Jupiter Fund Management PLC

Regulatory Filings • Oct 12, 2015

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RNS Number : 8729B

Jupiter Fund Management PLC

12 October 2015

	Jupiter Fund Management plc
Q3 Trading Update

Trading Update

12 October 2015

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2015.

HIGHLIGHTS

§ Assets under management ("AUM") of £33.5 billion as at 30 September 2015.

§ Net mutual fund inflows of £196 million in the three months to 30 September 2015.

§ Cumulative net mutual fund inflows of £1.6 billion in the nine months to 30 September 2015.

Maarten Slendebroek, Chief Executive, commented:

"I'm pleased that our mutual fund franchise again delivered positive net flows this quarter despite a difficult market backdrop, benefiting from the continued delivery of our strategy to diversify by product, client type and geography. This has led to cumulative net mutual fund flows of £1.6 billion over the first nine months of 2015, resulting in AUM increasing by five per cent. this year to £33.5 billion despite recent market falls."

ASSETS UNDER MANAGEMENT AND FLOWS

		30 June        2015 £m	Q3 net flows £m	Market movement £m	30 September 2015 £m
	Mutual funds	29,738	196	(719)	29,215
	Segregated mandates	3,737	(142)	(186)	3,409
	Investment trusts	857	23	21	901
	Total	34,332	77	(884)	33,525

Net mutual fund inflows were £196 million during the third quarter, with top selling funds including our European equity strategies and Dynamic Bond. Despite significant volatility and declines in markets over the period, net inflows and strong relative investment performance resulted in mutual funds AUM being maintained at over £29 billion at 30 September 2015. Overall net inflows for the quarter were £77 million, held back by top-slicing on segregated mandates where significant outperformance has been delivered to clients, resulting in total AUM at 30 September 2015 of £33.5 billion.

CORPORATE UPDATE

During Q4, the Group plans to simplify its SICAV funds' fee structure by introducing an aggregated operating expense fee. This will replace the current arrangement where our SICAV investors are subject to variable operating expenses and, as a result, the Group will take on associated costs which are currently borne by the SICAV funds. This change is in line with Luxembourg industry market practice and will provide clients with a fixed bp rate, standardised across similar funds and share classes within our SICAV range. Further details will be provided once this has been approved by regulators.

SUMMARY

2015 has seen continued strong delivery at Jupiter across all our key metrics. We believe our growth strategy and chosen markets have further room for expansion over time. We intend to access these opportunities in the same disciplined manner, choosing to grow organically in those areas where we have a high degree of confidence in our eventual success, whilst ensuring we always maintain the quality of our investment franchise.

For further information please contact:			Investors	Media
	Jupiter		Philip Johnson +44 (0)20 3817 1065	Alicia Wyllie +44 (0)20 3817 1638
	FTI Consulting		Laura Ewart +44 (0)20 3727 1160	Andrew Walton +44 (0)20 3727 1514

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.

3

Historic flow and AUM data by quarter

	Flows and AUM by quarter
		Q1 2014 £m	Q2 2014 £m	Q3 2014 £m	Q4 2014 £m	Q1 2015 £m	Q2 2015 £m	Q3 2015 £m	Q4 2015 £m
	Total
	Opening AUM	31,659	32,211	33,105	31,658	31,895	34,761	34,332
	Gross inflows	2,320	2,543	2,239	1,956	2,949	2,523	2,126
	Gross outflows	(1,773)	(1,822)	(2,021)	(2,582)	(2,077)	(2,025)	(2,049)
	Net flows	547	721	218	(626)	872	498	77
	Market / FX movements	5	173	(155)	928	1,994	(927)	(884)
	Private client transaction	n/a	n/a	(1,510)	(65)	-	n/a	n/a
	Closing AUM	32,211	33,105	31,658	31,895	34,761	34,332	33,525
	Mutual funds
	Opening AUM	24,760	25,195	25,761	26,387	27,544	30,133	29,738
	Gross inflows	1,970	2,095	2,069	1,917	2,747	2,432	2,031
	Gross outflows	(1,505)	(1,685)	(1,838)	(1,608)	(1,864)	(1,961)	(1,835)
	Net flows	465	410	231	309	883	471	196
	Market / FX movements	(30)	156	(79)	848	1,706	(866)	(719)
	Private client transaction	n/a	n/a	474	-	-	n/a	n/a
	Closing AUM	25,195	25,761	26,387	27,544	30,133	29,738	29,215
	Segregated mandates
	Opening AUM	3,911	3,834	4,197	4,250	3,558	3,749	3,737
	Gross inflows	130	410	170	27	175	65	69
	Gross outflows	(216)	(84)	(182)	(743)	(207)	(64)	(211)
	Net flows	(86)	326	(12)	(716)	(32)	1	(142)
	Market / FX movements	9	37	(61)	24	223	(13)	(186)
	Private client transaction	n/a	n/a	126	-	-	n/a	n/a
	Closing AUM	3,834	4,197	4,250	3,558	3,749	3,737	3,409
	Investment trusts
	Opening AUM	722	902	906	956	793	879	857
	Gross inflows	161	2	0	12	26	26	25
	Gross outflows	(2)	(3)	(1)	(231)	(5)	-	(2)
	Net flows	159	(1)	(1)	(219)	21	26	23
	Market / FX movements	21	5	(15)	56	65	(48)	21
	Private client transaction	n/a	n/a	66	-	-	n/a	n/a
	Closing AUM	902	906	956	793	879	857	901
	Private clients
	Opening AUM	2,266	2,280	2,241	65	-	-	-
	Gross inflows	59	36	-	-	-	-	-
	Gross outflows	(50)	(50)	-	-	-	-	-
	Net flows	9	(14)	-	-	-	-	-
	Market / FX movements	5	(25)	-	-	-	-	-
	Private client transaction	n/a	n/a	(2,176)	(65)	-	-	-
	Closing AUM	2,280	2,241	65	-	-	-	-

Note:

Jupiter sold its private clients and charities contracts to Rathbones Investment Management Limited on 26 September 2014. As a result of this transaction, 30% of this line's AUM was reclassified into other categories at that date as those assets were still managed by the Group after the sale.

This information is provided by RNS

The company news service from the London Stock Exchange

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