29th Jul 2015 07:56
LONDON (Alliance News) - Investment management house Jupiter Fund Management PLC on Wednesday said its pretax profit doubled in the first half of 2015, primarily thanks to exceptional charges taken a year earlier not recurring, though its assets under management increased in the period, as did its net management and performance fees.
Jupiter said its pretax profit in the six months to the end of June was GBP84 million, up from GBP48.4 million a year earlier when it booked one-off costs related to the unwinding of investment management contracts and costs associated with a private client transaction.
Assets under management for the group rose to GBP34.3 billion in the half, up from GBP33.1 billion a year earlier and from GBP31.9 billion at the start of the year. Net inflows in the half were GBP1.4 billion, with the rest of the rise driven by fund performance.
Jupiter said its net management fees rose to GBP149.2 million in the half, up from GBP141 million, thanks to the solid net inflows in the period. Performance fees in the half hit GBP12.8 million, up from GBP0.7 million, thanks nearly entirely to the outperformance of a single fund, which it didn't name.
The company said it would pay an interim dividend of 4 pence per share, up from 3.7 pence per share last year.
"The first half of 2015 has seen continued strong delivery on behalf of all our stakeholders, validating our strategy to focus on investment outperformance, organic net flow growth and a scalable business model. We have seen encouraging progress with our conscious diversification by product, client type and geography and made key hires in our investment, distribution and support functions which contribute to our ability to achieve further scalable growth in periods to come," said Jupiter Chief Executive Maarten Slendebroek.
Jupiter shares were up 2.7% to 453.10 pence in early trade on Wednesday, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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