at least £15m of savings, which will be fully
in place on a run rate basis by the end of 2026. We also progressed with a
number of initiatives in the first half of 2025, including the outsourcing of
our middle office operations function, the first stage in the consolidation of
a number of our outsourced providers. We have continued to reduce our
headcount, falling by over 6% in the period to 461 FTEs.
We again broadened our appeal to clients. We launched both our first active
ETF and GEARx, a more highly leveraged, Cayman-domiciled hedge fund version of
GEAR. Both products have only recently launched, but signs of client interest
are encouraging. The acquisition of CCLA also means our entry into a brand new
client channel, that of the non-profit sector, where we do not currently have
any presence. There is no client overlap between the two firms.
Finally, we continue to deepen relationships with all our stakeholders,
including our clients, our people and our shareholders. In our latest employee
opinion survey, we reported an engagement score of 83%, four percentage points
higher than our previous survey and six points above the asset management
benchmark(1). In May, we were also delighted to be recognised as one of the
Sunday Times' 2025 Best Places to Work.
We also announced an additional capital distribution to our shareholders for
2025. Our ordinary dividend policy of returning 50% of pre-performance fee
earnings remains unchanged and, for 2025, we intend to also distribute 50% of
the revenues generated from performance fees crystallised in the period
through an additional distribution.
1. Engagement score of 83% is based upon our most recent employee 'pulse'
opinion survey, conducted in June 2025. The benchmark of 77% is provided by
People Insight and comprises engagement scores of all asset management
businesses who provide data to them.
Solid financial performance
Underlying profit before tax was £30.4m (H1 2024: £47.9m), and statutory
profit before tax was £27.5m (H1 2024: £38.7m). Excluding the impact of net
performance fees, underlying profit before tax was £29.2m (H1 2024: £46.6m).
Underlying earnings per share (EPS) was 4.2p (H1 2024: 6.6p) and basic
statutory EPS was 4.1p (H1 2024: 5.4p). Underlying EPS before net performance
fees was 4.1p (H1 2024: 6.4p) (1).
With strong market gains offsetting small net outflows, average AUM was
£45.7bn (H1 2024: £52.1bn).
The average fee margin in the first half of the year was 66bps (FY 2024:
66bps)(1). This is slightly lower than guidance and is driven by progress in
the institutional channel as well as other changes in the business mix.
As a result of these changes, net revenue was £153.9m (H1 2024: £173.7m),
including £5.3m of performance fees (H1 2024: £3.9m).
Thoughtful and strategic allocation of costs remains a key focus. We provided
an update in May detailing an initial target of at least £15m of cost
savings, which will be fully implemented on a run rate basis by end 2026.
We stated that £5m of these savings would come through 2025 non-compensation
costs, lowering management expectations for the full year to £105m.
Non-compensation costs for the first half were lower at £47.8m (H1 2024:
£49.3m), but there is a degree of seasonality here, with expected greater
costs in the second half bringing total non-compensation costs to £105m for
FY 2025, £5m lower than FY 2024.
Total compensation costs before performance fees were £73.5m, representing a
49% total compensation ratio before performance fees(1).
Our disciplined approach towards our cost base remains unchanged. Our
investments are focused on areas which will either realise growth
opportunities which will add scale to the revenue base, build further
efficiencies in our scalable platform that will deliver operational leverage,
or drive value for money from existing mandatory spend.
Despite inflationary pressures, total expenses before exceptional items were
3% lower than the first half of 2024 at £125.4m (H1 2024: £129.1m).
Excluding the impact of performance fee-related pay and exceptional items, the
Group's total administrative expenses were £121.3m (H1 2024: £126.5m).
There were exceptional items of £2.9m (H1 2024: £9.2m), which includes
certain costs relating to the acquisition of CCLA, as well as restructuring in
our existing business. In 2024, exceptional items had solely comprised
amortisation of intangible assets relating to the 2020 Merian acquisition.
1. The Group's use of alternative performance measures (APMs) is explained on
pages 26 to 28.
Six months ended 30 June 2025 Six months ended 30 June 2024
£m Before net Net performance fees Total Before net performance fees Net performance fees Total
performance
fees
Net revenue 148.6 5.3 153.9 169.8 3.9 173.7
Compensation costs(1) (73.5) (4.1) (77.6) (77.2) (2.6) (79.8)
Non-compensation costs(2) (47.8) - (47.8) (49.3) - (49.3)
Administrative expenses (121.3) (4.1) (125.4) (126.5) (2.6) (129.1)
Other gains(3) 1.9 - 1.9 3.5 - 3.5
Amortisation of intangible assets(4) (1.4) - (1.4) (1.2) - (1.2)
Operating profit before exceptional items 27.8 1.2 29.0 45.6 1.3 46.9
Net finance income 1.4 - 1.4 1.0 - 1.0
Profit before taxation and exceptional items 29.2 1.2 30.4 46.6 1.3 47.9
Exceptional items (2.9) - (2.9) (9.2) - (9.2)
Statutory profit before tax 26.3 1.2 27.5 37.4 1.3 38.7
1 Compensation costs exclude expenses of £3.9m (H1 2024: nil)
classified as exceptional.
2 Non-compensation costs exclude a net credit of £0.5m (H1 2024: nil)
classified as exceptional.
3 Other gains exclude a credit of £0.5m (H1 2024: nil) classified as
exceptional.
4 Amortisation of intangible assets in June 2024 excludes £9.2m
classified as exceptional.
Active, high-conviction investment
As a truly active, high conviction asset manager, generating positive
investment outcomes for our clients is crucial for our ongoing success and
future growth. Over the first six months of the year, aggregate performance
figures improved not only over a three year period (our key performance
indicator), but also over one and five year periods.
At 30 June 2025, 64% of our mutual fund AUM had delivered above-median
performance against their peer group over three years (31 December 2024: 61%
of mutual fund AUM), of which 48% of mutual fund AUM had delivered first
quartile performance (31 December 2024: 50% of mutual fund AUM).
Measured over five years, 68% of mutual fund AUM (31 December 2024: 58% of
mutual fund AUM) delivered above-median performance, and over one year, this
was 62% of mutual fund AUM (31 December 2024: 42% of mutual fund AUM).
Although there were varying drivers in the increase in aggregate performance,
there was a broad trend of increasing performance amongst the UK equities and
European equities capabilities.
Segregated mandates and investment trusts now make up £10.2bn, or 22% of our
AUM (31 December 2024: £8.1bn, or 18% of our AUM). At the period end, 57% of
AUM in this category were above their benchmarks over three years (31 December
2024: 61%).
A strong capital base
The Group continues to maintain a strong capital base.
Our expected capital surplus has increased to £236.6m at end June 2025,
including unaudited current year profits, which is around 4.8 times coverage
of our regulatory surplus requirement of £61.5m.
