LONDON (ShareCast) - (Sharecast News) - Investment manager Jupiter Fund Management said on Friday that assets under management had hit an all-time high of £58.7bn in 2020, offsetting an increased level of outflows throughout the year.
Assets under management rose 37% year-on-year, boosted by its seemingly defensive acquisition of Merian Global Investors in July, while outflows widened 11% to £4.0bn but came in lower than the £4.2bn expected by analysts.

Jupiter reported an underlying pre-tax profit for the year of £179.0m, up 10% year-on-year but basic earnings per share slumped 23% to 21.3p as net management fees widened and operating margins contracted.

After having scrapped it in 2019, Jupiter also reinstated a special dividend of 3.0p per share for 2020.

Chief executive Andrew Formica said: "We made significant progress against our strategic objectives and laid strong foundations for future growth, despite the disruptive impact on financial markets and businesses brought by Covid-19.

"Against a backdrop of strengthening investor sentiment and improved momentum as we turn the corner in the battle against Covid-19, I am confident that Jupiter is strongly positioned for future growth."

As of 0825 GMT, Jupiter shares were up 0.27% at 292.80p.

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