LONDON (ShareCast) - (Sharecast News) - Jupiter Fund Management reported a rise in full-year profits on Friday as assets under management ticked higher, but net outflows continued.
In the year to the end of December, underlying pre-tax profit rose 21% to £216.7m, with statutory pre-tax profits 39% higher at £183.7m. Assets under management edged up 3% to a record year-end level of £60.5bn and gross flows "remained strong", unchanged at £16.5bn.

However, net outflows were £3.8bn, versus £4bn in 2020. Jupiter said this was disappointing. Client redemptions came mainly from those strategies which are currently in areas of weaker client demand, it said.

This included UK equities, which saw £1.6bn of net outflows, and European Growth, which saw £0.9bn of net outflows. The Merlin range continued to see outflows of £0.6bn and the Systematic range saw £1.3bn of net redemptions, predominantly from the North American fund.

Underlying earnings per share rose 10% to 31.7p and statutory EPS was 30% higher at 27.6p

Chief executive Andrew Formica said: "In another challenging year, Jupiter has delivered strong growth in both revenues and profits. Our first full-year results following the acquisition of Merian demonstrate the strength of the combined business - both in diversifying our offering and positively impacting profits."

He said the group was seeing progress in product areas such as sustainable equities, and internationally, in its partnerships with NZS Capital in the US and as it looks to enter the Australian market.

"While it is disappointing to report net outflows, these remain focused in strategies in which there is ongoing weaker client demand across the market, such as UK and European equities, and within areas with more structural issues," he said.

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