Following the completion of the acquisition of CCLA, we expect that surplus to
reduce. However, in line with our announcement of the acquisition, the
regulatory capital is expected to be in excess of 2.5 times coverage of our
regulatory requirements on completion.
Our capital allocation policy is to pay out 50% of underlying EPS before
performance fees. In line with this, the Board have declared an interim
ordinary dividend of 2.1p per share. The dividend will be paid on 5 September
2025 to shareholders on the register at the close of business on 8 August
2025.
In addition, we announced earlier in July our intention to make an additional
return of capital to shareholders, distributing 50% of the revenues associated
with performance fees crystallised in 2025. Although almost all of the
associated funds and mandates have an end December crystallisation date, had
these crystallised at end June, this would have represented nearly £58m of
performance fees.
Our policy, as part of our overall capital allocation framework, allows us to
return capital to shareholders on a clear, sustainable basis and, if there are
no capital needs, we expect to make further returns of additional capital to
shareholders at the appropriate time.
Update on Chair succession
In May, we announced that David Cruickshank, Jupiter's Chair, had informed the
Company of his intention to retire from the Board. To allow for an orderly
handover, David will remain in role until a new Chair has been found, but will
not stand for re-election at Jupiter's 2026 AGM.
Suzy Neubert, the Company's Senior Independent Director, is leading the
search, supported by the Nomination Committee. The Company has engaged a
search firm, carried out a preliminary review of candidates and is in the
process of interviewing. We will provide further updates in due course.
Looking forward through 2025
Although the well-publicised challenges to the industry persist and the macro
environment remains uncertain, we remain optimistic about the period ahead.
Whilst net flows are not yet where we would like them to be, we are seeing a
consistent, if gradual, improvement in client sentiment across both channels.
Institutional momentum remains strong and client demand in the retail channel
is improving month by month.
We have made significant progress towards our strategic objectives over recent
periods, and these improvements are now becoming visible through our results.
We have delivered on our commitments to drive cost efficiencies and have
announced further savings through this year and the next. With an increasingly
efficient, leveraged and scalable operating model, we are well positioned to
begin the process of working with our new colleagues at CCLA to leverage this
model.
It is too early to tell if the market turmoil midway through this period will
lead to markets which are less narrow, less concentrated and more conducive to
truly active management, but our product line is as strong as it has ever been
and we are well positioned to take advantage should that change take place.
As a result of direct management actions, we have delivered a strong start to
2025, with positive and growing momentum looking ahead.
Matthew Beesley
Chief Executive Officer
24 July 2025
Consolidated income statement
for the six months ended 30 June 2025
Notes Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Revenue 1 171.0 192.6 402.5
Fee and commission expenses 1 (17.1) (18.9) (38.4)
Net revenue 1 153.9 173.7 364.1
Administrative expenses 3 (128.8) (129.1) (273.2)
Other gains 4 2.4 3.5 6.9
Amortisation of intangible assets 9 (1.4) (10.4) (11.4)
Operating profit 26.1 37.7 86.4
Finance income 5 3.5 4.1 8.0
Finance costs 5 (2.1) (3.1) (6.1)
Profit before taxation 27.5 38.7 88.3
Income tax expense 6 (6.0) (10.5) (23.1)
Profit for the period 21.5 28.2 65.2
Earnings per share
Basic 7 4.1p 5.4p 12.5p
Diluted 7 3.9p 5.3p 12.2p
Consolidated statement of comprehensive income
for the six months ended 30 June 2025
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Profit for the period 21.5 28.2 65.2
Items that may be reclassified subsequently to profit or loss
Exchange movements on translation of subsidiary undertakings (1.0) (0.8) (1.3)
Other comprehensive loss for the year net of tax (1.0) (0.8) (1.3)
Total comprehensive income for the period net of tax 20.5 27.4 63.9
Consolidated balance sheet
at 30 June 2025
Notes 30 June 2025 30 June 2024
31 December 2024
£m £m £m
Non-current assets
Goodwill 8 494.4 494.4 494.4
Intangible assets 9 12.1 10.2 12.3
Property, plant and equipment 10 33.9 35.8 34.8
Investment in associates 1.5 1.8 1.8
Deferred tax assets 19.5 16.9 15.6
Trade and other receivables 0.4 0.4 0.4
561.8 559.5 559.3
Current assets
Financial assets 11 301.9 469.9 288.6
Trade and other receivables 142.1 166.7 145.9
Cash and cash equivalents 12 195.5 206.9 261.1
Current tax asset 6.5 3.7 1.6
646.0 847.2 697.2
Total assets 1,207.8 1,406.7 1,256.5
Equity attributable to shareholders
Share capital 15 10.9 10.9 10.9
Own share reserve 16 (0.7) (0.6) (0.5)
Other reserves 16 244.6 250.3 244.6
Foreign currency translation reserve 16 (0.3) 1.2 0.7
Retained earnings 16 586.5 543.8 578.3
Total equity 841.0 805.6 834.0
Non-current liabilities
Loans and borrowings 13 - 49.8 49.9
Trade and other payables 58.0 52.3 61.5
58.0 102.1 111.4
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL) 11 105.9 250.9 100.5
Trade and other payables 200.7 243.9 201.1
Provisions 14 0.5 3.4 5.1
Current tax liability 1.7 0.8 4.4
308.8 499.0 311.1
Total liabilities 366.8 601.1 422.5
Total equity and liabilities 1,207.8 1,406.7 1,256.5
Consolidated statement of changes in equity
for the six months ended 30 June 2025
Share Total
capital Foreign
Own currency
share Other translation Retained earnings
reserve reserves reserve
£m £m £m £m £m £m
At 1 January 2024 10.9 (0.7) 250.3 2.0 527.0 789.5
Profit for the period - - - - 28.2 28.2
Exchange movements on translation of subsidiary undertakings - - - (0.8) - (0.8)
Other comprehensive loss - - - (0.8) - (0.8)
Total comprehensive (loss)/income - - - (0.8) 28.2 27.4
Vesting of ordinary shares and options - 0.1 - - (0.1) -
Dividends paid - - - - (17.6) (17.6)
Purchase of shares by EBT - - - - (0.9) (0.9)
Share-based payments - - - - 7.2 7.2
Total transactions with owners - 0.1 - - (11.4) (11.3)
At 30 June 2024 10.9 (0.6) 250.3 1.2 543.8 805.6
Profit for the period - - - - 37.0 37.0
Exchange movements on translation of subsidiary undertakings - - - (0.5) - (0.5)
Other comprehensive loss - - - (0.5) - (0.5)
Total comprehensive (loss)/income - - - (0.5) 37.0 36.5
Vesting of ordinary shares and options - 0.1 - - (0.1) -
Dividends paid - - - - (16.6) (16.6)
Purchase of shares by EBT - - - - (0.1) (0.1)
Share-based payments - - - - 10.0 10.0
Transfers - - (5.7) - 5.7 -
Other movements - - - - (1.4) (1.4)
Total transactions with owners - 0.1 (5.7) - (2.5) (8.1)
At 31 December 2024 10.9 (0.5) 244.6 0.7 578.3 834.0
Profit for the period - - - - 21.5 21.5
Exchange movements on translation of subsidiary undertakings - - - (1.0) - (1.0)
