REG - Jupiter Fund Mgmt - Annual Financial Report
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RNS Number : 4439U Jupiter Fund Management PLC 26 February 2026
Jupiter Fund Management plc
Results for the year ended 31 December 2025
26 February 2026
Material progress with an encouraging outlook
n Underlying profit before tax of £138.3m (2024: £97.5m), driven by
performance fees of £120.3m (2024: £31.2m).
n Statutory profit before tax of £131.9m (2024: £88.3m).
n Administrative expenses, before the impact of performance fees and
exceptional items, down 2% to £255.5m (2024: £260.5m).
n Assets under management (AUM) increased by 19% to £54.0bn (31 December
2024: £45.3bn).
n Net inflows of £1.3bn (2024: net outflows of £10.3bn), the first calendar
year of positive net inflows since 2017.
n CCLA Investment Management (CCLA) acquisition completed on 2 February,
adding £15bn to the Group's AUM.
n Cost saving targets being delivered ahead of schedule and cost synergy
targets on the CCLA acquisition reconfirmed.
n Final ordinary dividend of 2.3p per share, bringing total ordinary dividends
for the year to 4.4p per share (2024: 5.4p per share).
n Share buyback programme of up to £30m and special dividend amounting to
5.7p per share, together representing a 50% distribution of the Group's 2025
performance fee revenue.
Year ended Year ended % change
31 December 2025 31 December 2024
AUM (£bn) 54.0 45.3 19%
Net flows (£bn) 1.3 (10.3)
Net revenue(1) (£m) 431.0 364.1 18%
Statutory profit before tax(2) (£m) 131.9 88.3 49%
Basic earnings per share (EPS)(2) (p) 19.2 12.5 54%
Underlying profit before tax(1) (£m) 138.3 97.5 42%
Underlying EPS(1) (p) 19.4 13.4 45%
Total dividends per share (p)(3) 10.1 5.4 87%
Cost:income ratio(1) 82% 78%
( )
(1) The Group's use of alternative performance measures (APMs) is explained on
pages 30 to 32.
(2) IFRS measures.
(3) Including special dividend.
Matthew Beesley, Chief Executive, commented:
"Jupiter delivered a strong set of results in 2025. During the year, we
generated net positive inflows across both client channels for the first time
since 2017, supported by a marked shift in client sentiment with improved
investment performance across all time periods.
Against a challenging market environment at the start of the year, careful
planning and deliberate management actions helped us make meaningful progress
towards our strategic objectives. We remained focused on what we can control.
Across cost savings, capital allocation and revenue generation, we have done
what we said we were going to do, and in many cases, quicker than we suggested
we might.
As we move into 2026, we are in a demonstrably stronger position than we were
twelve months ago, with a broader and more balanced set of differentiated
investment capabilities. We have announced and completed two acquisitions,
broadening our investment expertise and opening up a new client channel. With
leading indicators improving and momentum building across the business, we
have increased confidence in being able to deliver on our targeted 70%
cost:income ratio in the medium term."
Analyst presentation
There will be an analyst presentation at 10.00am GMT on 26 February 2026.
The presentation will be held at The Zig Zag Building, 70 Victoria Street,
London, SW1E 6SQ and will also be accessible via a live webcast. The webcast
is available at https://secure.emincote.com/client/jupiter/jfm043
(https://secure.emincote.com/client/jupiter/jfm043) . Please note that
questions can be asked either in-person at the presentation or via the
webcast.
The results announcement and the presentation will be available at
https://www.jupiteram.com/investor-relations
(https://www.jupiteram.com/investor-relations) . Copies may also be obtained
from the registered office of the Company at The Zig Zag Building, 70 Victoria
Street, London, SW1E 6SQ.
The Annual Report will be published in March 2026 and will be available at
https://www.jupiteram.com/investor-relations
(https://www.jupiteram.com/investor-relations) .
For further information please contact:
Investors Media
Jupiter Alex James Victoria Howley
+44 (0)20 3817 1636 +44 (0)20 3817 1657
Edelman Smithfield Hastings Tarrant Andrew Wilde
+44 (0)7813 407 665 +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 a strong set of results for 2025.
After a number of years of hard work from all of our employees, we are
delighted that the momentum we have anticipated is now becoming more visible
externally, and even more so that it is beginning to be recognised by the
market and other stakeholders. We finish the year having made significant
progress towards each of our strategic objectives, many leading indicators
moving in a positive direction, and with a clear path to our target 70%
cost:income ratio in the medium term.
We have increased scale through positive flows, market movements and the
completion of two acquisitions. We acquired the team and assets of Origin
Asset Management (Origin) and also announced the acquisition of CCLA
Investment Management (CCLA), which completed in February 2026. The latter
opens up a new client channel for Jupiter, that of non-profit organisations,
as well as being materially accretive even before the delivery of synergies.
We have continued to be disciplined on cost management, having announced new
targets for cost savings in May, and we are now on track to deliver these
savings ahead of our original schedule. Investment performance is strong
across all time periods, our employee base is more engaged than ever and we
have delivered meaningful returns for shareholders.
At our interim results in July, we wrote about the improvement in client
sentiment and the case for cautious optimism for an improving external
environment. This has proven to be well-founded and sentiment continued to
improve in the second half of the year, with growing demand for risk assets
and early signs of a potential shift in client allocations away from US
equities.
We generated net inflows of £1.3bn across the year (2024: outflows of
£10.3bn), our first calendar year of positive net inflows since 2017.
Importantly, both the Institutional and the Retail & Wholesale client
channels saw positive net flows, of £1.0bn and £0.3bn respectively, the
latter seeing a marked improvement in sentiment through the second half. Our
Systematic equities investment capability was the strongest contributor, but
there was also demand for Global equities and UK equities. This positive
momentum has continued into the start of 2026, and we continue to be net
positive across both of these client channels as of today.
Driven by both these flows and positive market movements, AUM increased by 19%
during the period to close at £54.0bn (31 December 2024: £45.3bn). Net
revenue increased by 18% to £431.0m (2024: £364.1m), driven by performance
fees of £120.3m (2024: £31.2m). Given the outflows in 2024 and the impact of
a lower average AUM, net management fee revenues decreased to £310.7m (2024:
£332.9m).
Our focus on cost discipline remains unwavering. We announced a new £15m
initial target for cost savings in May, which we now expect to achieve in
2026, a year ahead of schedule. Administrative expenses, excluding the impact
of performance fees and exceptional items, were £255.5m, down 2% on the prior
period. Non-compensation costs of £98.9m were 10% lower than the prior year
(2024: £109.5m), despite the inflationary environment.
This combination of growing total revenues and judicious cost management led
to a 42% increase in underlying profit before tax to £138.3m (2024: £97.5m).
Statutory profit before tax was £131.9m (2024: £88.3m). Underlying EPS was
19.4p per share (2024: 13.4p) and was 8.7p per share excluding the impact of
performance fees (2024: 10.9p per share).
Our capital base remains strong, even after completion of the acquisition of
CCLA. In line with our commitments to capital allocation of distributing 50%
of underlying EPS excluding performance fees, we have today announced a final
ordinary dividend of 2.3p per share. We have also announced a special dividend
of 5.7p per share and a share buyback programme of the lower of £30m or 3% of
issued share capital, together honouring our commitment of returning 50% of
performance fee revenues generated in the year.
Improved client sentiment and positive flows across client channels
After a number of periods of subdued demand, 2025 saw a marked improvement in
client sentiment. For some time, equity markets have been narrow and highly
correlated and returns have been driven by a small number of large-cap,
predominantly technology-focused, US companies. There are early signs that we
are seeing this shift, with a greater disparity in valuations both across and
within asset classes. If this trend persists and correlations continue to
fall, this should continue to be positive for active asset managers such as
Jupiter. Concurrently, client risk appetite has improved and client
interactions suggest that many are reconsidering the size of their exposure to
the US. With Jupiter's broad array of investment expertise, we could be well
positioned to benefit from such a trend going forward.
Our flows in 2025 reflected this improvement in sentiment and we generated net
positive flows across both of our client channels.
Gross flows saw a meaningful uptick across both the Retail & Wholesale and
the Institutional client channels. In total we generated £16.9bn of gross
flows (2024: £14.1bn). All of our regions saw an increase on the prior year's
gross flows.
