25th Feb 2022 12:43
(Correcting company headquarters location and clarifying prior-year dividend payments.)
(Alliance News) - Jupiter Fund Management PLC on Friday maintained its final payout amid steady growth in assets under management and higher profit.
The London-based investment manager posted a 3.1% rise in assets under management at December 31 to GBP60.5 billion from GBP58.7 billion a year before.
Net outflows slowed by 5.0% to GBP3.8 billion from GBP4.0 billion, as gross flows remained steady at GBP16.5 billion. The continued net outflows in 2021 were outweighed by GBP5.6 billion in positive investment performance to increase AUM.
Pretax profit rose 39% to GBP183.7 million in 2021 from GBP132.6 million a year before, while revenue increased 23% to GBP617.8 million from GBP500.5 million.
"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," Chief Executive Andrew Formica said.
In February 2020, Jupiter acquired Merian Global Investors in a GBP370 million all-share deal.
Jupiter declared a final dividend of 9.2 pence per share, unchanged from the year before. Its total annual payout came to 17.1p a share for 2021. This compared to 2020's annual dividend of 17.1p, which was then bolstered to 20.1p thanks to a special dividend.
"We expect that our additional returns of capital to shareholders will, in the future, be through a share buyback programme, rather than as special dividends," the company said.
Looking ahead, Formica said: "Although the short-term outlook is driven by geopolitical events, we are confident that we have the right foundations in place to deliver on our strategy for growth, underpinned by a strong capital base. Our investment is focused on expanding areas of strategic importance, such as our sustainable investment offering, institutional expertise and international footprint."
Jupiter shares was up 1.0% at 205.70 pence on Friday afternoon in London. The wider FTSE 250 index was up 2.3%.
By Greg Roxburgh; [email protected]
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