Other comprehensive loss - - - (1.0) - (1.0)
Total comprehensive (loss)/income - - - (1.0) 21.5 20.5
Vesting of ordinary shares and options - 0.1 - - (0.1) -
Share repurchases - (0.3) - - (10.4) (10.7)
Dividends paid - - - - (11.5) (11.5)
Purchase of shares by EBT - - - - (1.0) (1.0)
Share-based payments - - - - 8.4 8.4
Deferred tax - - - - 1.3 1.3
Total transactions with owners - (0.2) - - (13.3) (13.5)
At 30 June 2025 10.9 (0.7) 244.6 (0.3) 586.5 841.0
Notes 15 16 16 16 16
Consolidated statement of cash flows
for the six months ended 30 June 2025
Notes Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Cash flows from operating activities
Cash generated from operations 18 36.7 53.1 95.5
Income tax paid (16.2) (15.2) (21.6)
Net cash inflows from operating activities 20.5 37.9 73.9
Cash flows from investing activities
Purchase of intangible assets 9 (1.2) (3.1) (6.2)
Purchase of property, plant and equipment 10 (0.3) (1.1) (1.4)
Purchase of financial assets at FVTPL(1) (80.4) (329.2) (478.7)
Proceeds from disposal of financial assets at FVTPL(1) 72.7 154.1 302.1
Cash movement from funds and subsidiaries at the date they are no longer (0.1) (0.1) (6.8)
consolidated(2)
Interest income received 3.7 3.6 7.9
Dividend income received 0.3 0.5 0.9
Net cash outflows from investing activities (5.3) (175.3) (182.2)
Cash flows from financing activities
Dividends paid 17 (11.5) (17.6) (34.2)
Purchase of shares by EBT 16 (1.0) (0.9) (1.0)
Purchase of shares for cancellation 16 (10.6) - -
Finance costs paid (4.5) (4.5) (4.6)
Cash paid in respect of lease arrangements (3.0) (4.1) (5.6)
Third-party subscriptions into consolidated funds 22.7 116.9 248.8
Third-party redemptions from consolidated funds (19.8) (15.3) (101.5)
Redemption of subordinated debt (50.0) - -
Net cash (outflows)/inflows from financing activities (77.7) 74.5 101.9
Net decrease in cash and cash equivalents (62.5) (62.9) (6.4)
Cash and cash equivalents at beginning of period 261.1 268.2 268.2
Effects of exchange rates on cash and cash equivalents (3.1) 1.6 (0.7)
Cash and cash equivalents at end of period 12 195.5 206.9 261.1
(1) Includes purchases/proceeds from disposal of seed investments, fund
units used as a hedge against compensation awards linked to the value of those
funds, derivative instruments and, where the Group's investment in seed is
judged to give it control of a fund, purchases/disposals of financial assets
by that fund.
(2) During the period, the gross amounts of assets and liabilities,
other than cash or cash equivalents, over which control was lost were £5.8m
and £0.1m respectively (H1 2024: £5.6m and £4.4m respectively; FY 2024:
£232.4m and £239.3m respectively). The gross amounts of assets and
liabilities, other than cash or cash equivalents, over which control was
obtained were £nil (for both assets and liabilities (H1 2024: £111.6m and
£73.7m respectively; FY 2024: £127.2m for both).
Notes to the Group financial statements
Introduction
Jupiter Fund Management plc (the Company) and its subsidiaries (together, the
Group) offer a range of asset management products. Through its subsidiaries,
the Group acts as an investment manager to authorised unit trusts, SICAVs,
ICVCs, OEICs, investment trust companies, pension funds and other specialist
funds. At 30 June 2025, the Group had offices in the United Kingdom, Ireland,
Germany, Hong Kong, Italy, Luxembourg, Singapore, Spain, Sweden and
Switzerland.
Basis of preparation and other accounting policies
Within this Interim Report and Accounts, all current and comparative data
covering periods to (or as at) 30 June are unaudited. Data given in respect of
the year ended 31 December 2024 is audited. Information which is the required
content of the Interim Management Report can be found on pages 1 to 7, 24, and
26 to 28.
These condensed financial statements for the six months ended 30 June 2025
have been prepared in accordance with the Disclosure Guidance and Transparency
Rules (DTR) sourcebook of the Financial Conduct Authority and with UK-adopted
International Accounting Standard IAS 34 Interim Financial Reporting. The
condensed financial statements should be read in conjunction with the Group's
annual financial statements for the year ended 31 December 2024, which were
prepared in accordance with UK-adopted International Accounting Standards and
with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The condensed financial statements do not comprise statutory accounts within
the meaning of section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2024 were approved by the Board on 26 February 2025
and delivered to the Registrar of Companies. The report of the auditors on
those accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of the Companies
Act 2006. The condensed financial statements have been reviewed, not audited.
Going concern
After reviewing the Group's current trading activities, plans, forecasts and
financing arrangements, including in stressed scenarios, the Directors have
not identified any material uncertainties to the Group's ability to continue
to adopt the going concern basis. As a consequence, the Directors have a
reasonable expectation that the Group has adequate resources to continue
operating for a period of at least 12 months from the date of approval of the
condensed financial statements. Accordingly, they continue to adopt the going
concern basis of accounting in preparing these financial statements.
New accounting standards
The International Accounting Standards Board (IASB) and IFRS Interpretations
Committee (IC) have issued a number of new accounting standards and
interpretations and amendments to existing standards and interpretations.
Other than IFRS 18, there are no IFRSs or IFRS IC interpretations that are not
yet effective that would be expected to have a material impact on the Group.
The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on
9 April 2024. The standard, which is effective for periods beginning on or
after 1 January 2027, aims to improve comparability and transparency of
communication in financial statements, and replaces IAS 1 Presentation of
Financial Statements. The Group has not applied IFRS 18 in these financial
statements.
IFRS 18 introduces new presentational requirements within the income
statement, including specified totals and sub-totals. It also requires
disclosure of management-defined performance measures and requirements for
aggregation and disaggregation of financial information based on the
identified roles of the primary financial statements and notes to the
accounts. The new requirements are expected to impact the presentation, but
not the recognition or measurement, of items in the income statement, the cash
flow statement and relevant notes to the accounts, including what the Group
currently reports as its 'Operating profit'.
Accounting policies
The accounting policies applied are consistent with those applied in the
Group's annual financial statements for the year ended 31 December 2024.
