Half-year Report

Jupiter Fund Management plc | Interim Report and Accounts 2025

Results for the six months ended 30 June 2025

25 July 2025

A strong first half with positive momentum

· We have had a strong start to 2025 with growing momentum.

· We have continued to make progress against each of our strategic objectives and are now seeing the benefits of achievements in prior periods.

· With our focus on achieving a cost:income ratio of 70%, delivered through efficiency and scale, we announced a further cost saving target and the agreed acquisition of CCLA Investment Management Limited (CCLA), subject to regulatory approvals.

· Net positive flows in the second quarter, driven by ongoing institutional momentum and an improving retail picture, offset first quarter outflows, resulting in net outflows for the six months of £0.2bn.

· Assets under management (AUM) ended the period up 4% at £47.1bn (31 December 2024: £45.3bn).

· Total operating costs were lower at £125.4m (H1 2024: £129.1m).

· Underlying profit before tax was £30.4m (H1 2024: £47.9m) and statutory profit before tax was £27.5m (H1 2024: £38.7m).

· In line with our capital allocation policy, we announce an ordinary dividend of 2.1p per share.

1 The Group's use of alternative performance measures (APMs) is explained on pages 26 to 28.

2 IFRS measures.

Matthew Beesley, Chief Executive Officer, commented:

"Jupiter has delivered a strong start to 2025, with growing momentum in the first half of the year. Direct management actions over previous periods are driving meaningful changes, and we are beginning to see the tangible benefits come through in our results.

Although we still saw small outflows for the first half, we generated net positive flows in the second quarter. Momentum in the institutional channel is strong and we have seen a month-by-month improvement in retail demand over the time period. We have generated net positive flows so far in July.

Alongside our efforts to increase scale, our focus on cost discipline remains resolute and we have announced further efficiencies as we work towards our target of a 70% cost:income ratio. Our operating model remains efficient and scalable, and we are excited to welcome our new colleagues at CCLA in due course.

With a marked recovery in client sentiment across both channels, improving investment performance across all time periods and the strongest investment line-up we have ever had, there are good reasons to be optimistic that we can continue to build on this momentum going forward."

Analyst presentation

There will be a virtual analyst presentation at 9:00am (BST) on 25 July 2025.

The presentation will be accessible via a live webcast, which will be available at:  https://secure.emincote.com/client/jupiter/jfm042. Please note that questions can be asked via the webcast.

The results announcement and the presentation will be available at: https://www.jupiteram.com/global/en/corporate/investor-relations/results-and-reports/. Copies may also be obtained from the registered office of the Company at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

LEI Number: 5493003DJ1G01IMQ7S28

Forward-looking statements

This announcement may contain certain "forward-looking statements" with respect to certain plans of Jupiter Fund Management plc (Jupiter) and its current goals and expectations relating to its future financial condition, performance, operations, results, business, strategy and objectives. Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward looking.

Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Jupiter's control including, among other things, UK domestic and global economic and business conditions; market-related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities; the impact of competition, inflation and deflation; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Jupiter and its affiliates operate.

As a result, Jupiter's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Jupiter's forward-looking statements. Jupiter undertakes no obligation to update or revise any forward-looking statements contained in this presentation or any other forward-looking statements it may make. Nothing in this presentation should be construed as a profit forecast.

Management statement

We are pleased to report that we have had a strong start to 2025, with positive momentum. We are starting to see tangible benefits of achievements made in prior periods now coming through, and there is cautious optimism for an improving external environment.

There has been an improvement in client sentiment across both channels, we continue to deliver on cost efficiency commitments, and we are making meaningful progress towards our strategic objectives.

Since our Q1 2025 trading update, we have also released improved cost guidance and details of the agreed acquisition of CCLA, which delivers an increase in scale and further leverages the efficiencies within our platform.

