Jupiter Fund Management PLC

Quarterly Report • Apr 18, 2013

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RNS Number : 6257C

Jupiter Fund Management PLC

18 April 2013

Jupiter Fund Management plc

Q1 Interim Management Statement

Interim Management Statement

18 April 2013

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2013.

HIGHLIGHTS

§ Assets under management ("AUM") increased to £29.1 billion in the three months to 31 March 2013.

§ Net mutual fund inflows of £247 million in the three months to 31 March 2013.

Edward Bonham Carter, Chief Executive, commented:

"Our increasingly diverse distribution presence enabled us to deliver net mutual fund inflows of £247 million despite a hiatus in the UK IFA market following the implementation of RDR at the start of 2013. Combined with strong market growth in in the first quarter, this helped Jupiter's AUM increase to £29.1 billion at 31 March 2013."

ASSETS UNDER MANAGEMENT AND FLOWS

		31 December 2012 £m	Q1 net flows £m	Market movement £m	31 March   2013 £m
	Mutual funds	20,572	247	2,066	22,885
	Segregated mandates	3,207	(56)	380	3,531
	Private clients	1,888	9	162	2,059
	Investment trusts	601	9	53	663
	Total	26,268	209	2,661	29,138

Jupiter delivered net mutual fund flows of £247 million during the first quarter. The predicted hiatus in IFA flows caused by the implementation of RDR resulted in a slow start to the year, with overall flows predominantly contributed by our international and wealth manager channels. Inflows were spread between top-performing equity funds, such as the UK Special Situations and European unit trusts, and funds positioned towards the cautious end of the risk spectrum, such as Merlin Income and Strategic Bond. These flows, together with improved market levels, led to mutual funds AUM increasing to £22.9 billion at 31 March 2013.

Overall net inflows for the quarter were £209 million, held back by the partial loss of a segregated mandate, and total AUM was £29.1 billion as at 31 March 2013.

CORPORATE UPDATE

On 26 March 2013, Legal & General Group plc announced it has agreed to acquire Cofunds Holdings Ltd, subject to regulatory approval. Jupiter will receive net proceeds of £16.5 million at completion, likely in Q2, and will use this cash to reduce the Group's gross debt.

NOTICE OF RESULTS

Jupiter will issue its results for the period ended 30 June 2013 on 1 August 2013 and will host an analyst presentation to discuss the results at 9.00am. The presentation will be held at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. For further details of announcement dates, please see http://www.jupiteronline.com/Jupiter-Fund-Management-plc/Shareholder-info/Financial-calendar.

OUTLOOK

While financial markets have made progress during the year to date, consumer confidence across Europe remains fragile and industry flows vulnerable to any perceived increase in stock market volatility. However, we continue to believe in the long-term growth prospects for the savings market and remain focused on investing in our business to capitalise on these opportunities while delivering strong fund performance for our clients.

For further information please contact:			Investors		Media
	Jupiter		Philip Johnson +44 (0)20 7314 4807		Alicia Wyllie +44 (0)20 7314 5573
	FTI Consulting		Ed Gascoigne-Pees +44 (0)20 7269 7132		Andrew Walton +44 (0)20 7269 7204

Forward-looking statements

This announcement contains forward-looking statements with respect to the financial condition, results and business of the Group. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend on circumstances, that will occur in the future. Jupiter's actual results may differ materially from the results expressed or implied in these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

Historic Flow and AUM data by quarter

	Flows and AUM by quarter
		Q1 2012 £m	Q2 2012 £m	Q3 2012 £m	Q4 2012 £m	Q1 2013 £m	Q2 2013 £m	Q3 2013 £m	Q4 2013 £m
	Total
	Opening AUM	22,807	24,177	23,371	24,999	26,268
	Gross inflows	1,207	1,359	1,635	1,820	1,726
	Gross outflows	(1,320)	(1,548)	(1,056)	(1,132)	(1,517)
	Net Flows	(113)	(189)	579	688	209
	Market / FX movements	1,483	(617)	1,049	581	2,661
	Closing AUM	24,177	23,371	24,999	26,268	29,138
	Mutual funds
	Opening AUM	17,219	18,351	18,054	19,655	20,572
	Gross inflows	1,122	1,105	1,586	1,482	1,572
	Gross outflows	(1,067)	(895)	(791)	(992)	(1,325)
	Net Flows	55	210	795	490	247
	Market / FX movements	1,077	(507)	806	427	2,066
	Closing AUM	18,351	18,054	19,655	20,572	22,885
	Segregated mandates
	Opening AUM	3,338	3,493	2,927	2,905	3,207
	Gross inflows	42	116	16	285	93
	Gross outflows	(144)	(618)	(186)	(79)	(149)
	Net Flows	(102)	(502)	(170)	206	(56)
	Market / FX movements	257	(64)	148	96	380
	Closing AUM	3,493	2,927	2,905	3,207	3,531
	Private clients
	Opening AUM	1,731	1,757	1,824	1,852	1,888
	Gross inflows	43	138	33	53	51
	Gross outflows	(109)	(35)	(79)	(61)	(42)
	Net Flows	(66)	103	(46)	(8)	9
	Market / FX movements	92	(36)	74	44	162
	Closing AUM	1,757	1,824	1,852	1,888	2,059
	Investment trusts
	Opening AUM	519	576	566	587	601
	Gross inflows	0	0	0	0	10
	Gross outflows	0	0	0	0	(1)
	Net Flows	0	0	0	0	9
	Market / FX movements	57	(10)	21	14	53
	Closing AUM	576	566	587	601	663

This information is provided by RNS

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