1. Net revenue
The Group's primary source of recurring revenue is management fees. Management
fees are stated net of rebates and are charged for investment management or
administrative services and are normally based on an agreed percentage of AUM.
Performance fees may be earned from some funds and segregated mandate
contracts when agreed performance conditions are met. Net revenue is stated
after fee and commission expenses for ongoing services under distribution
agreements.
The Group can earn performance fees on some of the segregated and fund
accounts that it manages. In some cases, a proportion of the fee earned is
deferred until the next performance fee is payable or offset against future
underperformance on that account. As there is no certainty that such deferred
fees will be collectable in future years, the Group's accounting policy is to
include performance fees in revenue only when they become due and collectable
and therefore the element (if any) deferred beyond 30 June 2025 has not been
recognised in the results for the period.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Management fees(1) 165.7 188.7 371.3
Performance fees 5.3 3.9 31.2
Revenue 171.0 192.6 402.5
Fee and commission expenses(2) (17.1) (18.9) (38.4)
Net revenue 153.9 173.7 364.1
( )
1 In previous periods, 'Management fees' was disaggregated between
'Management fees' and 'Initial charges and commissions'. Prior period data has
been re-presented.
2 In previous periods, 'Fee and commission expenses' was disaggregated
between 'Fee and commission expenses relating to management fees' and 'Fee and
commission expenses relating to Initial charges and commissions'. Prior period
data has been re-presented.
2. Segmental reporting
The Group offers a range of products and services through different
distribution channels. All financial, business and strategic decisions are
made centrally by the Board of Directors (the Board), which determines the key
performance indicators of the Group. Information is reported to the Chief
Operating Decision Maker, collectively the Executive Directors, on a single
segment basis. While the Group has the ability to analyse its underlying
information in different ways, for example by product type, this information
is only used to allocate resources and assess performance for the Group as a
whole. On this basis, the Group considers itself to be a single-segment
investment management business.
3. Administrative expenses
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Staff costs 84.4 81.2 166.1
Depreciation of property, plant and equipment 2.5 2.8 5.0
Other administrative expenses 44.8 46.5 104.5
Administrative expenses before net gains arising from economic hedging of fund 131.7 130.5 275.6
awards
Net gains on instruments held to provide an economic hedge for fund awards (2.9) (1.4) (2.4)
Total administrative expenses 128.8 129.1 273.2
4. Other gains
Other gains relate principally to net gains made on the Group's seed
investment portfolio and derivative instruments held to provide economic
hedges against that portfolio. The portfolio and derivatives are held at FVTPL
(see Note 11). Gains and losses on these investments comprise both realised
and unrealised amounts.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Dividend income 0.3 0.5 0.9
Gains on financial instruments at FVTPL - seed 0.4 9.6 9.8
Gains/(losses) on financial instruments at FVTPL - derivatives 1.3 (6.6) (3.8)
Other income 0.4 - -
Other gains 2.4 3.5 6.9
5. Finance income and finance costs
Finance income comprises income earned on the Group's cash and cash
equivalents, being bank deposits and investments in short-term money market
funds. Interest on cash and cash equivalents is recognised on an accrual basis
using the effective interest method.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Interest on bank deposits 0.8 1.9 2.5
Interest on short-term money market fund investments 2.7 2.2 5.5
3.5 4.1 8.0
Finance costs principally relate to interest payable on Tier 2 subordinated
debt notes and the unwinding of the discount applied to lease liabilities. The
Group's Tier 2 subordinated debt notes were fully redeemed on 28 April 2025
(see Note 13). Finance costs also include ancillary charges for commitment
fees and arrangement fees associated with the revolving credit facility.
Interest payable is charged on an accrual basis using the effective interest
method.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Interest on subordinated debt 1.4 2.3 4.5
Interest on lease liabilities 0.6 0.7 1.4
Finance cost on the revolving credit facility 0.1 0.1 0.2
2.1 3.1 6.1
6. Income tax expense
Analysis of charge in the period:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Current tax
Tax on profits for the period 8.5 13.7 24.7
Adjustments in respect of prior periods - (0.1) 0.2
Total current tax 8.5 13.6 24.9
Deferred tax
Origination and reversal of temporary differences (2.5) (3.1) (1.8)
Total deferred tax (2.5) (3.1) (1.8)
Income tax expense 6.0 10.5 23.1
The weighted average UK corporate tax rate for 2025 FY is 25% (2024 FY: 25%).
The effective tax rate used for the period to 30 June 2025 is 21.8%, compared
to 27.1% for the six months ended 30 June 2024.
The decrease in the effective tax rate is primarily due to the increase in the
share price of share-based payments in 2025 compared to 2024 giving rise to an
effective tax rate of 21.8% which is lower than the UK statutory rate of 25%.
7. Earnings per share (EPS)
Basic EPS is calculated by dividing the profit for the period attributable to
equity holders of Jupiter Fund Management plc (the parent company of the
Group) by the weighted average number of ordinary shares outstanding and
contingently issuable during the period, less the weighted average number of
own shares held. Own shares comprise shares held for treasury purposes and
shares held in an EBT for the benefit of employees.
As dilutive potential ordinary shares have or would have no impact on the
Group's income statement, diluted EPS is calculated by dividing the profit for
the period (as used in the calculation of basic EPS) by the weighted average
number of ordinary shares outstanding during the period for the purpose of
basic EPS, plus the weighted average number of ordinary shares that would be
issued on the conversion of all the dilutive potential ordinary shares arising
from the award of share options into ordinary shares.
The weighted average number of ordinary shares used in the calculation of EPS
is as follows:
Weighted average number of shares Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Number Number Number
million million million
Issued share capital 545.0 545.0 545.0
Add: Contingently issuable shares(1) 4.2 8.2 7.5
Less: Time-apportioned own shares held (26.2) (31.8) (29.1)
Weighted average number of ordinary shares for the purpose of basic EPS 523.0 521.4 523.4
Add: Weighted average number of dilutive potential shares 29.4 7.2 10.3
Weighted average number of ordinary shares for the purpose of diluted EPS 552.4 528.6 533.7
( )
1 Contingently issuable shares relate to vested but unexercised share-based
payment awards at the balance sheet date.
EPS Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Pence Pence Pence
Basic 4.1 5.4 12.5
Diluted 3.9 5.3 12.2
8. Goodwill
Goodwill arising on acquisitions, being the excess of the cost of a business
combination over the fair value of the identifiable assets, liabilities and
contingent liabilities acquired, is capitalised in the consolidated balance
sheet. Goodwill is carried at cost less provision for impairment. The carrying
value of goodwill is not amortised but is tested annually for impairment or
more frequently if any indicators of impairment arise. Goodwill is allocated
to cash-generating units (CGUs) for the purpose of impairment testing, with
the allocation to those CGUs or groups of CGUs that are expected to benefit
from the business combination in which the goodwill arose. Impairment losses
on goodwill are not reversed.
Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management
Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited
(Merian).
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Goodwill 494.4 5 494.4 494.4
494.4 494.4 494.4
The Group operates as a single asset management business segment and does not
allocate costs between investment strategies or individual funds in its
day-to-day monitoring and management of the business. The businesses acquired
to which the goodwill relates are fully integrated and are not separately
measured or monitored. It is not possible to assign the Group's profitability
between the acquired businesses, and therefore the Group adopts a single CGU
and considers its impairment test based on Group-wide cash generation to
calculate the recoverable amount of the goodwill, using the higher of the
value in use (VIU) and fair value less costs of disposal of the CGU, and
comparing this to the carrying value of the CGU.
For the impairment test, the recoverable amount for the goodwill asset was
calculated using a value in use approach, based on the net present value of
the Group's future earnings. The net present value was calculated using a
discounted cash flow model, with the following key assumptions:
1. The Group's projected base case forecast cash flows over a period of four and
a half years to the end of 2029, which included an assumption of annual
revenue growth based on expectations of AUM growth, client fee rates and
performance fees. The data was taken from the five-year plan, which was
approved by the Board in February 2025, updated for actual results to 30 June
2025;
2. Long-term growth rates of 2.1% (2024 FY: 2.1%) were used to calculate terminal
value; and
3. A post-tax discount rate of 14.9% (2024 FY: 14.1%) was calculated using the
capital asset pricing model. Using a pre-tax discount rate of 19.9% (2024 FY:
18.0%) on pre-tax profitability and cash flows does not produce a materially
different result.
The impairment test performed indicates positive headroom of recoverable
amount over carrying value of £69m at 30 June 2025 (2024 FY: headroom of
£10m). The value in use of the asset is higher than its fair value less costs
of disposal. Our conclusion therefore is that the Group's goodwill asset is
not currently impaired.
The sensitivity of the Group's current headroom position to reasonably
possible changes in key assumptions used in the value in use calculation is
shown in the table below.
Key variable Reasonably possible adverse movement Reduction in headroom
£m
Discount rate +1% 43
Terminal growth rate movement -0.1% 4
Decrease in revenue -1% 19(1)
( )
1 The decrease in revenue represents a modelled percentage reduction
in each year projected in the Group's base case forecast cash flows.
The sensitivities modelled above represent the estimated impact on each metric
in isolation and make no allowance for actions management would take to reduce
costs should the Group experience future reductions in AUM or profitability.
Given the low level of headroom, it is likely that reasonably possible net
adverse movements in one or more key variables used in measuring the VIU of
the CGU would result in the implied impairment of the Group's goodwill asset.
The Group announced on 10 July 2025 its intention to acquire CCLA, subject to
regulatory approval (see Note 22). This acquisition was not completed as at 30
June 2025 and therefore has not been included in the goodwill balance or in
the impairment assessment. The acquisition is expected to give rise to both
goodwill and separately identifiable intangible assets.
9. Intangible assets
At 30 June 2025, intangible assets comprise computer software. During the
period, the Group acquired computer software of £1.2m (2024 H1: £3.1m, 2024
FY: £6.2m). There were no disposals (2024 H1 and 2024 FY: same). These assets
are amortised on a straight-line basis over their estimated useful lives,
which are estimated as being between five and ten years.
The amortisation charge for the period was £1.4m (2024 H1: £10.4m, 2024 FY:
£11.4m).
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Intangible assets 12.1 10.2 12.3
12.1 10.2 12.3
The management statement of this document refers to exceptional items of
£9.2m relating to H1 2024 and FY 2024 relating to amortisation of intangible
assets. These charges related to the Merian acquisition in 2020.
10. Property, plant and equipment
The net book value of property, plant and equipment at 30 June 2025 was
£33.9m (2024 H1: £35.8m, 2024 FY: £34.8m). During the period, the Group
acquired items of property, plant and equipment (excluding right-to-use leased
assets) with a value of £0.3m (2024 H1: £1.1m, 2024 FY: £1.4m). Additions
to the right-of-use leased assets during the period were £nil (2024 H1:
£nil, 2024 FY: £0.6m). Lease modifications resulted in a remeasurement of
£1.3m (2024 H1: £nil, 2024 FY: £nil) in respect of right-of-use assets. The
depreciation charge was £2.5m (2024 H1: £2.8m; FY 2024: £5.0m).
11. Financial instruments
At the balance sheet dates, the Group held the following classes of financial
instruments, which principally comprise seed investments and assets held to
hedge compensation awards:
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Financial assets
Direct seed investment at fair value 143.0 146.2 126.5
Additional financial assets due to consolidation of funds 81.7 244.3 99.2
Derivatives and fund unit hedges 60.3 63.5 46.2
Financial assets at FVTPL 285.0 454.0 271.9
Financial assets at amortised cost 16.9 15.9 16.7
301.9 469.9 288.6
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Financial liabilities at FVTPL
Financial liabilities at FVTPL - non-controlling interests in consolidated (105.9) (250.8) (100.1)
funds
Other financial liabilities at FVTPL - derivatives - (0.1) (0.4)
(105.9) (250.9) (100.5)
12. Cash and cash equivalents
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Cash at bank and in hand 99.6 100.9 113.4
Cash equivalents 72.1 102.2 147.1
Cash held by the EBT and seed investment subsidiaries 23.8 3.8 0.6
Total cash and cash equivalents 195.5 206.9 261.1
Cash and cash equivalents have an original maturity of three months or less.
Cash at bank earns interest at the current prevailing daily bank rates. Cash
equivalents comprise units in short-term money market funds that can readily
be converted into known amounts of cash and which are subject to an
insignificant risk of changes in value.
Cash held by the EBT and seed investment subsidiaries is not available for use
by the Group.
13. Loans and borrowings
On 27 April 2020 the Group issued £50.0m of Tier 2 subordinated debt notes at
a discount of £0.5m. Issue costs were £0.5m and the net proceeds were
therefore £49.0m. The notes bore an interest rate of 8.875% per annum and
were redeemed in full on 28 April 2025.
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Subordinated debt in issue - 49.8 49.9
- 49.8 49.9
14. Provisions and contingent assets
Provisions are liabilities of uncertain timing or amount arising from claims
or regulatory action against the Group in connection with its activities
through the normal course of its business. Where such claims and costs arise,
there is often uncertainty over whether a payment will be required and the
quantum and timing of that payment. Where a potential claim exists, it may
either be recognised as a liability or disclosed if, in our judgement, a
possible obligation exists.
Provisions for liabilities are recognised when, in the Group's judgement, it
has a present legal or constructive obligation arising from a past event and
it is probable that settlement will result in the recognition of a loss.