We generated total net flows of £1.3bn in the year (2024: net outflows of
£10.3bn), which represents the first calendar year of positive net flows
since 2017.
The Institutional client channel generated £1.0bn of net flows, with mandates
funding into our Fixed Income, Global equities and UK equities investment
capabilities. We also generated £0.3bn of net inflows from retail, wholesale
& investment trusts clients. Sentiment and risk appetite amongst retail,
wholesale & investment trust clients had been particularly weak at the
start of 2025, with outflows of £1.5bn in the first quarter. However, this
improved throughout the year, and we generated £2.1bn of net flows in the
second half, largely driven by demand for Systematic equities and Global
equities capabilities.
Across our seven investment capabilities, five increased their AUM through the
period while three generated positive net flows. This was led by Systematic
equities with net inflows of over £4.0bn. Global Equity Absolute Return
(GEAR) once again generated very strong performance, supported by sustained
client demand. However, there were positive inflows across much of the
Systematic range, with World Equity generating just under £0.7bn of flows and
tripling its AUM to over £1.1bn. Global equities was also a positive
contributor, including demand for Gold & Silver and Global Leaders. We
also generated positive flows into our UK equity capabilities across both
client channels, notably into Dynamic and Growth strategies.
These positive inflows were partly offset by outflows in other capabilities,
most notably Fixed Income and Asian and Emerging Market equities. Improvements
in short-term performance across our unconstrained fixed income strategies
have led to a reduction in outflows over the year, with more than three
quarters of the net outflows from these strategies taking place in the first
half. Within Asian and Emerging Markets equities, both our Indian equity and
Asian Income strategies saw some client redemptions to crystallise investment
gains, despite ongoing good performance, after a number of periods of strong
inflows.
Movement in AUM by client channel
31 December Market returns 31 December
2024 Q1 net Q2 net Q3 net Q4 net Full-year net £bn 2025
£bn flows flows flows flows flows £bn
£bn £bn £bn £bn £bn
Retail, wholesale & investment trusts 38.9 (1.5) (0.3) 0.8 1.3 0.3 5.4 44.6
Institutional 6.4 1.0 0.6 (0.5) (0.1) 1.0 2.0 9.4
Total 45.3 (0.5) 0.3 0.3 1.2 1.3 7.4 54.0
Of which is invested in mutual funds 37.2 (1.7) (0.1) 0.5 1.2 (0.1) 5.5 42.6
Material strategic progress
We continue to make meaningful progress towards each of our four key strategic
objectives of increasing scale, decreasing undue complexity, broadening appeal
to clients and deepening relationships across all stakeholders.
We have consistently stated that increasing scale remains the most important
of our four objectives, in absolute terms but also relative to an increasingly
efficient and leveraged operating model. Combining top line revenue growth
with our now well-established cost management approach will drive us towards
our target 70% cost:income ratio. Our overall AUM increased by 19% to £54.0bn
at the end of 2025, through a combination of market movements and positive net
inflows. Having acquired the team and assets of Origin earlier in the year, we
also announced in July that we had reached agreement to acquire CCLA.
CCLA is one of the market-leading asset managers focused on the non-profit
sector, actively managing assets on behalf of charities, religious
organisations and local authorities. It represents a new client channel for
Jupiter and there is no client overlap between the two firms. We remain
committed to maintaining and, where we can, amplifying all that makes CCLA
unique. Its well-respected brand will remain, the investment teams remain
unimpacted and there will be no change to the way they interact with their
clients. We have also identified at least £16m of cost synergies, which will
be delivered on a run rate basis by the end of 2027. The acquisition will have
a materially accretive impact on earnings from day one and will increase as
synergies are realised. The deal completed in February 2026 and, upon
completion, the wider group was entrusted to manage over £70bn of our
clients' assets at that date.
We continued to reduce undue complexity across the business, with a focus on
cost discipline. Both non-compensation costs and overall headcount decreased
again in 2025, for the latter this was the fourth consecutive year of
reductions. We also continued to review our operating model, with the most
material impact being the consolidation and outsourcing of some middle- and
back-office operations functions to BNY, which will help us deliver improved
service to our clients.
In addition to entering the non-profit client channel through the CCLA
acquisition, this year we have explored new ways in which clients can gain
access to our investment expertise. We have launched two active ETFs, one a
global fixed income strategy and one an equity strategy focused on global
smaller companies. We have also launched our first fund on our
Cayman-domiciled platform, a leveraged version of GEAR. Both of these
initiatives will allow us to take existing investment expertise into new
client segments.
Finally, we have continued to deepen relationships with all of our
stakeholders. We exist to help our clients achieve their financial objectives
through truly active investment management and we have delivered improved
investment performance across all time periods. We strive to create a
client-centric culture based on high performance, with a committed and engaged
employee base. In our most recent employee opinion survey, we saw an
engagement score of 88%, which is up nine percentage points on both the prior
year and on the financial services benchmark.
For our shareholders, we are pleased that they have been rewarded for their
patience and support over the last twelve months, in which we have generated a
total shareholder return of 92% through the year and before the distributions
we have announced today.
Solid financial performance
Following significant outflows in the prior year, and the resulting lower
average AUM compared with 2024, 2025 was always expected to be challenging
from an underlying financial perspective. Against that backdrop, we delivered
a solid set of financial results.
Underlying profit before tax was up 42% to £138.3m (2024: £97.5m) and
statutory profit before tax for the year was £131.9m, an increase of £43.6m.
This was driven by strong performance fees of £120.3m (2024: £31.2m),
primarily from our Systematic equities capability. Underlying EPS was 19.4p
per share (2024: 13.4p) and was 8.7p per share excluding the impact of
performance fees (2024: 10.9p per share).
Closing AUM was up 19% over the twelve-month period to close at £54.0bn (31
December 2024: £45.3bn), driven by positive net inflows of £1.3bn and market
movements of £7.4bn. Despite this, average AUM of £48.1bn was lower than the
prior year (2024: £50.7bn), resulting in management fee revenues down 7% to
£310.7m (2024: £332.9m). However, the high levels of performance fees saw
total net revenue increase by 18% to £431.0m (2024: £364.1m). With strong
net flows and market performance in the final quarter of 2025, we are
well-placed for 2026 and we have continued to see momentum on flows and market
performance since the year end. Our average net management fee margin reduced
by 1bp to 65bps, driven by changes in business mix.
In an environment of ongoing fee margin attrition, good cost management is a
continual focus. Total administrative expenses (excluding exceptional items)
were £299.7m, up 10% from £273.2m in 2024, of which £44.2m related to
performance fees (2024: £12.7m). Excluding the impact of performance fees,
administrative expenses decreased by £5.0m, or 2%. Non-compensation costs
decreased 10% to £98.9m (2024: £109.5m), despite the inflationary
environment. Similarly, headcount reduced for a fourth consecutive year from
492 to 442 at 31 December 2025 on a full-time equivalent basis, the lowest
level since 2014. The total compensation ratio (excluding performance fees and
exceptional items) increased to 50%. This was a short-term increase outside of
our target range, primarily due to the accounting impact of the rise in the
share price, with the economic impact of such exposures being hedged by the
Group through capital reserves.
The Group's cost:income ratio increased from 78% to 82%, largely driven by
lower management fees. However, with management actions already in progress,
we see a clear and credible path to achieving our target 70% cost:income ratio
in the medium term.
Other gains before exceptional items of £6.0m (2024: £6.9m) relate to gains
on our seed capital investments, net of hedging. We also generated net finance
income of £3.8m (2024: £1.9m) as we continued to actively manage the Group's
cash balances.
Exceptional items of £6.4m in 2025 principally related to administrative
expenses of £7.0m, comprising restructuring costs of £7.7m, offset by other
non-compensation cost movements of £0.7m.
