Jupiter Fund Management plc
Trading Update and Notice of Results
23 April 2024
Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2024.
Key points
· Group assets under management (AUM) increased over the first quarter to £52.6bn, driven by positive market movements of £2.0bn.
· We had net outflows of £1.6bn, equally spread across both client channels.
· We generated underlying net inflows of £0.3bn, excluding outflows related to strategies managed by the Value team and to the Chrysalis Investment Trust.
Despite the ongoing challenging backdrop for active asset managers, AUM increased in the first quarter of the year to £52.6bn, driven by £2.0bn of positive market returns.
There were total net outflows of £1.6bn, with £0.8bn from each of the retail, wholesale & investment trusts and institutional channels. These figures include a £0.8bn outflow following the change in arrangements of the management of the Chrysalis Investment Trust.
Also included within these outflows are £1.1bn of net redemptions from strategies managed by the Value team, including £0.7bn from institutional clients. At 31 March 2024, the team managed £7.5bn of externally-managed assets, down from £8.5bn at 31 December 2023.
Excluding these movements, we generated underlying net inflows of £0.3bn. These comprised £0.4bn net inflows in the retail, wholesale & investment trusts channel and a £0.1bn outflow from the institutional channel.
Movement in AUM by client channel
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| £bn |
| 31 December | Q1 2024 net flows | Q1 2024 market returns | 31 March |
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| Retail, wholesale & investment trusts | | 42.2 | (0.8) | 1.7 | 43.1 |
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| Institutional | | 10.0 | (0.8) | 0.3 | 9.5 |
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| Total |
| 52.2 | (1.6) | 2.0 | 52.6 |
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| of which is invested in mutual funds |
| 38.1 | (0.3) | 1.3 | 39.1 |
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Notice of results
Jupiter will be issuing Interim results for the period to 30 June 2024 on 26 July 2024 and will host an analyst presentation to discuss the results.
| For further information please contact: | | |
| | Investors | Media |
| | | |
| | Alex James Head of Investor Relations +44 (0)20 3817 1636 | Latika Shah Edelman Smithfield +44 (0)7950 671 948 |
LEI Number: 5493003DJ1G01IMQ7S28
Forward-looking statements
This announcement contains forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. Such statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast.
Historic quarterly net flows and AUM
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| Flows and AUM by quarter |
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| Q1 2023 £bn | Q2 2023 £bn | Q3 2023 £bn | Q4 2023 £bn | Q1 2024 £bn | Q2 2024 £bn | Q3 2024 £bn | Q4 2024 £bn |
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| Total | | | | | | | | | | |||||||||
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| Opening AUM | 50.2 | 50.8 | 51.4 | 50.8 | 52.2 | | | | | |||||||||
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| Gross inflows | 3.2 | 4.5 | 2.4 | 3.1 | 3.7 | | | | | |||||||||
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| Gross outflows | (4.1) | (3.6) | (3.4) | (4.3) | (5.3) | | | | | |||||||||
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| Net flows | (0.9) | 0.9 | (1.0) | (1.2) | (1.6) |
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| Market returns | 1.5 | (0.3) | 0.4 | 2.6 | 2.0 | | | | | |||||||||
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| Closing AUM | 50.8 | 51.4 | 50.8 | 52.2 | 52.6 |
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| Retail, wholesale & Investment trusts | | | | | | | | | | |||||||||
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| Opening AUM | 43.4 | 43.5 | 42.1 | 41.0 | 42.2 | | | | | |||||||||
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| Gross inflows | 2.8 | 2.7 | 2.1 | 2.3 | 3.5 | | | | | |||||||||
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| Gross outflows | (3.8) | (3.4) | (3.1) | (3.6) | (4.3) | | | | | |||||||||
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| Net flows | (1.0) | (0.7) | (1.0) | (1.3) | (0.8) |
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| Market returns | 1.1 | (0.7) | (0.1) | 2.5 | 1.7 | | | | | |||||||||
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| Closing AUM | 43.5 | 42.1 | 41.0 | 42.2 | 43.1 |
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| Institutional |
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| Opening AUM | 6.8 | 7.3 | 9.3 | 9.8 | 10.0 | | | | | |||||||||
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| Gross inflows | 0.4 | 1.8 | 0.3 | 0.8 | 0.2 | | | | | |||||||||
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| Gross outflows | (0.3) | (0.2) | (0.3) | (0.7) | (1.0) | | | | | |||||||||
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| Net flows | 0.1 | 1.6 | - | 0.1 | (0.8) |
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| Market returns | 0.4 | 0.4 | 0.5 | 0.1 | 0.3 | | | | | |||||||||
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| Closing AUM | 7.3 | 9.3 | 9.8 | 10.0 | 9.5 |
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