Provisions are only recognised when a reliable estimate can be made of the
amount of the obligation. Amounts recognised as provisions are included within
'Administrative expenses' and are based on the Group's best estimates of the
expenditure required to settle the obligation. Differences between estimated
amounts and final settlement amounts are recognised in the income statement.
On an ongoing basis, the Group assesses the impact of regulatory, tax and
other legislative changes which may affect prior periods. In certain
circumstances, these may lead to the recovery of previously incurred costs. An
asset is recognised only where recovery is virtually certain. Where the timing
and amount of any recovery are uncertain, no asset is recognised in the
Group's financial statements. The financial effect of a contingent asset is
disclosed where it is practicable to do so.
Movements in the Group's provisions during the period were:
30 June 2025
£m
At 1 January 2025 5.1
Provisions utilised (1.6)
Provisions released (3.0)
At 30 June 2025 0.5
15. Share capital
Number of ordinary shares
30 June 2025 30 June 2024 31 December 2024
million million million
Ordinary shares of 2p each 545.0 545.0 545.0
545.0 545.0 545.0
Number of ordinary shares Par value
30 June 30 June 31 December 30 June 30 June 31 December
2025 2024 2024 2025 2024 2024
m m m £m £m £m
At 1 January and at the end of the period 545.0 545.0 545.0 10.9 10.9 10.9
16. Reserves
(i) Own share reserve
The Group holds its own shares in an EBT and in treasury.
The Group operates an EBT for the purpose of satisfying certain retention
awards to employees. The holdings of this trust, which is funded by the Group,
include shares in Jupiter Fund Management plc that have not vested
unconditionally to employees of the Group. These shares are recorded at cost
and are classified as own shares and are used to settle obligations that arise
from the vesting of share-based awards.
The Company holds its own shares in treasury in order to provide additional
hedging capabilities against share-based awards and to give the Group the
option of reducing its issued share capital through the cancellation of such
shares at a future date.
On 9 May 2024, shareholder approval was given for the Company to purchase up
to 3% of its issued share capital, and the Company commenced a buyback
programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares.
The buyback programme is continuing and, as at the close of business on 23
July, the Group held 14.8m shares in treasury, an amount equal to 2.7% of its
issued share capital.
Shares held in EBT Treasury shares Total own shares
Number of shares Nominal value of shares Number of shares Nominal value of shares Number of shares Nominal value of shares
m £m m £m m £m
At 1 January 2024 33.9 0.7 - - 33.9 0.7
Purchases 1.2 - - - 1.2 -
Disposals (4.4) (0.1) - - (4.4) (0.1)
At 30 June 2024 30.7 0.6 - - 30.7 0.6
Purchases 0.2 - - - 0.2 -
Disposals (8.5) (0.1) - - (8.5) (0.1)
At 31 December 2024 22.4 0.5 - - 22.4 0.5
Purchases 5.6 0.1 13.9 0.3 19.5 0.4
Disposals (9.1) (0.2) - - (9.1) (0.2)
At 30 June 2025 18.9 0.4 13.9 0.3 32.8 0.7
(ii) Other reserves
Other reserves comprise the merger relief reserve of £236.4m (2024 H1:
£242.1m, 2024 FY: £236.4m) formed on the acquisition of Merian in 2020,
£8.0m (2024 H1 and 2024 FY: £8.0m) that relates to the conversion of Tier 2
preference shares in 2010, and £0.2m (2024 H1: £0.2m, 2024 FY: £0.2m) of
capital redemption reserve arising from the cancellation of repurchased
shares.
(iii) Foreign currency translation reserve
The foreign currency translation reserve of £(0.3)m (2024 H1: £1.2m, 2024
FY: £0.7m) is used to record exchange differences arising from the
translation of the financial statements of foreign subsidiaries.
(iv) Retained earnings
Retained earnings of £586.5m (2024 H1: £543.8m, 2024 FY: £578.3m) are the
amount of earnings that are retained within the Group after dividend payments
and other transactions with owners.
17. Dividends
On 20 May 2025 the Group paid a final dividend for 2024 of 2.2p per ordinary
share. This amounted to a total payment of £11.5m after taking into account
the £0.5m dividends waived on shares held in treasury and in the EBT.
The Board has declared an interim dividend for the period of 2.1p per ordinary
share. This dividend will be paid on 5 September 2025 to ordinary shareholders
on the register at close of business on 8 August 2025 and amounts to £11.1m
before adjusting for any dividends waived on shares held in treasury or in the
EBT.
18. Cash flows generated from operating activities
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Operating profit 26.1 37.7 86.4
Adjustments for:
Amortisation of intangible assets 1.4 10.4 11.4
Depreciation of property, plant and equipment 2.5 2.8 5.0
Other net (gains)/losses - (7.8) 0.2
Gains on fund unit hedges (2.9) (1.4) (2.4)
Share-based payments 8.4 7.2 17.2
Decrease/(increase) in trade and other receivables 3.3 (14.8) (7.7)
(Decrease)/increase in trade and other payables (2.1) 19.0 (14.6)
Cash generated from operations 36.7 53.1 95.5
19. Changes in liabilities arising from financing activities
Financial liabilities at FVTPL Loans and borrowings(1) Leases(3) Total
£m £m £m £m
Brought forward at 1 January 2024 80.2 49.7 44.1 174.0
Changes from financing cash flows 101.6(2) - (4.1) 97.5
Changes arising from obtaining or losing control of consolidated funds 68.9 - - 68.9
Changes in fair value 0.1 - - 0.1
Interest expense - 0.1 0.7 0.8
Liabilities arising from financing activities carried forward at 30 June 2024 250.8 49.8 40.7 341.3
New leases - - 0.6 0.6
Changes from financing cash flows 45.7(2) - (1.5) 44.2
Changes arising from obtaining or losing control of consolidated funds (229.8) - - (229.8)
Changes in fair value 33.4 - - 33.4
Interest expense - 0.1 0.7 0.8
Lease reassignment and modifications - - 0.4 0.4
Liabilities arising from financing activities carried forward at 31 December 100.1 49.9 40.9 190.9
2024
Changes from financing cash flows 2.9(2) - (3.0) (0.1)
Changes in fair value 2.9 - - 2.9
Interest expense - 0.1 0.6 0.7
Lease reassignment and modifications - - 1.4 1.4
Repayment of loans and borrowings - (50.0) - (50.0)
Liabilities arising from financing activities carried forward at 30 June 2025 105.9 - 39.9 145.8
Notes 11 13
( )
1 Accrued interest on loans and borrowings is recorded within 'Trade and
other payables' and is therefore not included in this analysis. The interest
expense above comprises the charge arising from unwinding the discount applied
in calculating the amortised cost of the subordinated debt.
2 Comprises cash flows from third-party subscriptions into consolidated
funds, net of redemptions (see Cash flow statement).