We saw total net outflows of £0.2bn in the first half. We generated net positive inflows in the second quarter of £0.3bn, driven by ongoing Institutional momentum and consistent, gradual improvements in flows through the retail, wholesale and investment trust channel. Flows were driven by ongoing strong performance and client demand for our Systematic and Global equity capabilities. AUM ended the six month period up 4% at £47.1bn.

As a high-conviction active asset manager, delivering positive investment outcomes for our clients remains critical. Investment performance improved over the first half of the year across all key time periods. Over three years to 30 June 2025, 64% of our mutual fund AUM was outperforming their peer group median, net of all fees (31 December 2024: 61%).

We continue to allocate resources carefully and thoughtfully, investing where we should to drive profitable growth but seeking cost efficiencies wherever we can. Notwithstanding a degree of seasonality in our cost base, and in spite of inflationary pressures, this disciplined approach to cost management has led to operating costs of £125.4m that were lower than the first six months of 2024 (H1 2024: £129.1m) and were ahead of market expectations. 

Underlying profit before tax was £30.4m (H1 2024: £47.9m) and statutory profit before tax was £27.5m (H1 2024: £38.7m).

Our capital base remains very strong and we have today announced an ordinary dividend of 2.1p per share, in line with our capital allocation policy of returning 50% of pre-performance fee earnings per share.

We have also previously announced our intention to make a further distribution of capital to shareholders of 50% of performance fee revenues crystallised in 2025.

These changes, as a result of direct management actions, have helped deliver this strong start to 2025 and provide confidence that this momentum will continue further into the second half.

An improving flow picture

Gross flows returned to what we would consider more normalised levels in the first half of 2025 of £7.4bn (H2 2024: £6.6bn). This was driven by an increase in client subscriptions in the Institutional channel, where we saw over £2bn of gross inflows.

We saw total net outflows of £0.2bn in the first half of the year, comprising £1.6bn of net inflows from Institutional clients and £1.8bn of net outflows from clients in the retail, wholesale and investment trust channel. There were net outflows of £0.5bn in the first quarter, which were partially offset by £0.3bn of net inflows in the second quarter.

Momentum in the Institutional channel continued throughout the period, but the uptick in overall flows was driven by an improvement in demand from retail clients. February saw the greatest level of net outflows from retail clients, but since then we have seen a consistent improvement month-to-month, ending with net positive retail flows in June.

Encouragingly, this momentum has continued after period end and we are net positive across both channels so far in July.

Across both client channels, globally focused capabilities attracted the majority of client flows. The Systematic equities capability generated £2bn of net inflows across both client channels, with £1bn into the Global Equity Absolute Return (GEAR) fund. The Global equities capability also saw client demand, with £1bn of net inflows, predominantly led by Institutional demand for the Origin and Global Leaders strategies.

There has been much speculation around clients reallocating away from US-focused equity strategies and towards European and UK equities. Although neither capability generated net positive flows, outflows slowed meaningfully in the second quarter and levels of client interest are high. We remain confident that the firm's recently joined UK and European teams can be material drivers of growth going forward.

Positive market movements of £2.0bn led to AUM at the end of the period of £47.1bn, an increase of 4% since the start of the year.

Continued strategic progress

We continue to manage our business with focus on our four key objectives of increasing scale, decreasing undue complexity, broadening our appeal to clients and deepening relationships with all stakeholders.

Although we continued to see outflows, we are encouraged by the trends in client demand as the first half developed. Momentum in the Institutional channel persists and although exact timing can be difficult to predict, we have a strong pipeline through the remainder of the year. There are early signs of a shift in retail sentiment, particularly in the second quarter, which we have seen continue into July.

Most notably in terms of increasing scale, we announced earlier in July that we have reached agreement to acquire CCLA, the UK's largest asset manager focused on the non-profit sector. They will bring over £15bn of AUM to the combined group, adding scale and reinforcing our commitment to our home market of the UK.