2025 2024
£m Before performance fees Performance fee profits Total Before performance fees Performance Total
fee profits
Net revenue 310.7 120.3 431.0 332.9 31.2 364.1
Compensation costs(1, 2) (156.6) (44.2) (200.8) (151.0) (12.7) (163.7)
Non-compensation costs(2) (98.9) - (98.9) (109.5) - (109.5)
Administrative expenses (255.5) (44.2) (299.7) (260.5) (12.7) (273.2)
Other gains(2) 6.0 - 6.0 6.9 - 6.9
Amortisation of intangible assets(2) (2.8) - (2.8) (2.2) - (2.2)
Operating profit before exceptional items 58.4 76.1 134.5 77.1 18.5 95.6
Net finance income 3.8 - 3.8 1.9 - 1.9
Profit before taxation and exceptional items 62.2 76.1 138.3 79.0 18.5 97.5
Exceptional items (6.4) - (6.4) (9.2) - (9.2)
Statutory profit before tax 55.8 76.1 131.9 69.8 18.5 88.3
(1) Compensation costs in respect of performance fee profits in 2025 mainly
relate to the accounting charge for bonus awards made in respect of 2025
performance fee revenues (2024: mainly in respect of 2024 performance fee
revenues).
(2) Compensation costs and Non-compensation costs exclude £7.7m and £(0.7)m
respectively classified as exceptional (2024: £nil). Other gains excludes
£0.6m classified as exceptional (2024: £nil). In 2024, Amortisation of
intangible assets excluded £9.2m classified as exceptional.
Strong investment performance across all time periods
As an active manager, delivering strong investment outcomes for our clients is
critical to our ongoing success.
As at 31 December 2025, 68% of our mutual fund AUM had delivered above-median
performance, net of all fees, relative to their peer group over three years,
which is our KPI (31 December 2024: 61%). In many cases, there was exceptional
performance with nearly half of the AUM in the top quartile.
Over the longer term, 75% of mutual fund AUM outperformed their peer group
over five years, up from 58% twelve months ago, with over 60% in the top
quartile. Over one year, the figure was 84% of assets outperforming, with 69%
in the top quartile. There was strong shorter-term performance from Dynamic
Bond and Strategic Bond, both of which are now in the top quartile. Although
the one-year number is inherently more volatile, it is encouraging to see
improvement in this leading indicator.
Our larger funds also continue to perform well. We have 15 funds with over
£1bn under management, of which 11 outperformed across each time period, with
six funds being top quartile across one, three and five year periods.
A strong capital base with further distribution to shareholders
The Group continues to maintain a strong capital base.
We estimate that the acquisition of CCLA has reduced the surplus above the
Group's regulatory capital requirement by around £85m. Despite this, we
continue to maintain a strong balance sheet, enabling us to invest in the
growth of the business and maintain inorganic optionality. Following the
completion of that acquisition on 2 February 2026, we estimate that the
capital surplus of the Group is £146m based on Jupiter's 31 December 2025
position, adjusted for the impact of the acquisition.
In line with our capital allocation policy of returning 50% of pre-performance
fee earnings, the Board have proposed a final ordinary dividend of 2.3p per
share, bringing the total ordinary dividend for the year to 4.4p per share. We
also committed to returning 50% of revenues generated by performance fees in
2025. A special dividend has therefore been proposed of 5.7p per share, along
with a share buyback programme of the lower of £30m and 3% of issued share
capital, which we expect to start in April 2026. The dividends will be paid on
19 May 2026 to shareholders on the register at the close of business on 17
April 2026.
We continue to actively and effectively manage our capital and continue to
explore opportunities to deliver long-term shareholder growth, both by
organically investing in the business and in inorganic opportunities. In the
absence of opportunities to deploy capital accretively, we will continue to
consider returning excess capital to shareholders, on a periodic basis.
An encouraging outlook
Having started the year with materially lower AUM through 2024 and subdued
client sentiment, it was always apparent that 2025 would be a challenging year
from an underlying financial perspective. However, we have remained focused
on the aspects of our business that are within our control. Careful planning
and targeted management actions have allowed us to navigate these challenges,
to keep to commitments and to deliver meaningful progress towards each of our
strategic objectives.
As we move into 2026, we are encouraged that a number of leading indicators
have moved in a positive direction. Investment performance has improved across
all time periods and short-term performance is particularly strong. Client
sentiment has shown signs of improving and, after positive flows across both
client channels in 2025, we are also net positive year to date. We have
continued to build scale, most notably with the completion of the CCLA
acquisition, which brings a brand new client channel to the wider group. Our
focus on disciplined cost management remains resolute and we are ahead of
schedule in delivering our latest rounds of cost savings.
Against this encouraging backdrop, there is also the potential for a more
positive external environment, both for active asset management generally and
for Jupiter specifically. If we do see markets become less correlated, then
this could create a more fertile environment for active managers. Further, if
clients do continue to re-evaluate and rebalance portfolios then we are also
well positioned to benefit, given our broad range of investment expertise.
While we are not yet where we want to be and many geopolitical uncertainties
remain, we are demonstrably in a stronger position than we were twelve months
ago and are better placed to take advantage of the opportunities ahead. We are
encouraged by positive leading indicators and that the building momentum we
have seen internally for some time has now become more apparent externally and
has continued into the early part of 2026.
Matthew Beesley
Chief Executive Officer
25 February 2026
Consolidated income statement
for the year ended 31 December 2025
Notes 2025 2024
£m £m
Revenue 1, 2 465.7 402.5
Fee and commission expenses 1 (34.7) (38.4)
Net revenue 1 431.0 364.1
Administrative expenses 3 (306.7) (273.2)
Other gains 4 6.6 6.9
Amortisation of intangible assets 9 (2.8) (11.4)
Operating profit 128.1 86.4
Finance income 5 7.2 8.0
Finance costs 5 (3.4) (6.1)
Profit before taxation 131.9 88.3
Income tax expense 6 (31.5) (23.1)
Profit for the year 100.4 65.2
Earnings per share
Basic 7 19.2p 12.5p
Diluted 7 17.9p 12.2p
Consolidated statement of comprehensive income
for the year ended 31 December 2025
2025 2024
£m £m
Profit for the year net of tax 100.4 65.2
Items that may be reclassified subsequently to profit or loss
Exchange movements on translation of subsidiary undertakings - (1.3)
Other comprehensive loss for the year net of tax - (1.3)
Total comprehensive income for the year net of tax 100.4 63.9
Consolidated balance sheet
at 31 December 2025
Notes 2025 2024
£m £m
Non-current assets
Goodwill 8 494.4 494.4
Intangible assets 9 11.7 12.3
Property, plant and equipment 10 31.2 34.8
Investment in associates 1.7 1.8
Deferred tax assets 31.0 15.6
Trade and other receivables 0.4 0.4
570.4 559.3
Current assets
Financial assets 134.8 288.6
Trade and other receivables 216.9 145.9
Cash and cash equivalents 12 318.7 261.1
Current tax asset 1.8 1.6
672.2 697.2
Total assets 1,242.6 1,256.5
Equity attributable to shareholders
Share capital 14 10.9 10.9
Own share reserve 15 (0.9) (0.5)
Other reserves 15 239.0 244.6
Foreign currency translation reserve 15 0.7 0.7
Retained earnings 15 656.4 578.3
TOTAL EQUITY 906.1 834.0
Non-current liabilities
Loans and borrowings 13 - 49.9
Trade and other payables 63.1 61.5
63.1 111.4
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL) 42.0 100.5
Trade and other payables 215.2 201.1
Provisions 0.6 5.1
Current tax liability 15.6 4.4
273.4 311.1
Total liabilities 336.5 422.5
Total equity and liabilities 1,242.6 1,256.5
( )
Consolidated statement of changes in equity
for the year ended 31 December 2025
Total
Foreign
Own currency
Share share Other translation Retained earnings
capital 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 year after tax - - - - 65.2 65.2
Exchange movements on translation of subsidiary undertakings - - - (1.3) - (1.3)
Other comprehensive loss net of tax - - - (1.3) - (1.3)
Total comprehensive (loss)/income net of tax - - - (1.3) 65.2 63.9
Vesting of ordinary shares and options - 0.2 - - (0.2) -
Dividends paid - - - - (34.2) (34.2)
Purchase of shares by EBT - - - - (1.0) (1.0)
Share-based payments - - - - 17.2 17.2
Transfers - - (5.7) - 5.7 -
Other movements - - - - (1.4) (1.4)