3 Leases are recorded within current and non-current trade and other
payables in the Balance sheet.
20. Financial instruments
Financial instruments held at fair value are carried at a value which
represents the price to exit the instruments at the balance sheet date. The
fair value of financial instruments that are actively traded in organised
financial markets is determined by reference to quoted market bid prices at
the close of business on the balance sheet date. Where a quoted market price
is not available, the Group establishes the fair value using valuation
techniques such as recent arm's length market transactions, reference to the
current fair value of another instrument that is substantially the same,
discounted cash flow analysis or other valuation models. For financial
instruments not held at fair value, their carrying amount is a reasonable
approximation of their fair value.
The Group used the following hierarchy for determining and disclosing the fair
value of financial instruments:
Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: other techniques, for which all inputs which have a significant
effect on the recorded fair value are observable, either directly or
indirectly.
Level 3: techniques which use inputs which have a significant effect on the
recorded fair value that are not based on observable market data (unobservable
inputs).
As at 30 June 2025, the Group held the following financial instruments
measured at fair value:
Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets - investments in funds 275.6 8.0 - 283.6
Financial assets - derivatives - 1.4 - 1.4
Financial liabilities - non-controlling interests in consolidated funds (105.9) - - (105.9)
169.7 9.4 - 179.1
As at 30 June 2024, the Group held the following financial instruments
measured at fair value:
Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets - investments in funds 257.0 197.0 - 454.0
Financial liabilities - non-controlling interests in consolidated funds (250.8) - - (250.8)
Financial liabilities - derivatives - (0.1) - (0.1)
6.2 196.9 - 203.1
As at 31 December 2024, the Group held the following financial instruments
measured at fair value:
Other financial liabilities at FVTPL - derivatives
Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets - investments in funds 271.0 - - 271.0
Financial assets - derivatives - 0.9 - 0.9
Financial liabilities - non-controlling interests in consolidated funds (100.1) - - (100.1)
Other financial liabilities at FVTPL - derivatives - (0.4) - (0.4)
170.9 0.5 - 171.4
21. Related party transactions
All related party transactions during the period are consistent with those
disclosed in the Annual Report and Accounts for the year ended 31 December
2024 and have taken place on an arm's length basis.
No new related parties or related party transactions that materially affect
the financial position or performance of the Group existed or occurred during
the period.
22. Post balance sheet events
On 10 July 2025, the Group announced its intention to acquire 100% of the
issued share capital of CCLA Investment Management Limited, an investment
management company incorporated in England. The consideration for the
acquisition is £100 million, subject to customary post-closing adjustments,
and will be paid in cash from existing reserves. The acquisition is subject to
regulatory approvals and is expected to complete in 2025. The Group is in the
process of evaluating the financial impact of the acquisition and therefore is
not yet able to reliably estimate the effect on the consolidated financial
statements.
Statement of Directors' responsibilities
Statements relating to the preparation of the Financial Statements
We confirm that to the best of our knowledge:
The condensed set of financial statements has been prepared in accordance with
UK-adopted International Accounting Standard 34, 'Interim Financial Reporting'
as required by the Companies Act 2006 and gives a true and fair view of the
assets, liabilities, financial position and profits of the Group for the
period ended 30 June 2025.
The interim report includes a fair review of the information required by:
a) DTR 4.2.7R of the Guidance, being an indication of important events that
have occurred during the first six months of the current financial year and
their impact on the condensed set of financial statements; and a description
of the principal risks and uncertainties for the remaining six months of the
year; and
b) DTR 4.2.8R of the Guidance, being related party transactions that have
taken place in the first six months of the current financial year and that
have materially affected the financial position or performance of the Group
during that period; and any changes in the related party transactions
described in the last Annual Report and Accounts that could have a material
effect on the financial position or performance of the Group in the past six
months of the current financial year.
A list of the Directors of Jupiter Fund Management plc can be found in the
Annual Report and Accounts for the year ended 31 December 2024. A current list
of Directors is maintained on the website at www.jupiteram.com.
On behalf of the Board
Wayne Mepham
Chief Financial & Operating Officer
24 July 2025
Principal risks and mitigations
The Group is exposed to various risk types in pursuing its business
objectives, which can be driven by both internal and external
factors. Understanding and managing these risks is a regulatory requirement
but also imperative to the success of the business. Our principal risks, as
disclosed in the Group's 2024 Annual Report and Accounts, remain unchanged and
our risk profile has remained stable during the first half of 2025.
Jupiter's regulatory engagement remains a key area of focus and we continue to
engage with our Regulators in an open and transparent manner, appropriately
managing changes to our regulatory landscape and any resulting regulatory
divergence.
Technology and Information Security risk remains a key area of focus due to
the risk posed from a successful cyber-attack and we continue to maintain a
robust control environment in this area of the business, reducing
vulnerabilities where possible.
Outsourcing is a key component of our business strategy and Jupiter relies on
third-party relationships to deliver our business services. In addition,
understanding and managing our People risk is essential to the success of our
business to ensure we meet our evolving operational and regulatory needs.
We believe that the Group remains well positioned and equipped to respond to
any further volatility in the markets in a way that continues to mitigate risk
and protect our client interests. Looking forward to the second half of 2025
and beyond, we continue to leverage the Group's enterprise risk management
framework as the business changes and moves forwards with the acquisition of
CCLA and any other emerging risks, to manage those risks in line with the
Group's risk appetite.
Alternative performance measures
The use of alternative performance measures (APMs)
The Group uses APMs for two principal reasons:
* We use ratios to provide metrics for users of the accounts; and
* We use revenue, expense and profitability-based APMs to explain the Group's
underlying profitability.
Ratios
The Group calculates ratios to provide comparable metrics for users of the
accounts. These ratios are derived from other APMs that measure underlying
revenue and expenditure data.
In this document, we have used the following ratios:
APM Six months ended Six months ended Year ended Definition Reconciliation
30 June 2025 30 June 2024 31 December 2024
1 Cost: income ratio 82% 74% 78% Administrative expenses before exceptional items and performance fee costs
divided by net revenue before performance fees
See table 1 below
2 Net management fee margin 66bps 65bps 66bps(1) Net management fees divided by average AUM
3 Total compensation ratio 50% 46% 45% Compensation costs before exceptional items as a proportion of net revenue
4 Total compensation ratio before performance fees 49% 45% 45% Compensation costs before exceptional items and performance fee costs as a
proportion of net revenue before performance fees
5 Underlying EPS 4.2p 6.6p 13.4p Underlying profit after tax attributable to equity holders of the parent
divided by average issued share capital
6 Underlying EPS before performance fee profits/losses 4.1p 6.4p 10.9p Underlying profit after tax before performance fee profits/losses attributable
to equity holders of the parent divided by average issued share capital
( )
(1 ) Re-presented (see table 1).