We have continued to remove undue complexity from the business, both through direct management actions and the ongoing pursuit of efficiencies. In May, we announced an initial target of at least £15m of savings, which will be fully in place on a run rate basis by the end of 2026. We also progressed with a number of initiatives in the first half of 2025, including the outsourcing of our middle office operations function, the first stage in the consolidation of a number of our outsourced providers. We have continued to reduce our headcount, falling by over 6% in the period to 461 FTEs.

We again broadened our appeal to clients. We launched both our first active ETF and GEARx, a more highly leveraged, Cayman-domiciled hedge fund version of GEAR. Both products have only recently launched, but signs of client interest are encouraging. The acquisition of CCLA also means our entry into a brand new client channel, that of the non-profit sector, where we do not currently have any presence. There is no client overlap between the two firms.

Finally, we continue to deepen relationships with all our stakeholders, including our clients, our people and our shareholders. In our latest employee opinion survey, we reported an engagement score of 83%, four percentage points higher than our previous survey and six points above the asset management benchmark1. In May, we were also delighted to be recognised as one of the Sunday Times' 2025 Best Places to Work.

We also announced an additional capital distribution to our shareholders for 2025. Our ordinary dividend policy of returning 50% of pre-performance fee earnings remains unchanged and, for 2025, we intend to also distribute 50% of the revenues generated from performance fees crystallised in the period through an additional distribution.

1. Engagement score of 83% is based upon our most recent employee 'pulse' opinion survey, conducted in June 2025. The benchmark of 77% is provided by People Insight and comprises engagement scores of all asset management businesses who provide data to them.

Solid financial performance

Underlying profit before tax was £30.4m (H1 2024: £47.9m), and statutory profit before tax was £27.5m (H1 2024: £38.7m). Excluding the impact of net performance fees, underlying profit before tax was £29.2m (H1 2024: £46.6m).

Underlying earnings per share (EPS) was 4.2p (H1 2024: 6.6p) and basic statutory EPS was 4.1p (H1 2024: 5.4p). Underlying EPS before net performance fees was 4.1p (H1 2024: 6.4p) 1.

With strong market gains offsetting small net outflows, average AUM was £45.7bn (H1 2024: £52.1bn).

The average fee margin in the first half of the year was 66bps (FY 2024: 66bps)1. This is slightly lower than guidance and is driven by progress in the institutional channel as well as other changes in the business mix.

As a result of these changes, net revenue was £153.9m (H1 2024: £173.7m), including £5.3m of performance fees (H1 2024: £3.9m).

Thoughtful and strategic allocation of costs remains a key focus. We provided an update in May detailing an initial target of at least £15m of cost savings, which will be fully implemented on a run rate basis by end 2026.

We stated that £5m of these savings would come through 2025 non-compensation costs, lowering management expectations for the full year to £105m. Non-compensation costs for the first half were lower at £47.8m (H1 2024: £49.3m), but there is a degree of seasonality here, with expected greater costs in the second half bringing total non-compensation costs to £105m for FY 2025, £5m lower than FY 2024.

Total compensation costs before performance fees were £73.5m, representing a 49% total compensation ratio before performance fees1.

Our disciplined approach towards our cost base remains unchanged. Our investments are focused on areas which will either realise growth opportunities which will add scale to the revenue base, build further efficiencies in our scalable platform that will deliver operational leverage, or drive value for money from existing mandatory spend.

Despite inflationary pressures, total expenses before exceptional items were 3% lower than the first half of 2024 at £125.4m (H1 2024: £129.1m). Excluding the impact of performance fee-related pay and exceptional items, the Group's total administrative expenses were £121.3m (H1 2024: £126.5m).

There were exceptional items of £2.9m (H1 2024: £9.2m), which includes certain costs relating to the acquisition of CCLA, as well as restructuring in our existing business. In 2024, exceptional items had solely comprised amortisation of intangible assets relating to the 2020 Merian acquisition.

