REG - Jupiter Fund Mgmt - Trading Update and Notice of Results

Jupiter Fund ManagementAnnouncement

11/10/2024 07:00

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RNS Number : 7858H  Jupiter Fund Management PLC  11 October 2024

Jupiter Fund Management plc

Trading Update and Notice of Results

 

11 October 2024

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading
update in respect of the three months to 30 September 2024.

 

Key points

 

·      Overall flows remain consistent with our expectations as set at
the start of the year, despite no material improvement in client sentiment.

·      £1.6bn of total net outflows in Q3, but underlying flows were
slightly net positive.

·      Continued focus on delivering against our strategic objectives,
as evidenced by the recently announced acquisition of the team and assets from
Origin Asset Management.

 

Trading update

 

Overall, we saw net outflows in the third quarter of £1.6bn, resulting in
total net outflows of £5.0bn year to date. However, we generated marginally
positive net inflows in the quarter on an underlying basis, i.e. excluding
flows related to the Value team or the change in management of Chrysalis
Investment Trust. Total underlying net outflows for the first nine months of
the year were a little over £200m. Total assets under management decreased to
£50.1bn.

 

There were £1.6bn of net outflows from strategies managed by the Value desk,
including £1.1bn of net outflows from segregated mandates. There remains
£4.9bn of AUM across the Value desk, of which £2.3bn is in segregated
mandates. We reiterate that our expectation is that most, if not all, of these
segregated mandates will be redeemed by year end.

 

On an underlying basis, the slightly net positive inflows in the third quarter
were generated by strongly performing capabilities in areas of robust client
demand. Asian and EM equities have been particularly in focus. Our Indian
equities products saw a further £0.4bn of net inflows in Q3 and total AUM
stands at £2.9bn. Our Asian Income strategies also saw over £0.2bn of net
inflows. Total AUM in our Asian and EM equities capability increased from
£6.2bn to £6.9bn.

 

We also recently announced that we had reached agreement to acquire the team
and around £0.8bn of AUM from Origin Asset Management, subject to the usual
approvals and consent. These assets are predominantly from Institutional
clients, a key strategic growth area for us. Consistent with our strategy, it
will increase our scale in Global Emerging Markets and broaden our appeal with
investment capabilities in International ex-US and Global Smaller Companies.

 

Our Systematic equities capability also continued to generate consistent
positive net flows, driven by ongoing demand for the Global Equity Absolute
Return fund.

 

Underlying positive Institutional net inflows of £0.3bn were primarily driven
by a UK-based client increasing their allocation to our global sustainable
equity strategy.

 

The small net positive underlying flows were also achieved despite the
announcement of the expected closure of two funds within our Emerging Market
Debt capability, from which we saw just under £0.3bn of net outflows.

 

Movement in AUM by client channel

 

 £bn                                            30 June  Q3 2024     Q3 2024          30 September 2024

2024

                                                         net flows   market returns

                                                                     and other
 Retail, wholesale & investment trusts          42.4     (1.7)       0.4              41.1
 Institutional                                  8.9      0.1         -                9.0
 Total                                          51.3     (1.6)       0.4              50.1
 of which is invested in mutual funds           38.9     (0.3)       0.3              38.9

 

 

 

Notice of results

 

Jupiter will be issuing full year results for the year ending 31 December 2024
on 27 February 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                          Andrew Wilde

                                             +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 2023     Q2 2023     Q3 2023     Q4 2023     Q1 2024     Q2 2024     Q3 2024     Q4 2024

                                            £bn         £bn         £bn         £bn         £bn         £bn         £bn         £bn
 Total
 Opening AUM                                50.2        50.8        51.4        50.8        52.2        52.6        51.3
 Gross inflows                              3.2         4.5         2.4         3.1         3.7         3.8         3.9
 Gross outflows                             (4.1)       (3.6)       (3.4)       (4.3)       (5.3)       (5.6)       (5.5)
 Net flows                                  (0.9)       0.9         (1.0)       (1.2)       (1.6)       (1.8)       (1.6)
 Market returns                             1.5         (0.3)       0.4         2.6         2.0         0.5         0.4
 Closing AUM                                50.8        51.4        50.8        52.2        52.6        51.3        50.1

 Retail, wholesale & Investment trusts

 Opening AUM                                43.4        43.5        42.1        41.0        42.2        43.1        42.4
 Gross inflows                              2.8         2.7         2.1         2.3         3.5         2.9         3.4
 Gross outflows                             (3.8)       (3.4)       (3.1)       (3.6)       (4.3)       (3.9)       (5.1)
 Net flows                                  (1.0)       (0.7)       (1.0)       (1.3)       (0.8)       (1.0)       (1.7)
 Market returns                             1.1         (0.7)       (0.1)       2.5         1.7         0.3         0.4
 Closing AUM                                43.5        42.1        41.0        42.2        43.1        42.4        41.1

 Institutional

 Opening AUM                                6.8         7.3         9.3         9.8         10.0        9.5         8.9
 Gross inflows                              0.4         1.8         0.3         0.8         0.2         0.9         0.5
 Gross outflows                             (0.3)       (0.2)       (0.3)       (0.7)       (1.0)       (1.7)       (0.4)
 Net flows                                  0.1         1.6         -           0.1         (0.8)       (0.8)       0.1
 Market returns                             0.4         0.4         0.5         0.1         0.3         0.2         -
 Closing AUM                                7.3         9.3         9.8         10.0        9.5         8.9         9.0

 

 

 

 

 

 

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