REG - Jupiter Fund Mgmt - Q1 Trading Update & Notice of Results

Jupiter Fund ManagementAnnouncement

24/04/2025 07:02

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RNS Number : 9394F  Jupiter Fund Management PLC  24 April 2025

Jupiter Fund Management plc

Trading Update and Notice of Results

 

24 April 2025

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading
update in respect of the three months to 31 March 2025.

 

Key points

·      Group assets under management (AUM) decreased by £1.0bn over the
quarter to close at £44.3bn, driven by net outflows of £0.5bn and negative
market movements of £0.5bn.

·      We generated net positive inflows of £1.0bn in the Institutional
channel, which included the funding of a large mandate into our Systematic
equities capability and flows through the Jupiter Origin team.

·      In retail, wholesale and investment trusts, we saw £1.5bn of net
outflows, as a worsening macro environment weighed upon investor sentiment
towards risk assets.

·      After the period end, we have seen elevated market volatility
across asset classes as a result of trade policies. Although this will
undoubtedly have an impact on client risk appetite, mispriced assets present
an opportunity for high-conviction active asset managers. Estimated AUM at 22
April 2025 was £43bn.

Overall, we saw total net outflows in the first quarter of £0.5bn. We
generated net positive inflows in the Institutional channel of £1.0bn, but
this was offset by net outflows from retail clients of £1.5bn. Negative
market movements of £0.5bn led to total AUM at 31 March of £44.3bn, a 2%
decline over the three month period.

Net positive flows in the Institutional channel were driven by the funding of
a large mandate within our Systematic equities capability, as well as inflows
through the completion of the onboarding of the assets managed by the Jupiter
Origin team. Our pipeline remains strong and we are confident of continuing to
generate further net inflows from Institutional clients through 2025.

Within the retail, wholesale and investment trusts channel, uncertainty around
trade policies towards the end of the period added to an already challenging
macro environment, negatively impacting client sentiment. Unconstrained Fixed
Income strategies saw around £0.7bn of net outflows. However, notwithstanding
an increase in concerns over inflation and global growth, investment
performance across these strategies has seen a notable uptick. Both Dynamic
Bond and Strategic Bond are top decile in their respective peer groups as at
the end of the quarter. We have also seen some outflows from our Indian equity
strategies, in line with our expectations following particularly strong
inflows and excellent investment performance over the prior 18 months.

Since the period end, we have seen significant moves across many global
markets. We have remained focused on what we can control and have stayed close
to our clients through this period. Our investment strategies are performing
as we would expect in this environment and our clients' positioning has
remained disciplined and consistent with long-term investing. We have not seen
any material change in client sentiment or flow activity to date since period
end.

Although this market environment presents obvious challenges, increased
volatility, higher dispersions of returns and a break-down in market
correlations should, over the medium term, be a more favourable environment
for high conviction, truly active management to evidence its value
proposition. We also see early-stage evidence of asset owners and other
investors looking to reallocate away from the US and towards other markets,
such as the UK, Europe and Asia Pacific. Given our product mix, and the recent
strengthening of our capabilities across UK and European equities, if this
were to take place, we would be ideally positioned to take advantage of it.

 

Movement in AUM by client channel

 

     £bn                                            31 December  Q1 2025     Q1 2025          31 March

2024

2025
                                                                 net flows   market returns

and other
     Retail, wholesale & investment trusts          38.9         (1.5)       (0.9)            36.5
     Institutional(1)                               6.4          1.0         0.4              7.8
     Total                                          45.3         (0.5)       (0.5)            44.3
     of which is invested in mutual funds           37.2         (1.7)       (0.3)            35.2

 

1.     Institutional flows include c.£750m following the completion of the onboarding of the assets managed by the Jupiter Origin team.

 

 

Notice of results

Jupiter will be issuing Interim results for the period to 30 June 2025 on 25
July 2025 and will host an analyst presentation to discuss the results.

 

 For further information please contact:

                       Investors             Media
 Jupiter               Alex James            Victoria Howley

                       +44 (0)20 3817 1636   +44 (0)20 3817 1436

 Edelman Smithfield    Hastings Tarrant      Andrew Wilde

                       +44 (0)7813 407 665   +44 (0)7786 022 022

 

LEI Number: 5493003DJ1G01IMQ7S28

 

Forward-looking statements

This announcement contains forward-looking statements with respect to the
financial condition, results of operations and businesses of the Group. Such
statements and forecasts involve risk and uncertainty because they relate to
events and depend upon circumstances in the future. 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.
Forward-looking statements and forecasts are based on the Directors' current
view and information known to them at the date of this announcement. The
Directors do not make any undertaking to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Nothing in this announcement should be construed as a profit
forecast.

    Historic quarterly net flows and AUM

 

     Flows and AUM by quarter
                                                Q1 2024     Q2 2024     Q3 2024     Q4 2024     Q1 2025     Q2 2025     Q3 2025     Q4 2025

                                                £bn         £bn         £bn         £bn         £bn         £bn         £bn         £bn
     Total
     Opening AUM                                52.2        52.6        51.3        50.1        45.3
     Gross inflows                              3.7         3.8         3.9         2.7         3.7
     Gross outflows                             (5.3)       (5.6)       (5.5)       (8.0)       (4.2)
     Net flows                                  (1.6)       (1.8)       (1.6)       (5.3)       (0.5)
     Market returns                             2.0         0.5         0.4         0.5         (0.5)
     Closing AUM                                52.6        51.3        50.1        45.3        44.3

     Retail, wholesale & Investment trusts

     Opening AUM                                42.2        43.1        42.4        41.1        38.9
     Gross inflows                              3.5         2.9         3.4         2.1         2.4
     Gross outflows                             (4.3)       (3.9)       (5.5)       (4.4)       (3.9)
     Net flows                                  (0.8)       (1.0)       (1.7)       (2.3)       (1.5)
     Market returns                             1.7         0.3         0.4         0.1         (0.9)
     Closing AUM                                43.1        42.4        41.1        38.9        36.5

     Institutional

     Opening AUM                                10.0        9.5         8.9         9.0         6.4
     Gross inflows                              0.2         0.9         0.5         0.6         1.3
     Gross outflows                             (1.0)       (1.7)       (0.4)       (3.6)       (0.3)
     Net flows                                  (0.8)       (0.8)       0.1         (3.0)       1.0
     Market returns                             0.3         (0.2)       -           0.4         0.4
     Closing AUM                                9.5         8.9         9.0         6.4         7.8

 

 

 

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