1. The Group's use of alternative performance measures (APMs) is explained on pages 26 to 28.

1 Compensation costs exclude expenses of £3.9m (H1 2024: nil) classified as exceptional.

2 Non-compensation costs exclude a net credit of £0.5m (H1 2024: nil) classified as exceptional.

3 Other gains exclude a credit of £0.5m (H1 2024: nil) classified as exceptional.

4 Amortisation of intangible assets in June 2024 excludes £9.2m classified as exceptional.

Active, high-conviction investment

As a truly active, high conviction asset manager, generating positive investment outcomes for our clients is crucial for our ongoing success and future growth. Over the first six months of the year, aggregate performance figures improved not only over a three year period (our key performance indicator), but also over one and five year periods.

At 30 June 2025, 64% of our mutual fund AUM had delivered above-median performance against their peer group over three years (31 December 2024: 61% of mutual fund AUM), of which 48% of mutual fund AUM had delivered first quartile performance (31 December 2024: 50% of mutual fund AUM).

Measured over five years, 68% of mutual fund AUM (31 December 2024: 58% of mutual fund AUM) delivered above-median performance, and over one year, this was 62% of mutual fund AUM (31 December 2024: 42% of mutual fund AUM).

Although there were varying drivers in the increase in aggregate performance, there was a broad trend of increasing performance amongst the UK equities and European equities capabilities.

Segregated mandates and investment trusts now make up £10.2bn, or 22% of our AUM (31 December 2024: £8.1bn, or 18% of our AUM). At the period end, 57% of AUM in this category were above their benchmarks over three years (31 December 2024: 61%).

A strong capital base

The Group continues to maintain a strong capital base.

Our expected capital surplus has increased to £236.6m at end June 2025, including unaudited current year profits, which is around 4.8 times coverage of our regulatory surplus requirement of £61.5m.

Following the completion of the acquisition of CCLA, we expect that surplus to reduce. However, in line with our announcement of the acquisition, the regulatory capital is expected to be in excess of 2.5 times coverage of our regulatory requirements on completion.

Our capital allocation policy is to pay out 50% of underlying EPS before performance fees. In line with this, the Board have declared an interim ordinary dividend of 2.1p per share. The dividend will be paid on 5 September 2025 to shareholders on the register at the close of business on 8 August 2025.

In addition, we announced earlier in July our intention to make an additional return of capital to shareholders, distributing 50% of the revenues associated with performance fees crystallised in 2025. Although almost all of the associated funds and mandates have an end December crystallisation date, had these crystallised at end June, this would have represented nearly £58m of performance fees.

Our policy, as part of our overall capital allocation framework, allows us to return capital to shareholders on a clear, sustainable basis and, if there are no capital needs, we expect to make further returns of additional capital to shareholders at the appropriate time.

Update on Chair succession

In May, we announced that David Cruickshank, Jupiter's Chair, had informed the Company of his intention to retire from the Board. To allow for an orderly handover, David will remain in role until a new Chair has been found, but will not stand for re-election at Jupiter's 2026 AGM.

Suzy Neubert, the Company's Senior Independent Director, is leading the search, supported by the Nomination Committee. The Company has engaged a search firm, carried out a preliminary review of candidates and is in the process of interviewing. We will provide further updates in due course.

Looking forward through 2025

Although the well-publicised challenges to the industry persist and the macro environment remains uncertain, we remain optimistic about the period ahead. Whilst net flows are not yet where we would like them to be, we are seeing a consistent, if gradual, improvement in client sentiment across both channels. Institutional momentum remains strong and client demand in the retail channel is improving month by month.

We have made significant progress towards our strategic objectives over recent periods, and these improvements are now becoming visible through our results.

We have delivered on our commitments to drive cost efficiencies and have announced further savings through this year and the next. With an increasingly efficient, leveraged and scalable operating model, we are well positioned to begin the process of working with our new colleagues at CCLA to leverage this model.

