17th Oct 2013 08:48
LONDON (Alliance News) - Jupiter Fund Management PLC Thursday said it attracted net inflows of GBP271 million during the third quarter, taking its assets under management to GBP29.89 billion on September 30.
The British fund manager's assets under management rose by 2.9% since June 30, when the figure stood at GBP29.04 billion.
The increase was a result of a strong performance from Jupiter's mutual funds, which saw inflows of GBP278 million in the third quarter. They were spread across fixed-income funds, together with top-performing equity funds, such as UK Special Situations and European. Jupiter also cited improved market levels behind the increase in its assets under management.
Jupiter's mutual funds account for GBP23.34 billion of its assets under management.
Jupiter also has shown greater consistency in its total net flows over the first three quarters 2013, with net inflows of GBP209 million in the first quarter; GBP209 million in the second quarter and GBP271 million in the third.
This compares with a more varied net flow pattern in 2012, which saw a GBP113 million net outflow in the first quarter, a GBP189 million net outflow in the second quarter, and net inflows of GBP579 million and GBP688 million in the third and fourth quarters, respectively.
Cumulative net inflows for the year to date are GBP689 million.
"Our broadened distribution presence, diverse product range and strong investment performance enabled us to deliver net mutual fund inflows of GBP278 million in the quarter. These steady inflows helped Jupiter's AUM increase to GBP29.9 billion at 30 September 2013," Edward Bonham Carter, chief executive, said in a statement.
The fund manager also was optimistic on what the future holds, citing "consistent levels of client activity and improving market sentiment" as reasons for its belief in the potential for long-term growth for the savings market.
"As we build out relationships with key distributors on a global basis, we are confident we can continue to deliver profitable growth at attractive margins and, within our sustainable balance sheet structure, to share the rewards of this growth with our investors," the company said in a statement.
Jupiter Fund Management shares were Thursday quoted down 0.30 pence at 377.70p.
By Samuel Agini; [email protected]; @samuelagini
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