Reconciliation of reported IFRS numbers to APMs: table 1
APM Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Administrative expenses (page 8) 128.8 129.1 273.2
Less: Performance fee costs (page 6) (4.1) (2.6) (12.7)
Less: Exceptional items included in administrative expenses (page 6) (3.4) - -
Administrative expenses before exceptional items and performance fee costs 121.3 126.5 260.5
Net revenue (page 8) 153.9 173.7 364.1
Less: Performance fees (page 13) (5.3) (3.9) (31.2)
Net revenue before performance fees 148.6 169.8 332.9
Cost: income ratio 1 82% 74% 78%
Management fees (page 13) 165.7 188.7 371.3
Less: Fees and commissions (page 13) (17.1) (18.9) (38.4)
Net management fees 148.6 169.8 332.9
Average AUM (£bn) (page 5) 45.7 52.1 50.7
Net management fee margin(1) 2 66bps 65bps 66bps
1 The Group has amended the way it measures 'Management fees' and
'Fees and commissions' (see Note 1 on page 13). As a result, the net
management fee margin for the year ended 31 December 2024 has been restated
from 65bps to 66bps; there is no overall impact on the actual net management
fee margin for the six months ended 30 June 2024.
Compensation costs before exceptional items (page 6) 77.6 79.8 163.7
Net revenue (see above) 153.9 173.7 364.1
Total compensation ratio 3 50% 46% 45%
Compensation costs before exceptional items and performance fee costs (page 6) 73.5 77.2 151.0
Net revenue before performance fees (see above) 148.6 169.8 332.9
Total compensation ratio before performance fees 4 49% 45% 45%
Statutory profit before tax (page 8) 27.5 38.7 88.3
Exceptional items (page 6) 2.9 9.2 9.2
Underlying profit before tax 30.4 47.9 97.5
Tax at average statutory rate of 25.0% (2024 H1: 25.0% and 2024 FY: 25.0%)(2) (7.6) (12.0) (24.4)
Underlying profit after tax attributable to equity shareholders of the parent 22.8 35.9 73.1
Average issued share capital (m)(3) 539.5 545.0 545.0
Underlying EPS 5 4.2p 6.6p 13.4p
( )2 Actual effective tax rates applicable to underlying profit
before tax were 22.1% in 2025 H1, 26.7% in 2024 H1 and 26.0% in 2024 FY.
3 Figure for H1 2025 excludes the 5.5m average number of shares held
by the Group in treasury during the period.
Underlying profit before tax (see above) 30.4 47.9 97.5
Less: Performance fee (profits)/losses (page 6) (1.2) (1.3) (18.5)
Tax at average statutory rate of 25.0% (2024 H1: 25.0% and 2024 FY: 25.0%)(4) (7.3) (11.7) (19.8)
Underlying profit after tax attributable to equity shareholders of the parent 21.9 34.9 59.2
before performance fees
Average issued share capital (m) (see above) 539.5 545.0 545.0
Underlying EPS before performance fee (profits)/losses 6 4.1p 6.4p 10.9p
( )(4 ) Actual effective tax rates applicable to underlying profit before
tax were 22.0% in 2025 H1, 26.6% in 2024 H1 and 26.3% in 2024 FY.
( )
(
)
Revenue, expense and profit-related measures
1) Asset managers commonly draw out subtotals of revenues less cost of
sales, taking into account items such as fee expenses, including commissions
payable, without which a proportion of the revenues would not have been
earned. Such net subtotals can also be presented after deducting non-recurring
exceptional items.
2) The Group uses expense-based APMs to identify and separate out
non-recurring exceptional items or recurring items that are of significant
size in order to provide useful information for users of the accounts who wish
to determine the underlying cost base of the Group. To further assist in this,
we also provide breakdowns of administrative expenses between compensation and
non-compensation expenditure before and after exceptional items and after
accounting for the impact of performance fee pay-aways to fund managers.
3) Profitability-based APMs are effectively the sum of the above revenue
and expense-based APMs and are provided for the same purpose - to separate out
non-recurring exceptional items or recurring items that are of significant
size in order to provide useful information for users of the accounts who wish
to determine the underlying profitability of the Group.
4) Underlying profit after tax is, in addition, used to calculate
underlying EPS which determines the Group's ordinary dividend per share and is
used in one of the criteria for measuring the vesting rates of share-based
awards that have performance conditions attached.
In this document, we have used the following measures which are reconciled or
cross-referenced in table 1:
Measure Rationale for use of measure
Net management fees 1
Exceptional items(1) 2
Net revenue 1
Performance fees 2
Compensation costs before exceptional items 2
Underlying profit before tax 3
Underlying profit after tax 3, 4
( )
(1 ) Defined as items of income or expenditure that are significant in
size and which are not expected to repeat over the short to medium term.
Changes in the use of APMs
There have been no changes in the use of the Group's APMs compared to those
used in 2024. As set out on page 13, the Group has amended how it measures
management fees. This has resulted in a change of 1bp to the Group's net
management fee margin for the year ended 31 December 2024 and no change to the
same measure for the six months ended 30 June 2024.
Independent Review Report to Jupiter Fund Management plc
Report on the condensed consolidated interim financial statements
Conclusion
We have been engaged by Jupiter Fund Management plc (the 'Group') to review
the condensed consolidated set of financial statements in the Interim Report
and Accounts for the six months ended 30 June 2025 which comprises the
Consolidated income statement, Consolidated statement of comprehensive income,
Consolidated balance sheet, Consolidated statement of changes in equity,
Consolidated statement of cash flows and explanatory notes 1 to 22. We have
read the other information contained in the Interim Report and Accounts and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed consolidated set of
financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed consolidated set of financial statements in the
Interim Report and Accounts for the six months ended 30 June 2025 is not
prepared, in all material respects, in accordance with UK-adopted
International Accounting Standard 34, "Interim Financial Reporting", and the
Disclosure Guidance and Transparency Rules of the United Kingdom's Financial
Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in the Statement of Directors' responsibilities for the Interim
Report and Accounts, the annual financial statements of the Group are prepared
in accordance with UK-adopted international accounting standards. The
condensed consolidated set of financial statements included in this Interim
Report and Accounts has been prepared in accordance with UK-adopted
International Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the Interim Report and Accounts in
accordance with the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
In preparing the Interim Report and Accounts, the directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of financial information
In reviewing the Interim Report and Accounts, we are responsible for
expressing to the Group a conclusion on the condensed consolidated set of
financial statements in the Interim Report and Accounts. Our conclusion,
including our Conclusions Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the Basis for
Conclusion paragraph of this report.
Use of our report
This report is made solely to the Group in accordance with guidance contained
in International Standard on Review Engagements 2410 (UK) "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity"
issued by the Financial Reporting Council. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Group,
for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
London
24 July 2025
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