It is too early to tell if the market turmoil midway through this period will lead to markets which are less narrow, less concentrated and more conducive to truly active management, but our product line is as strong as it has ever been and we are well positioned to take advantage should that change take place.

As a result of direct management actions, we have delivered a strong start to 2025, with positive and growing momentum looking ahead.

Matthew Beesley

Chief Executive Officer24 July 2025

Consolidated statement of comprehensive income

for the six months ended 30 June 2025

1 Includes purchases/proceeds from disposal of seed investments, fund units used as a hedge against compensation awards linked to the value of those funds, derivative instruments and, where the Group's investment in seed is judged to give it control of a fund, purchases/disposals of financial assets by that fund.

2 During the period, the gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was lost were £5.8m and £0.1m respectively (H1 2024: £5.6m and £4.4m respectively; FY 2024: £232.4m and £239.3m respectively). The gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was obtained were £nil (for both assets and liabilities (H1 2024: £111.6m and £73.7m respectively; FY 2024: £127.2m for both).

Introduction

Jupiter Fund Management plc (the Company) and its subsidiaries (together, the Group) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager to authorised unit trusts, SICAVs, ICVCs, OEICs, investment trust companies, pension funds and other specialist funds. At 30 June 2025, the Group had offices in the United Kingdom, Ireland, Germany, Hong Kong, Italy, Luxembourg, Singapore, Spain, Sweden and Switzerland.

Basis of preparation and other accounting policies

Within this Interim Report and Accounts, all current and comparative data covering periods to (or as at) 30 June are unaudited. Data given in respect of the year ended 31 December 2024 is audited. Information which is the required content of the Interim Management Report can be found on pages 1 to 7, 24, and 26 to 28.

These condensed financial statements for the six months ended 30 June 2025 have been prepared in accordance with the Disclosure Guidance and Transparency Rules (DTR) sourcebook of the Financial Conduct Authority and with UK-adopted International Accounting Standard IAS 34 Interim Financial Reporting. The condensed financial statements should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2024, which were prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

The condensed financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 were approved by the Board on 26 February 2025 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006. The condensed financial statements have been reviewed, not audited.

Going concern

After reviewing the Group's current trading activities, plans, forecasts and financing arrangements, including in stressed scenarios, the Directors have not identified any material uncertainties to the Group's ability to continue to adopt the going concern basis. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the date of approval of the condensed financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

New accounting standards

The International Accounting Standards Board (IASB) and IFRS Interpretations Committee (IC) have issued a number of new accounting standards and interpretations and amendments to existing standards and interpretations. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations that are not yet effective that would be expected to have a material impact on the Group.

The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements.

IFRS 18 introduces new presentational requirements within the income statement, including specified totals and sub-totals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its 'Operating profit'.

Accounting policies

The accounting policies applied are consistent with those applied in the Group's annual financial statements for the year ended 31 December 2024.

1. Net revenue

The Group's primary source of recurring revenue is management fees. Management fees are stated net of rebates and are charged for investment management or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after fee and commission expenses for ongoing services under distribution agreements.

The Group can earn performance fees on some of the segregated and fund accounts that it manages. In some cases, a proportion of the fee earned is deferred until the next performance fee is payable or offset against future underperformance on that account. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fees in revenue only when they become due and collectable and therefore the element (if any) deferred beyond 30 June 2025 has not been recognised in the results for the period.

2. Segmental reporting

The Group offers a range of products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the key performance indicators of the Group. Information is reported to the Chief Operating Decision Maker, collectively the Executive Directors, on a single segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business.

3. Administrative expenses

4. Other gains

Other gains relate principally to net gains made on the Group's seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are held at FVTPL (see Note 11). Gains and losses on these investments comprise both realised and unrealised amounts.

5. Finance income and finance costs

Finance income comprises income earned on the Group's cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.

Finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities. The Group's Tier 2 subordinated debt notes were fully redeemed on 28 April 2025 (see Note 13). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the revolving credit facility. Interest payable is charged on an accrual basis using the effective interest method.

6. Income tax expense

Analysis of charge in the period:

The weighted average UK corporate tax rate for 2025 FY is 25% (2024 FY: 25%). The effective tax rate used for the period to 30 June 2025 is 21.8%, compared to 27.1% for the six months ended 30 June 2024.

The decrease in the effective tax rate is primarily due to the increase in the share price of share-based payments in 2025 compared to 2024 giving rise to an effective tax rate of 21.8% which is lower than the UK statutory rate of 25%.

7. Earnings per share (EPS) 

Basic EPS is calculated by dividing the profit for the period attributable to equity holders of Jupiter Fund Management plc (the parent company of the Group) by the weighted average number of ordinary shares outstanding and contingently issuable during the period, less the weighted average number of own shares held. Own shares comprise shares held for treasury purposes and shares held in an EBT for the benefit of employees.

As dilutive potential ordinary shares have or would have no impact on the Group's income statement, diluted EPS is calculated by dividing the profit for the period (as used in the calculation of basic EPS) by the weighted average number of ordinary shares outstanding during the period for the purpose of basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares arising from the award of share options into ordinary shares.

The weighted average number of ordinary shares used in the calculation of EPS is as follows:

1 Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.

8. Goodwill

Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed.

Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited (Merian).

The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group's profitability between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU.

For the impairment test, the recoverable amount for the goodwill asset was calculated using a value in use approach, based on the net present value of the Group's future earnings. The net present value was calculated using a discounted cash flow model, with the following key assumptions:

The impairment test performed indicates positive headroom of recoverable amount over carrying value of £69m at 30 June 2025 (2024 FY: headroom of £10m). The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group's goodwill asset is not currently impaired.

The sensitivity of the Group's current headroom position to reasonably possible changes in key assumptions used in the value in use calculation is shown in the table below.

1 The decrease in revenue represents a modelled percentage reduction in each year projected in the Group's base case forecast cash flows.

The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. Given the low level of headroom, it is likely that reasonably possible net adverse movements in one or more key variables used in measuring the VIU of the CGU would result in the implied impairment of the Group's goodwill asset.

The Group announced on 10 July 2025 its intention to acquire CCLA, subject to regulatory approval (see Note 22). This acquisition was not completed as at 30 June 2025 and therefore has not been included in the goodwill balance or in the impairment assessment. The acquisition is expected to give rise to both goodwill and separately identifiable intangible assets.

9. Intangible assets

At 30 June 2025, intangible assets comprise computer software. During the period, the Group acquired computer software of £1.2m (2024 H1: £3.1m, 2024 FY: £6.2m). There were no disposals (2024 H1 and 2024 FY: same). These assets are amortised on a straight-line basis over their estimated useful lives, which are estimated as being between five and ten years.

The amortisation charge for the period was £1.4m (2024 H1: £10.4m, 2024 FY: £11.4m).

The management statement of this document refers to exceptional items of £9.2m relating to H1 2024 and FY 2024 relating to amortisation of intangible assets. These charges related to the Merian acquisition in 2020.

10. Property, plant and equipment

The net book value of property, plant and equipment at 30 June 2025 was £33.9m (2024 H1: £35.8m, 2024 FY: £34.8m). During the period, the Group acquired items of property, plant and equipment (excluding right-to-use leased assets) with a value of £0.3m (2024 H1: £1.1m, 2024 FY: £1.4m). Additions to the right-of-use leased assets during the period were £nil (2024 H1: £nil, 2024 FY: £0.6m). Lease modifications resulted in a remeasurement of £1.3m (2024 H1: £nil, 2024 FY: £nil) in respect of right-of-use assets. The depreciation charge was £2.5m (2024 H1: £2.8m; FY 2024: £5.0m).

