14th Jan 2015 08:08
LONDON (Alliance News) - Jupiter Fund Management PLC Wednesday reported an end to nine consecutive quarters of net inflows, but positive market movements allowed the FTSE 250 constituent to report a rise in assets under management over the final three months of last year.
In a statement, Jupiter Fund Management reported GBP626 million in net outflows over the course of the fourth quarter, the first time it has reported an overall net outflow since the second quarter of 2012.
The net outflow was due to GBP716 million of net outflows from its segregated mandates and GBP219 million from its investment trusts, more than offsetting net mutual fund inflows of GBP309 million.
Overall, assets under management rose to GBP31.90 billion at the end of 2014, from GBP31.66 billion three months previously, bolstered by a positive market movement of GBP928 million.
"Our core mutual fund franchise again delivered healthy net inflows this quarter, resulting in cumulative net inflows of GBP1.4 billion across the year, an underlying organic growth rate of 6%," Maarten Slendebroek, chief executive, said in a statement.
"2014 saw encouraging progress with the continuing diversification of our product and distribution capabilities and, together with the well-executed sale of our private client operations, Jupiter is well placed to deliver profitable growth at attractive margins," Slendebroek added.
Jupiter will issue full results for 2014 on February 26.
Jupiter shares were down 0.3% at 344.18 pence shortly after the market open on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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