Total transactions with owners - 0.2 (5.7) - (13.9) (19.4)
At 31 December 2024 10.9 (0.5) 244.6 0.7 578.3 834.0
Profit for the year after tax - - - - 100.4 100.4
Total comprehensive income net of tax - - - - 100.4 100.4
Vesting of ordinary shares and options - 0.2 - - 0.5 0.7
Dividends paid - - - - (22.3) (22.3)
Purchase of treasury shares - (0.3) - - (13.4) (13.7)
Purchase of shares by EBT - (0.3) - - (23.3) (23.6)
Share-based payments - - - - 23.5 23.5
Current tax - - - - 0.3 0.3
Deferred tax - - - - 6.8 6.8
Transfers - - (5.6) - 5.6 -
Total transactions with owners - (0.4) (5.6) - (22.3) (28.3)
At 31 December 2025 10.9 (0.9) 239.0 0.7 656.4 906.1
Notes 14 15 15 15 15
Consolidated statement of cash flows
for the year ended 31 December 2025
Notes 2025 2024
£m £m
Cash flows from operating activities
Cash generated from operations 17 88.4 95.5
Income tax paid (29.1) (21.6)
Net cash inflows from operating activities 59.3 73.9
Cash flows from investing activities
Purchase of intangible assets 9 (2.2) (6.2)
Purchase of property, plant and equipment 10 (0.5) (1.4)
Purchase of financial assets(1) (306.2) (478.7)
Proceeds from disposals of financial assets(1) 390.2 302.1
Cash movement from funds and subsidiaries at the date they are no longer (1.3) (6.8)
consolidated(2)
Interest income received 7.3 7.9
Dividend income received 1.0 0.9
Net cash inflows/(outflows) from investing activities 88.3 (182.2)
Cash flow from financing activities
Dividends paid 16 (22.3) (34.2)
Purchase of shares by EBT (23.6) (1.0)
Purchase of shares for cancellation 15 (13.7) -
Cash inflows from exercise of share options 0.7 -
Finance costs paid (5.1) (4.6)
Cash paid in respect of lease arrangements (5.7) (5.6)
Third-party subscriptions into consolidated funds 71.1 248.8
Third-party redemptions from consolidated funds (43.2) (101.5)
Redemption of subordinated debt (50.0) -
Net cash (outflows)/inflows from financing activities (91.8) 101.9
Net increase/(decrease) in cash and cash equivalents 55.8 (6.4)
Cash and cash equivalents at beginning of year 261.1 268.2
Effects of exchange rates on cash and cash equivalents 1.8 (0.7)
Cash and cash equivalents at end of year 12 318.7 261.1
( )
(1)Includes purchases/proceeds from disposals 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 year, the gross amounts of financial assets and liabilities,
other than cash or cash equivalents, over which control was lost were £112.6m
and £113.9m respectively (2024: £232.4m and £239.3m respectively). The
gross amounts of financial assets and liabilities, other than cash or cash
equivalents, over which control was obtained were £nil for both assets and
liabilities (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 31 December 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
The financial information set out does not constitute the Company's statutory
accounts for the years ended 31 December 2025 or 2024, but is derived from
those accounts. The Auditors have reported on the 2025 accounts; their report
was unqualified, unmodified and did not contain statements under section
498(2) or 498(3) of the Companies Act 2006. Statutory accounts for 2024 have
been delivered to the Registrar of Companies and those for 2025 will be
delivered in due course.
The Group financial statements have been prepared in accordance with
UK-adopted International Accounting Standards (IAS) and with the requirements
of the Companies Act 2006 as applicable to companies reporting under those
standards.
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
financial statements. Accordingly, they continue to adopt the going concern
basis of accounting in preparing these financial statements.
Climate change
In preparing the financial statements, we have considered the impact of
climate change. There has not been a material impact on the financial
reporting judgements and estimates arising from our considerations.
Changes in the composition of the Group
The Group is required to consolidate seed capital investments if it is deemed
to control them. The following changes have been made to the consolidation of
the Group since 31 December 2024:
Included in consolidation (as a result of investments) Excluded from consolidation
Jupiter GEARx Fund Limited Jupiter Global Fund SICAV: Asia Pacific Income
Jupiter Global Government Bond Active UCITS ETF Jupiter Global Emerging Markets Focus ex China Fund
Changes in accounting policies
The International Accounting Standards Board 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 subtotals. 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'.
1. Revenue and fee and commission expenses
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 to intermediaries 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 31 December 2025 has not
been recognised in the results for the year.
2025 2024
£m £m
Management fees(1) 345.4 371.3
Performance fees 120.3 31.2
Revenue 465.7 402.5
Fee and commission expenses(2) (34.7) (38.4)
Net revenue 431.0 364.1
( )
(1)In previous periods, 'Management fees' was disaggregated between
'Management fees' and 'Initial charges and commissions'. The amounts
reclassified are not material and prior period data has been re-presented
accordingly.
(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'. The amounts
reclassified are not material and prior period data has been re-presented
accordingly.
Disaggregation of revenue
The Group disaggregates revenue on the basis of product type and geographical
region, as this best depicts how the nature, amount, timing and uncertainty of
the Group's revenue and cash flows are affected by economic factors.
The Group's product types can be broadly categorised into pooled funds and
segregated mandates. Pooled funds, which include both mutual funds and
investment trusts, are established by the Group, with the risks, exposures and
investment approach defined via a prospectus which is provided to potential
investors. In contrast, segregated mandates are generally established in
accordance with the requirements of a specific institutional investor.
Institutional clients may invest in segregated mandates or pooled vehicles.
2025 2024
£m £m
Revenue by product type
Pooled funds 423.0 368.3
Segregated mandates 42.7 34.2
Revenue 465.7 402.5
2. Segmental reporting
The Group offers a range of investment 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, the Board, 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.
Management monitors operating profit for the purpose of making decisions about
resource allocation and performance assessment.
Geographical information
2025 2024
£m £m
Revenue by location of clients
UK 293.4 286.1
EMEA 123.5 78.1
Asia 22.5 19.0
Rest of the world 26.3 19.3
Revenue by location 465.7 402.5
The location of clients is determined using management information obtained
from distribution partners and, where applicable, directly from client mandate
information. Where management information is not available, the location of
the distribution partner is used as a proxy for the location of the client.
Non-current assets for the Group (excluding financial instruments, prepayments
and deferred tax assets) are domiciled as set out below:
2025 2024
£m £m
Non-current assets for the Group
UK 534.7 540.0
EMEA 1.6 1.2
Asia 1.0 0.3
Non-current assets by location 537.3 541.5
3. Administrative expenses
Administrative expenses of £306.7m (2024: £273.2m) include staff costs of
£208.5m (2024: £163.7m). Staff costs consist of:
2025 2024
£m £m
Wages and salaries 149.2 119.6
Share-based payments 23.5 17.2
Social security costs 31.5 18.4
Pension costs 7.6 7.2
Redundancy costs 3.6 3.7
Staff costs before net gains arising from the economic hedging of fund units 215.4 166.1
Net gains on instruments held to provide an economic hedge for fund awards (6.9) (2.4)
Staff costs 208.5 163.7
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. Gains and losses on these investments comprise both realised and
unrealised amounts.
2025 2024
£m £m
Dividend income 1.0 0.9
Gains on financial instruments at FVTPL - seed 9.2 9.8
Losses on financial instruments at FVTPL - derivatives (4.2) (3.8)
Other income 0.6 -
Other gains 6.6 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.
2025 2024
£m £m
Interest on bank deposits 1.9 2.5
Interest on short-term money market fund investments 5.3 5.5
Finance income 7.2 8.0
Finance costs principally relate to the unwinding of the discount applied to
lease liabilities. In 2024, the Group incurred significant finance costs
relating to interest payable on Tier 2 subordinated debt notes (see Note 13).
These notes were redeemed on 28 April 2025. Finance costs also include
ancillary charges for commitment fees and arrangement fees associated with the
revolving credit facility (RCF). Interest payable is charged on an accrual
basis using the effective interest method.