11. Financial instruments

At the balance sheet dates, the Group held the following classes of financial instruments, which principally comprise seed investments and assets held to hedge compensation awards:

12. Cash and cash equivalents

Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash equivalents comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value.

Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.

13. Loans and borrowings

On 27 April 2020 the Group issued £50.0m of Tier 2 subordinated debt notes at a discount of £0.5m. Issue costs were £0.5m and the net proceeds were therefore £49.0m. The notes bore an interest rate of 8.875% per annum and were redeemed in full on 28 April 2025.

14. Provisions and contingent assets

Provisions are liabilities of uncertain timing or amount arising from claims or regulatory action against the Group in connection with its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing of that payment. Where a potential claim exists, it may either be recognised as a liability or disclosed if, in our judgement, a possible obligation exists.

Provisions for liabilities are recognised when, in the Group's judgement, it has a present legal or constructive obligation arising from a past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when a reliable estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within 'Administrative expenses' and are based on the Group's best estimates of the expenditure required to settle the obligation. Differences between estimated amounts and final settlement amounts are recognised in the income statement.

On an ongoing basis, the Group assesses the impact of regulatory, tax and other legislative changes which may affect prior periods. In certain circumstances, these may lead to the recovery of previously incurred costs. An asset is recognised only where recovery is virtually certain. Where the timing and amount of any recovery are uncertain, no asset is recognised in the Group's financial statements. The financial effect of a contingent asset is disclosed where it is practicable to do so.

Movements in the Group's provisions during the period were:

15. Share capital

16. Reserves

(i) Own share reserve

The Group holds its own shares in an EBT and in treasury.

The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in Jupiter Fund Management plc that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards.

The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date.

On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares.

The buyback programme is continuing and, as at the close of business on 23 July, the Group held 14.8m shares in treasury, an amount equal to 2.7% of its issued share capital.

(ii) Other reserves

Other reserves comprise the merger relief reserve of £236.4m (2024 H1: £242.1m, 2024 FY: £236.4m) formed on the acquisition of Merian in 2020, £8.0m (2024 H1 and 2024 FY: £8.0m) that relates to the conversion of Tier 2 preference shares in 2010, and £0.2m (2024 H1: £0.2m, 2024 FY: £0.2m) of capital redemption reserve arising from the cancellation of repurchased shares.

(iii) Foreign currency translation reserve

The foreign currency translation reserve of £(0.3)m (2024 H1: £1.2m, 2024 FY: £0.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

(iv) Retained earnings

Retained earnings of £586.5m (2024 H1: £543.8m, 2024 FY: £578.3m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners.

17. Dividends

On 20 May 2025 the Group paid a final dividend for 2024 of 2.2p per ordinary share. This amounted to a total payment of £11.5m after taking into account the £0.5m dividends waived on shares held in treasury and in the EBT.

The Board has declared an interim dividend for the period of 2.1p per ordinary share. This dividend will be paid on 5 September 2025 to ordinary shareholders on the register at close of business on 8 August 2025 and amounts to £11.1m before adjusting for any dividends waived on shares held in treasury or in the EBT.

18. Cash flows generated from operating activities

19. Changes in liabilities arising from financing activities

1 Accrued interest on loans and borrowings is recorded within 'Trade and other payables' and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount applied in calculating the amortised cost of the subordinated debt.

2 Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement).

3 Leases are recorded within current and non-current trade and other payables in the Balance sheet.

20. Financial instruments

Financial instruments held at fair value are carried at a value which represents the price to exit the instruments at the balance sheet date. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. Where a quoted market price is not available, the Group establishes the fair value using valuation techniques such as recent arm's length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models. For financial instruments not held at fair value, their carrying amount is a reasonable approximation of their fair value.

The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs).

As at 30 June 2025, the Group held the following financial instruments measured at fair value:

As at 30 June 2024, the Group held the following financial instruments measured at fair value:

As at 31 December 2024, the Group held the following financial instruments measured at fair value: