Jupiter Fund Management PLC

Earnings Release • Oct 11, 2017

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RNS Number : 2844T

Jupiter Fund Management PLC

11 October 2017

Trading Update and Notice of Results

11 October 2017

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2017.

HIGHLIGHTS

§ Positive mutual fund net inflows of £1.2bn in the quarter, achieved across a range of different strategies and geographies.

§ AUM closed at £48.4bn, a year-to-date increase of 19%.

Maarten Slendebroek, Chief Executive, commented:

"We are pleased to report another quarter of healthy flows following on from a strong first half. Total net inflows were £1.3bn, including £1.2bn of net inflows into our mutual funds across a number of different investment strategies. The business momentum from our pursuit of business diversification allied with positive investment performance after fees has driven a 3% increase in AUM over the quarter and a 19% increase since the beginning of the year."

ASSETS UNDER MANAGEMENT AND FLOWS

		30 June  2017 £m	Q3 net flows £m	Market/FX movement £m	30 Sept  2017 £m
	Mutual funds	40,930	1,245	144	42,319
	Segregated mandates	4,708	111	77	4,896
	Investment trusts	1,269	(13)	(40)	1,216
	Total	46,907	1,343	181	48,431

Total AUM increased during the quarter as a result of positive inflows and investment returns in our mutual fund and segregated mandate channels.

Net mutual fund inflows were £1.2bn during the third quarter, with significant inflows principally within our Fixed Income strategy as well as meaningful inflows into our European Growth, UK Value, Absolute Return and Global Emerging Markets strategies, partially offset by outflows in our Fund of Funds strategy. Geographically, we saw net inflows across all regions, with Europe and the UK the highest contributors.

In September, we launched the Jupiter Global Emerging Markets Short Duration Bond fund. This further develops our newly-established emerging market debt offering, following the launch of the Jupiter Global Emerging Markets Corporate Bond fund in March this year.  

SUMMARY & OUTLOOK

The continued net inflows this year, underpinned by the delivery of strong investment outperformance after all fees to investors, affirm the confidence we have in our positioning as a high conviction active asset manager. Our business model and drive towards continued diversification by client type, product and geographic reach has enabled us to continue growing our asset base.

Looking towards the end of this year and onward into 2018, we aim to build on the momentum we have seen to date. We believe that diversification and investment in maintaining our scalable operating model, supported by a strong and sustainable balance sheet, provides resilience to our business. This approach leaves us well-placed to deliver asset growth for our clients and value for our shareholders.

NOTICE OF RESULTS

Jupiter will be issuing results for the period ended 31 December 2017 on 27 February 2018 and will host an analyst presentation to discuss the results at 9:00am. The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

For further information please contact:			Investors	Media
	Jupiter		Alex Sargent/Investor Relations +44 (0)20 3817 1534/1065	Alicia Wyllie +44 (0)20 3817 1638
	FTI Consulting		Tom Blackwell +44 (0)20 3727 1051	Andrew Walton +44 (0)20 3727 1514

LEI Number: 5493003DJ1G01IMQ7S28

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 2016 £m	Q2 2016 £m	Q3 2016 £m	Q4 2016 £m	Q1 2017 £m	Q2 2017 £m	Q3 2017 £m	Q4 2017 £m
	Total
	Opening AUM	35,674	36,181	37,023	40,356	40,543	43,533	46,907
	Gross inflows	2,798	2,290	2,911	2,603	3,981	4,799	3,801
	Gross outflows	(2,075)	(2,382)	(2,122)	(2,976)	(2,675)	(2,540)	(2,458)
	Net flows	723	(92)	789	(373)	1,306	2,259	1,343
	Market / FX movements	(216)	934	2,544	560	1,684	1,115	181
	Closing AUM	36,181	37,023	40,356	40,543	43,533	46,907	48,431
	Mutual funds
	Opening AUM	31,170	31,418	32,268	35,153	35,216	37,986	40,930
	Gross inflows	2,473	2,241	2,769	2,527	3,864	4,410	3,656
	Gross outflows	(2,030)	(2,237)	(2,002)	(2,882)	(2,462)	(2,415)	(2,411)
	Net flows	443	4	767	(355)	1,402	1,995	1,245
	Market / FX movements	(195)	846	2,118	418	1,368	949	144
	Closing AUM	31,418	32,268	35,153	35,216	37,986	40,930	42,319
	Segregated mandates
	Opening AUM	3,527	3,775	3,754	4,136	4,244	4,394	4,708
	Gross inflows	314	48	142	76	117	308	142
	Gross outflows	(40)	(133)	(111)	(89)	(210)	(119)	(31)
	Net flows	274	(85)	31	(13)	(93)	189	111
	Market / FX movements	(26)	64	351	121	243	125	77
	Closing AUM	3,775	3,754	4,136	4,244	4,394	4,708	4,896
	Investment trusts
	Opening AUM	977	988	1,001	1,067	1,083	1,153	1,269
	Gross inflows	11	1	-	-	-	81	3
	Gross outflows	(5)	(12)	(9)	(5)	(3)	(6)	(16)
	Net flows	6	(11)	(9)	(5)	(3)	75	(13)
	Market / FX movements	5	24	75	21	73	41	(40)
	Closing AUM	988	1,001	1,067	1,083	1,153	1,269	1,216

This information is provided by RNS

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