2025 2024
£m £m
Interest on subordinated debt 1.4 4.5
Interest on lease liabilities 1.3 1.4
Other interest charges 0.5 -
Finance costs relating to the RCF 0.2 0.2
Finance costs 3.4 6.1
6. Income tax expense
2025 2024
Analysis of charge in the year £m £m
Current tax
Tax on profits for the year 39.9 24.7
Adjustments in respect of prior years 0.2 0.2
Total current tax 40.1 24.9
Deferred tax
Origination and reversal of temporary differences (8.6) (1.8)
Total deferred tax (8.6) (1.8)
Income tax expense 31.5 23.1
The UK corporation tax rate for 2025 was 25% (2024: 25%). The tax charge in
the year is lower (2024: higher) than the standard rate of corporation tax in
the UK and the differences are explained below:
2025 2024
Factors affecting tax expense for the year £m £m
Profit before taxation 131.9 88.3
Taxation at the standard corporation tax rate (25.0%) 33.0 22.1
Other permanent differences (1.2) 1.2
Adjustments in respect of prior years 0.2 0.2
Effect of differences in overseas tax rates (0.5) (0.4)
Total tax expense 31.5 23.1
( )
7. Earnings per share (EPS)
Basic EPS is calculated by dividing the profit 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 year, 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 year (as used in the calculation of basic EPS) by the weighted average
number of ordinary shares outstanding during the year 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:
2025 2024
Number Number
Weighted average number of shares m m
Issued share capital 545.0 545.0
Add: Contingently issuable shares(1) 8.7 7.5
Less: Time-apportioned own shares held (31.3) (29.1)
Weighted average number of ordinary shares for the purpose of basic EPS 522.4 523.4
Add: Weighted average number of dilutive potential shares arising from share 39.3 10.3
options
Weighted average number of ordinary shares for the purpose of diluted EPS 561.7 533.7
2025 2024
Earnings per share p p
Basic 19.2 12.5
Diluted 17.9 12.2
1 Contingently issuable shares relate to vested but unexercised share-based
payment awards at the balance sheet date.
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).
2025 2024
£m £m
Cost 570.6 570.6
At 1 January and 31 December
Accumulated impairment (76.2) (76.2)
At 1 January and 31 December
Net book value 494.4
At 31 December 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 purposes of impairment testing, the recoverable amount for the
goodwill asset has been determined using a VIU methodology. The VIU
calculation is based on the present value of the Group's projected future cash
flows, derived from a discounted cash flow model. As the acquisition of CCLA
Investment Management Limited completed after the balance sheet date, the
impairment assessment excludes any cash flows, synergies or other benefits
arising from the acquisition. The acquisition is expected to result in the
recognition of goodwill and separately identifiable intangible assets on
completion (see Note 21). The following key assumptions have
been applied in the impairment test:
n The Group's projected base case forecast cash flows over a period of five
years, which include an assumption of annual revenue growth based on our
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
2026 and is aligned with the strategic focus set out in the Management
statement;
n Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal
value; and
n A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the
capital asset pricing model and applied to post-tax cash flows. Using a
pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not
produce a materially different result.
The impairment test indicated that the VIU of the CGU of £724.7m (2024:
£551.1m) exceeded its carrying value of £537.3m (2024: £541.5m). The VIU 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 year-on-year movement in the headroom was as follows:
£m
Headroom at 1 January 2025 9.6
Increase in VIU of CGU in 2025 173.6
Decrease in carrying value of CGU in 2025 4.2
Headroom at 31 December 2025 187.4
( )
The increase in the VIU of the CGU year-on-year was £173.6m. This arises from
improvements in forecast cash flows, principally arising from the 19.2%
increase in the Group's AUM in the year and a decrease in the post-tax
discount rate. The decrease in the carrying value of the CGU was largely due
to the amortisation of intangible assets.
The sensitivity of the Group's current headroom position to reasonably
possible changes in key assumptions used in the VIU calculation is shown in
the table below:
Reasonably possible adverse movement Decrease in valuation
Key variable £m
Discount rate +1% 55
Terminal growth rate movement -0.1% 4
Decrease in revenue(1) -1% 27
( )
1 The decrease in revenue represents a modelled percentage reduction in each
year projected in the Group's base case forecast cashflows.
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.
9. Intangible assets
Intangible assets principally comprise computer software. During the year, the
Group acquired computer software of £2.2m (2024: £6.2m). There were no
disposals (2024: 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 intangible assets was £2.8m (2024:
£11.4m).
The Directors have reviewed the intangible assets as at 31 December 2025 and
31 December 2024 and have concluded there are no indicators of impairment.
2025 2024
£m £m
Intangible assets 11.7 12.3
11.7 12.3
10. Property, plant and equipment
The net book value of property, plant and equipment at 31 December 2025 was
£31.2m (2024: £34.8m). Additions to the right-of-use assets in 2025 were
£0.8m (2024: £0.6m). The Group purchased other items of property, plant and
equipment of £0.5m during the year (2024: £1.4m). Lease modifications
resulted in a £1.4m increase in right-of-use assets (2024: £0.4m increase)
arising from remeasurement. The depreciation charge was £6.3m (2024: £5.0m).
11. Financial instruments
Financial instruments by category
The carrying value of the financial instruments of the Group at 31 December is
shown below:
As at 31 December 2025 Financial assets at FVTPL Financial assets at amortised cost and other Financial liabilities at FVTPL Financial liabilities at amortised cost Non-financial instruments Total
£m £m £m £m £m £m
Goodwill - - - - 494.4 494.4
Intangible assets - - - - 11.7 11.7
Property, plant and equipment - - - - 31.2 31.2
Investment in associates(1) - 1.7 - - - 1.7
Deferred tax assets - - - - 31.0 31.0
Non-current trade and other receivables - 0.4 - - - 0.4
Financial assets 117.9 16.9 - - - 134.8
Current trade and other receivables(2) - 204.8 - - 12.1 216.9
Cash and cash equivalents - 318.7 - - - 318.7
Current tax asset(2) - - - - 1.8 1.8
Non-current trade and other payables(2) - - - (54.8) (8.3) (63.1)
Financial liabilities at FVTPL - - (42.0) - - (42.0)
Current trade and other payables(2) - - - (194.3) (20.9) (215.2)
Provisions - - - (0.6) - (0.6)
Current tax liability(2) - - - - (15.6) (15.6)
Total 117.9 542.5 (42.0) (249.7) 537.4 906.1
As at 31 December 2024 Financial assets at FVTPL Financial assets at amortised cost and other Financial liabilities at FVTPL Financial liabilities at amortised cost Non-financial instruments Total
£m £m £m £m £m £m
Goodwill - - - - 494.4 494.4
Intangible assets - - - - 12.3 12.3
Property, plant and equipment - - - - 34.8 34.8
Investment in associates(1) - 1.8 - - - 1.8
Deferred tax assets - - - - 15.6 15.6
Non-current trade and other receivables - 0.4 - - - 0.4
Financial assets 271.9 16.7 - - - 288.6
Current trade and other receivables(2) - 134.5 - - 11.4 145.9
Cash and cash equivalents - 261.1 - - - 261.1
Current tax asset(2) - - - - 1.6 1.6
Non-current loans and borrowings - - - (49.9) - (49.9)
Non-current trade and other payables(2) - - - (56.2) (5.3) (61.5)
Financial liabilities at FVTPL - - (100.5) - - (100.5)
Current trade and other payables(2) - - - (187.2) (13.9) (201.1)
Provisions - - - (5.1) - (5.1)
Current tax liability(2) - - - - (4.4) (4.4)
Total 271.9 414.5 (100.5) (298.4) 546.5 834.0
1 Investments in associates are initially recognised at cost and are adjusted
subsequently to reflect any changes to the Group's share of the investee's net
assets.
2 Prepayments, contract assets and liabilities, current tax asset and
liability and social security and other taxes do not meet the definition of
financial instruments.
12. Cash and cash equivalents
2025 2024
£m £m
Cash at bank and in hand 120.8 113.4
Cash equivalents 145.2 147.1
Cash held by the EBT and seed investment subsidiaries 52.7 0.6
Total cash and cash equivalents 318.7 261.1
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 are used for cash management purposes and 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
The Group's £50.0m Tier 2 subordinated debt notes were redeemed on 28 April
2025. The notes bore interest at a rate of 8.875% per annum.
2025 2024
£m £m
Subordinated debt - 49.9
The Group's RCF enables it to borrow up to £100.0m (2024: £40.0m). The
current facility was agreed in December 2025 and expires in December 2027,
with an option for the Group to extend the facility by up to a further three
years. The Group's RCFs were undrawn throughout 2025 and 2024.
14. Share capital
Share capital 2025 2024 2025 2024
Number of shares Number of shares Par value Par value
m m £m £m
Ordinary shares of 2p each 545.0 545.0 10.9 10.9
545.0 545.0 10.9 10.9
15. Reserves
i) Own share reserve
The Group holds its own shares in an EBT and in treasury. These holdings are
included as a deduction from equity.
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 the Company 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 (see Note 21).
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.
This buyback programme completed on 19 August 2025 at a total cost of £13.7m.
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 1.4 - - - 1.4 -
Disposals (12.9) (0.2) - - (12.9) (0.2)
At 31 December 2024 22.4 0.5 - - 22.4 0.5
Purchases 17.7 0.4 16.3 0.3 34.0 0.7
Disposals (13.4) (0.3) - - (13.4) (0.3)
At 31 December 2025 26.7 0.6 16.3 0.3 43.0 0.9
ii) Other reserves
Other reserves of £239.0m (2024: £244.6m) comprise the merger relief reserve
of £230.8m (2024: £236.4m) formed on the acquisition of Merian in 2020,
£8.0m (2024: £8.0m) that relates to the conversion of Tier 2 preference
shares in 2010 and a capital redemption reserve of £0.2m (2024: £0.2m),
representing transfers from share capital on the cancellation of shares
repurchased. The movement of £5.6m in the reserve in the year related to the
partial realisation of the merger relief reserve.
iii) Foreign currency translation reserve
The foreign currency translation reserve of £0.7m (2024: £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 £656.4m (2024: £578.3m) are the amount of earnings that
are retained within the Group after dividend payments and other transactions
with owners.
16. Dividends
2025 2024
£m £m
Prior year final dividend (2.2p per ordinary share) (2024: 3.4p per ordinary 11.5 17.6
share)
Interim dividend (2.1p per ordinary share) (2024: 3.2p per ordinary share) 10.8 16.6
22.3 34.2
Final and special dividends are paid out of profits recognised in the year
prior to the year in which the dividends are proposed, declared and reported.
The EBT has waived its right to receive future dividends on shares held in the
trust. Dividends waived on shares held in the EBT in 2025 were £0.7m (2024:
£1.8m).
A final dividend for 2025 of 2.3p per share (2024: 2.2p) and a special
dividend of 5.7p per share (2024: nil) have been proposed by the Directors.
These dividends amount to £12.2m and £30.1m respectively before adjusting
for any dividends waived on shares held in the EBT and will be accounted for
in 2026. Including the interim dividend for 2025 of 2.1p per share (2024:
3.2p), this gives a total dividend per share of 10.1p (2024: 5.4p).
17. Cash flows from operating activities
Notes 2025 2024
£m £m
Operating profit 128.1 86.4
Adjustments for:
Amortisation of intangible assets 9 2.8 11.4
Depreciation of property, plant and equipment 10 6.3 5.0
Other net gains (8.3) 0.2
Gains on fund unit hedges 3 (6.9) (2.4)
Share-based payments 3 23.5 17.2
Increase in trade and other receivables (70.3) (7.7)
Increase/(decrease) in trade and other payables 13.2 (14.6)
Cash generated from operations 88.4 95.5
18. Changes in liabilities arising from financing activities
2025 2024
Financial liabilities at FVTPL Loans and borrowings(1) Leases(2) Total Financial liabilities at FVTPL Loans and borrowings(1) Leases(2) Total
£m £m £m £m £m £m £m £m
Brought forward at 1 January 100.1 49.9 40.9 190.9 80.2 49.7 44.1 174.0
New leases - - 0.8 0.8 - - 0.6 0.6
Changes from financing cash flows 27.9(3) - (5.7) 22.2 147.3(3) - (5.6) 141.7
Changes arising from obtaining or losing control of consolidated funds (113.0) - - (113.0) (160.9) - - (160.9)
Changes in fair value 27.0 - - 27.0 33.5 - - 33.5
Interest expense - 0.1 1.3 1.4 - 0.2 1.4 1.6
Lease reassignment and modifications - - 1.4 1.4 - - 0.4 0.4
Repayment of loans and borrowings - (50.0) - (50.0)
Liabilities arising from financing activities carried forward at 31 December 42.0 - 38.7 80.7 100.1 49.9 40.9 190.9
Notes 19 13 19 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 that has been
applied in calculating the amortised cost of the Group's subordinated debt.
2 Leases are recorded within current and non-current trade and other payables
in the Balance sheet.
3 Comprises cash flows from third-party subscriptions into consolidated funds,
net of redemptions (see Cash flow statement).
19. Financial instruments
The fair value of financial instruments that are actively traded in organised
financial markets is determined by reference to quoted market prices at the
balance sheet date. Derivatives held at fair value are carried at a value
which represents the price to exit the instruments at the balance sheet date.
The Group used the following hierarchy for determining and disclosing the fair
value of financial instruments:
n Level 1: quoted prices (unadjusted) in active markets for identical assets
or liabilities.
n Level 2: other techniques, for which all inputs which have a significant
effect on the recorded fair value are observable, either directly or
indirectly.
n 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).
Where funds are consolidated, we look through to the underlying instruments
and assign a level in accordance with the definitions above. Where funds are
not consolidated, we do not apply a look through and these funds are
classified as level 1 as the prices of these funds are quoted in active
markets.
As at 31 December 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 99.8 16.6 - 116.4
Financial assets - derivatives - 1.5 - 1.5
Financial liabilities - non-controlling interests in consolidated funds (42.0) - - (42.0)
57.8 18.1 - 75.9
As at 31 December 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 271.0 - - 271.0
Financial assets - derivatives - 0.9 - 0.9
Financial liabilities - non-controlling interests in consolidated funds (100.1) - - (100.1)
Financial liabilities - derivatives - (0.4) - (0.4)
170.9 0.5 - 171.4
20. Related parties
During the year, as set out in the 'Changes in the composition of the Group'
section on page 12, the Group consolidated Jupiter GEARx Fund Limited and
Jupiter Global Government Bond Active UCITS ETF, and ceased to consolidate
Jupiter Global Fund SICAV: Asia Pacific Income and Jupiter Global Emerging
Markets Focus ex China Fund as the funds are no longer judged to be controlled
by the Group.
The Group manages investment trusts, unit trusts, OEICs, SICAVs, ICVCs, ETFs,
segregated mandates, Delaware LPs (closed 2024) and a hedge fund and receives
management and, in some instances, registration (Aggregate Operating Fee) and
performance fees for providing this service. The fee arrangements are
disclosed within the financial statements of each investment management
subsidiary of the Group or within other publicly available information. By
virtue of the investment management agreements in place between the Group and
the collective investment vehicles it manages, such funds may be considered to
be related parties. Investment management and performance fees are disclosed
in Note 1.
The Group acts as investment manager for 28 (2024: 29) authorised unit trusts
and 9 (2024: 9) OEICs. Each unit trust is jointly administered with the
trustees, Northern Trust Global Services SE. The aggregate total value of
transactions for the year was £1,797m (2024: £2,395m) for unit trust
creations and £4,489m (2024: £5,830m) for unit trust liquidations. The
actual aggregate amount due to the trustees at the end of the accounting year
in respect of transactions awaiting settlement was £6.4m (2024: £7.8m) for
unit trusts. The Group also acts as the management company for the Jupiter
Global Fund and Jupiter Investment Fund SICAVs, made up of 9 sub-funds (2024:
13), as well as the Jupiter Investment Management Series I/II and the Jupiter
Asset Management Series Plc, made up of 9 (2024: 8) and 21 (2024: 22)
sub-funds respectively. The administrator is Citibank Europe plc.
The amounts received in respect of gross management, registration and
performance fee charges split by investment vehicle were £204.5m (2024:
£225.4m) for unit trusts, £45.4m (2024: £42.9m) for OEICs, £70.2m (2024:
£90.5m) for SICAVs, £157.3m (2024: £58.4m) for ICVCs, £0.8m (2024: £1.5m)
for investment trusts and £42.8m (2024: £34.2m) for segregated mandates. At
the end of the year, there was £25.3m (2024: £21.0m) accrued for annual
management fees, £0.9m (2024: £1.2m) in respect of registration fees and
£115.7m (2024: £28.0m) in respect of performance fees.
Included within financial instruments (see Note 11) are seed investments,
hedges of awards in fund units in mutual funds and investment trusts, all
managed, but not controlled, by the Group. At 31 December 2025, the Group had
a total net investment in such funds of £48.0m (2024: £91.8m) and received
distributions of £1.0m (2024: £0.9m). During 2025, it invested £33.3m
(2024: £65.9m) in these funds and made disposals of £85.4m (2024: £55.6m).
Key management compensation
Transactions with key management personnel also constitute related party
transactions. Key management personnel are defined as the Directors, together
with other members of the Strategy and Management Committee. The aggregate
compensation paid or payable to key management for employee services is shown
below:
2025 2024
£m £m
Short-term employee benefits 4.8 5.4
Share-based payments 2.4 3.3
Other long-term employee benefits 1.9 1.6
9.1 10.3
21. Events after the balance sheet date
The following events occurred after the reporting date and are considered
non-adjusting events for the purposes of IAS 10 Events after the Reporting
Period. Accordingly, no adjustments have been made to the amounts recognised
in these financial statements:
On 2 February 2026, the Group acquired 100% of the issued share capital of
CCLA Investment Management Limited (CCLA), an investment management company
registered in England. The total consideration payable is estimated to be
approximately £100m, satisfied in cash from existing reserves, of which
£76.4m was paid on 2 February 2026, with the balance expected to be paid in
the second quarter of 2026, subject to the delivery and agreement of final
post-closing adjustments.
Given that completion occurred shortly before the date of these financial
statements, the determination of the fair values of the identifiable assets
and liabilities acquired is provisional. The fair value of the net tangible
assets acquired is provisionally assessed as being in the region of £30m, and
the fair value assigned to goodwill and other intangible assets as £70m.
Further information on the acquisition, including updated fair value
assessments and its impact on the Group's financial position, will be provided
in the Group's interim financial statements for 2026.
The goodwill and intangible assets recognised represent the value of acquired
client relationships, brand, workforce, and anticipated operational synergies.
On 25 February 2026, the Board approved the cancellation of 16.3m shares held
in treasury. The cancellation will reduce issued share capital when effected.
On the same date, the Board approved the utilisation of the authority granted
by shareholders at the 2025 AGM to purchase up to 3% of the Company's issued
share capital. The buyback programme is subject to a maximum aggregate
consideration of £30m and a limit of 3% of the Company's issued share
capital, and is expected to commence in April 2026.
Statement of Directors' responsibilities
Statements relating to the preparation of the Financial Statements
The Directors are responsible for preparing the Annual Report, the
Remuneration Report and the Financial Statements in accordance with applicable
law and regulations. Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law the Directors have prepared
the Group and Company Financial Statements in accordance with UK-adopted
International Accounting Standards (IAS) and in conformity with the
requirements of the Companies Act 2006. Additionally, the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules require the Directors
to prepare the Group Financial Statements in accordance with UK-adopted IAS
and with the requirements of the Companies Act 2006 as applicable to companies
reporting under those standards.
The Directors' review of the Financial Statements
The Directors undertook a detailed review of the Financial Statements in
February 2026. Following this examination, the Board was satisfied that the
Financial Statements for 2025 give a true and fair view of the state of
affairs of the Group and the Company and of the profit or loss of the Group
for that period. Before approving the Financial Statements, the Board
satisfied itself that in preparing the statements:
n suitable accounting policies had been selected in accordance with IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors and
consistently applied;
n the judgements and accounting estimates that have been made were reasonable
and prudent; and
n where applicable UK-adopted IAS in conformity with the requirements of the
Companies Act 2006 have been adopted and, for the Group, UK-adopted IAS have
been followed and that there were no material departures.
The Directors' review of going concern
The Financial Statements have been prepared on the going concern basis, the
Directors having determined that the Company is likely to continue in business
for at least 12 months from the date of this report.
The Directors' review of current position, prospects and principal risks
Supported by the Audit and Risk Committee, the Directors have completed a
robust review and assessment of the principal and emerging risks in the
business, making use of the Enterprise Risk Management Policy which operates
in all areas of the Company. The policy ensures that the relevant risks are
identified and managed and that information is shared at an appropriate level.
Full details of these risks are provided in the Risk management section of the
Strategic report. The Enterprise Risk Management Policy was reviewed by the
Board in December. The Directors found it was an effective mechanism through
which the principal risks and the Company's risk appetite and tolerances could
be tested and challenged.
The Directors' responsibility for accounting records
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's and Company's transactions and
disclose with reasonable accuracy at any time the financial position of the
Group and Company and enable them to ensure that the Financial Statements and
the Directors' Remuneration Report comply with the Companies Act 2006.
The Directors' responsibility for the safekeeping of assets
The Directors have examined the steps in place for ensuring the prevention and
detection of fraud and other irregularities. The procedure is examined and
tested on a regular basis. The Board is satisfied it is understood and is
operated well, and accordingly that the assets of the Company are safeguarded
and protected from fraud and other irregularities.
The Directors' responsibility for information
The Directors are responsible for the maintenance and integrity of the
Company's website. Legislation in the United Kingdom governing the preparation
and dissemination of Financial Statements may differ from legislation in other
jurisdictions.
Statement of Directors' responsibilities
The Directors consider that the Annual Report and Accounts, taken as a whole,
is fair, balanced and understandable and provides the information necessary
for shareholders to assess the Group's and Company's position and performance,
business model and strategy.
Each of the Directors confirm that, to the best of their knowledge:
n the Group and Company Financial Statements, which have been prepared in
accordance with International Accounting Standards in conformity with the
requirements of the Companies Act 2006, give a true and fair view of the
assets, liabilities, financial position and profit of the Group and profit of
the Company; and
n the Directors' report contained in the Annual Report and Accounts includes a
fair review of the development and performance of the business and the
position of the Group and Company, together with a description of the
principal risks and uncertainties that it faces.
In the case of each Director in office at the date the Directors' report is
approved:
n so far as the Director is aware, there is no relevant audit information of
which the Group's and Company's auditors are unaware; and
n they have taken all the steps that they ought to have taken as a Director in
order to make themselves aware of any relevant audit information and to
establish that the Group's and Company's auditors are aware of that
information.
On behalf of the Board
Wayne Mepham
Chief Financial and Operating Officer
25 February 2026
Principal risks and mitigations
The Board and senior management are responsible for establishing and
maintaining a strong risk management culture that embeds a high level of risk
awareness and a sound control environment across the firm. This risk culture
is achieved through leadership behaviours setting the "tone from the top"
through governance structures, a clear definition of roles and
responsibilities, and regular communication reinforcing an open and
transparent approach to raising risks without fear of reprisal. The Group has
a robust enterprise risk management policy (ERMP) to provide a comprehensive
approach to identifying, assessing, monitoring, mitigating and reporting risk.
Principal risks
The Group is exposed to various risk types in pursuing its business objectives
which can be driven by internal and external factors. Understanding and
managing these risks is imperative to the business to reduce potential harms
to clients, the firm and the market.
The table below lists the principal risks to the firm identified through the
risk management framework, and are monitored by the Board on an ongoing basis.
All material risks are reported through the risk framework, however, the
principal risks are those that are considered the most impactful on an
inherent basis to our firm, requiring robust controls to mitigate.
Principal risk Description
Market disruption The risk we fail to adequately respond to changes and/or disruption within the
markets we operate in which results in a material loss of clients.
Investment performance risk The risk that portfolios do not meet their investment objectives which results
in a material loss of clients.
Outsourcing and supplier risk The risks arising from incidents or failure of providers of services to
deliver on their obligations, or inadequate oversight of providers which
results in the inability to undertake operational aspects of investment
management activities.
People risk The risk of failures or poor practices relating to people management and the
risk of poor individual employee conduct which has a severe detrimental impact
on the business, including reputational damage. The risk also includes failure
to retain key staff including key investment management teams.
Regulatory risk The risk of failing to comply with our regulatory obligations including
failures to implement changes required to meet new regulatory requirements
which results in regulatory sanctions, including the potential for the loss of
regulatory permissions.
Technology and information security risk The risk of deliberate attacks or accidental events that have a disruptive
effect on interconnected technologies which results in an inability to
continue activities.
Financial risk The risk of inadequate financial resources (capital and liquidity) to meet our
strategic priorities or obligations as they fall due which results in an
inability to operate either due to insufficient financial resources or
regulatory sanctions, including loss of regulatory permissions.
Overall, the evolution of the Group's risk profile during 2025 has been driven
by external challenges such as technology enhancements and investor demands.
Geopolitical events across the globe have also continued to increase market
volatility and operational risks. Further details on the mitigation in place
for our most material risks are included below.
Risk to our business How we manage the risk Control examples
Market disruption - Events across the globe disrupt markets, which increases · We continue efforts to diversify across both regions and asset · Regular stress testing to anticipate and quantify the impact of
volatility. The corresponding changing global sanctions regimes increase our classes. Our strategy is to further reinforce our presence in the UK market, potential major political and market events.
operational risk. while also increasing the scale of our international and institutional
businesses. · Horizon scanning to identify potential market scenarios and model
market moves that might be expected in those scenarios.
· The Board and the Strategy and Management Committee regularly
review the strategic plan, opportunities and threats, budgets and targets. · Daily monitoring of funds including the value at risk, liquidity
and counterparty exposure.
Investment performance risk - Delivering positive outcomes to our clients · All performance is monitored closely and challenged on a regular · Implementation and monitoring of an investment risk framework and
through active management is at the core of the organisation and failure to basis through senior management engagement. policy.
deliver against our commitments would lead to poor client outcomes.
· In the UK, performance is overseen and assessed through active · Investment managers present their performance to Investment Risk
value assessments to ensure that we are providing fair value across the and are challenged on their approach and holdings.
products we provide to clients.
· Assessment of Value process (UK only).
Outsourcing and supplier risk - The firm is reliant on suppliers to which we · We continue to review and assess our outsourcing arrangements to · Onboarding process, initial and ongoing due diligence and
have outsourced services and any failure from our third parties can lead to a ensure that they remain effective in relation to the size and scale of our oversight of critical suppliers.
negative impact on our clients and the firm. business.
· Third-party supplied systems and software management and
· We continue to work closely with our critical third-party governance.
suppliers to ensure that the services they provide remain resilient and to the
appropriate standard.
· Our framework for the oversight of activities delegated to third
parties is continually reviewed in line with our risk appetite and regulatory
requirements.
People - People are at the core of the business and management of performance, · Focused recruitment, talent and learning programmes are in place. · Vetting of regulated staff.
conflicts of interest and conduct is imperative to minimise poor culture. The
Group recognises that conduct risk can crystallise across various parts of the · Ongoing focus on retention of key staff in Investment Management · Regular fitness and propriety assessments for new and existing
business and can arise on both an individual and Group basis. and recruiting staff with appropriate expertise in specialised roles. regulated staff.
· Succession plans are in place for critical staff, including · Adherence to the FCA's Senior Management and Certification Regime
senior management roles and lead investment managers. (UK only).
· Implementation and monitoring of conduct risk framework. · Conduct risk is monitored through the conduct risk dashboard.
Risk to our business How we manage the risk Control examples
Regulatory risk - The risk of not complying with regulatory changes remains · Proactive engagement with our regulators in an open and · Market and regulatory monitoring, and engagement with external
significant due to the level of regulatory scrutiny of the industry in which transparent manner while investing in education, training and robust advisors.
we operate. Our strategic focus of growing the scale in our international compliance and financial crime functions.
business further increases our regulatory footprint.
· Regulatory horizon scanning and implementation.
· Cohesive and holistic approach to managing the evolving landscape
of regulatory and financial crime risks across jurisdictions and utilise · Regulatory control processes such as:
industry insight and specialist expertise as required to respond to regulatory
change. i. Monitoring of merging or crossing opportunities not acted upon.
· Boards for regulated entities are in place to monitor regulatory ii. Segregation of Trading and Investment Management.
risk and where appropriate, with appointments of Independent Non-Executive
Directors. iii. Pre-trade and post-trade monitoring.
iv. Compliance approval of marketing content.
Technology and information security risk - Our dependency on technology and · Jupiter is certified in accordance with the UK government-backed · Continuous scanning of Jupiter network for vulnerabilities.
data is significant and therefore it is imperative that we protect our "Cyber Essentials Plus" scheme, demonstrating our ongoing commitment to
clients, staff and the firms against technology failure, loss of data and reducing the likelihood of a successful cyber event. · Real-time cyber security incident alerting.
system corruption.
· We continue to make updates to our security systems to identify · Data encryption.
and reduce vulnerabilities as quickly as possible.
· Data centre resilience capabilities.
· Use of the standard information technology infrastructure library
approach, to ensure appropriate change control, including evidence of testing · Remote working capabilities.
and sign-off on changes.
· Data back-up processes.
Financial risk - Management ensure the Group has adequate financial resources · The Group ensures that it has sufficient capital and liquidity to · Segregation of duties and approval process for invoice and
(capital and liquidity) with the ability to address any potential material meet prudential and regulatory requirements under normal and stressed payment approvals.
harms that may result from its ongoing activities. conditions through the Internal Capital Adequacy and Risk Assessment (ICARA).
· Regular review of projected capital and corporate liquidity,
· The Group mitigates market risk through the use of derivative including the annual ICARA process.
contracts and manages credit risk by transacting only with banking
counterparties that meet minimum credit rating requirements. · Market risk arising from new investments is reviewed, and the
approach to hedging associated beta risk exposures require approval.
· Daily monitoring of counterparty credit ratings, credit spreads
and exposures.
Alternative performance measures
The use of Alternative Performance Measures (APMs)
The Group uses APMs for two principal reasons:
n We use ratios to provide metrics for users of the accounts; and
n 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 2025 2024 Definition Reconciliation
1 Cost:income ratio 82% 78% Administrative expenses before exceptional items and performance fee costs See table 1 below
divided by net revenue before performance fees
2 Net management fee margin 65 bps 66 bps(1) Net management fees divided by average AUM
3 Total compensation ratio before performance fees 50% 45% Compensation costs before exceptional items and performance fee costs as a
proportion of net revenue before performance fees
4 Underlying EPS 19.4p 13.4p Underlying profit after tax divided by average issued share capital
5 Underlying EPS before performance fee profits 8.7p 10.9p Underlying profit after tax before performance fee profits divided by average
issued share capital
6 Total shareholder return 92% 1% Movement in share price in the year plus Not available
dividends paid in the year and dividends - supplied by
reinvestment adjustment divided by the Bloomberg
opening share price
1 See 'Changes in use of APMs in 2025' on page 32.
Reconciliations and calculations: table 1
APM 2025 2024
£m £m
Administrative expenses (page 8) 306.7 273.2
Less: Performance fee costs (page 6) (44.2) (12.7)
Less: Exceptional items included in administrative expenses (page 6) (7.0) -
Administrative expenses before exceptional items and performance fee costs 255.5 260.5
Net revenue (page 8) 431.0 364.1
Less: Performance fees (page 13) (120.3) (31.2)
Net revenue before performance fees 310.7 332.9
Cost:income ratio 1 82% 78%
Management fees (page 13) 345.4 371.3
Less: Fees and commissions (page 13) (34.7) (38.4)
Net management fees 310.7 332.9
Average AUM (£bn) (page 5) 48.1 50.7
Net management fee margin(1) 2 65 bps 66 bps
Compensation costs before exceptional items and performance fee costs (page 6) 156.6 151.0
Net revenue before performance fees (see above) 310.7 332.9
Total compensation ratio before performance fees 3 50% 45%
Statutory profit before tax (page 8) 131.9 88.3
Exceptional items (page 6) 6.4 9.2
Underlying profit before tax (page 6) 138.3 97.5
Tax at average statutory rate of 25.0%(2) (34.6) (24.4)
Underlying profit after tax 103.7 73.1
Average issued share capital (m) 534.2 545.0
Underlying EPS 4 19.4p 13.4p
Underlying profit before tax before performance fee profits (page 6) 62.2 79.0
Tax at average statutory rate of 25.0%(3) (15.6) (19.8)
Underlying profit after tax before performance fee profits 46.6 59.2
Average issued share capital (m) 534.2 545.0
Underlying EPS before performance fee profits 5 8.7p 10.9p
1 See "Changes in use of APMs in 2025" on page 32.
2 Actual effective tax rates applicable to underlying profit before tax were
23.3% in 2025 and 26.0% in 2024.
3 Actual effective tax rates applicable to underlying profit before tax and
performance fees were 21.3% in 2025 and 26.3% in 2024.
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 use of APMs in 2025
There have been no changes in 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 an increase of 1bp in the Group's net management fee
margin for the year ended 31 December 2024.
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