19th Oct 2010 07:00
Jupiter Fund Management plc
Q3 IMS Report
| INTERIM MANAGEMENT STATEMENT |
19 October 2010
Jupiter Fund Management plc ("Jupiter", the "Group") today issues its interim management statement in respect of the three months to 30 September 2010.
HIGHLIGHTS
§ AUM increased to £22.2 billion in the three months to 30 September 2010.
§ Net inflows of £734 million in the three months to 30 September 2010.
§ Cumulative net inflows of £1,548 million in the nine months to 30 September 2010.
Edward Bonham Carter, Chief Executive, commented:
"Whilst markets rose across the quarter, fears of a double dip recession in developed world economies depressed sentiment before a rally in September. Against this backdrop, it was pleasing to see the Group maintain steady net inflows in our mutual funds range and make progress in our segregated mandates."
ASSETS UNDER MANAGEMENT AND FLOWS
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AUM by business line |
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30 June 2010 £m |
Q3 Net flows £m |
Market Movement £m |
30 September 2010 £m |
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Mutual funds |
15,248 |
484 |
1,165 |
16,897 |
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Segregated mandates |
2,493 |
210 |
285 |
2,988 |
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Private clients |
1,417 |
53 |
106 |
1,576 |
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Investment trusts |
505 |
0 |
44 |
549 |
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Hedge funds |
181 |
(13) |
(6) |
162 |
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Total |
19,844 |
734 |
1,594 |
22,172 |
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Assets under Management have increased 12 per cent. from £19.8 billion as at 30 June 2010 to £22.2 billion as at 30 September 2010.
We experienced net inflows of £734 million across our business lines during the period, driven by inflows into our mutual funds and segregated mandates. Mutual funds contributed third quarter net inflows of £484 million, slightly ahead of their second quarter and 2009 equivalents, reflecting continued net inflows into our Merlin fund-of-funds and SICAV products. During the quarter, segregated fund net inflows of £210 million benefited from the funding of a new mandate and additional assets from existing customers.
OUTLOOK
Trading conditions are in line with management expectations and the Group remains confident of its prospects for the full year.
CORPORATE UPDATES
The outsourcing of our Transfer Agency operations to IFDS was completed on 2 August, which resulted in headcount being reduced by 75. The transfer was successful and has been fully operational for two months.
On 1 October, the Jupiter Strategic Total Return and the Jupiter Global Convertibles funds managed by Miles Geldard and Lee Manzi were launched. Initial flows into these funds are encouraging.
Kathryn Langridge joined as an emerging markets fund manager in July and Jupiter has received regulatory approval to launch a global emerging markets unit trust in the fourth quarter.
For further information please contact:
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Investors |
Media |
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Jupiter |
Philip Johnson +44 (0)20 7314 4807 |
Alicia Wyllie +44(0)20 7314 5573 |
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Financial Dynamics |
Ed Gascoigne-Pees +44 (0)20 7269 7132 |
Andrew Walton +44 (0)20 7269 7204 |
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Historic Flow and AUM data by quarter |
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Flows and AUM by quarter |
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Q1 2009 £m |
Q2 2009 £m |
Q3 2009 £m |
Q4 2009 £m |
Q1 2010 £m |
Q2 2010 £m |
Q3 2010 £m |
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Total |
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Opening AUM |
14,814 |
13,816 |
15,474 |
18,651 |
19,522 |
21,093 |
19,844 |
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Gross inflows |
999 |
1,059 |
1,299 |
1,594 |
1,551 |
1,552 |
1,740 |
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Gross outflows |
(587) |
(554) |
(928) |
(1,078) |
(1,042) |
(1,247) |
(1,006) |
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Net Flows |
412 |
505 |
371 |
516 |
509 |
305 |
734 |
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Market / FX movements |
(1,410) |
1,153 |
2,806 |
355 |
1,062 |
(1,554) |
1,594 |
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Closing AUM |
13,816 |
15,474 |
18,651 |
19,522 |
21,093 |
19,844 |
22,172 |
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Mutual funds |
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Opening AUM |
10,709 |
10,099 |
11,447 |
13,961 |
14,692 |
15,982 |
15,247 |
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Gross inflows |
758 |
827 |
1,013 |
1,365 |
1,390 |
1,332 |
1,249 |
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Gross outflows |
(360) |
(418) |
(624) |
(814) |
(959) |
(890) |
(765) |
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Net Flows |
398 |
409 |
389 |
551 |
431 |
442 |
484 |
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Market / FX movements |
(1,008) |
939 |
2,125 |
180 |
859 |
(1,177) |
1,165 |
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Closing AUM |
10,099 |
11,447 |
13,961 |
14,692 |
15,982 |
15,247 |
16,897 |
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Segregated mandates |
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Opening AUM |
2,400 |
2,091 |
2,349 |
2,679 |
2,754 |
2,966 |
2,493 |
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Gross inflows |
138 |
133 |
153 |
90 |
119 |
164 |
425 |
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Gross outflows |
(166) |
(107) |
(247) |
(123) |
(54) |
(298) |
(215) |
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Net Flows |
(28) |
26 |
(94) |
(33) |
65 |
(134) |
210 |
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Market / FX movements |
(281) |
232 |
424 |
108 |
147 |
(339) |
285 |
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Closing AUM |
2,091 |
2,349 |
2,679 |
2,754 |
2,966 |
2,493 |
2,988 |
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Private clients |
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Opening AUM |
938 |
987 |
1,047 |
1,310 |
1,355 |
1,431 |
1,417 |
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Gross inflows |
100 |
86 |
117 |
21 |
20 |
47 |
61 |
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Gross outflows |
(3) |
(3) |
(8) |
(24) |
(10) |
(11) |
(8) |
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Net Flows |
97 |
83 |
109 |
(3) |
10 |
36 |
53 |
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Market / FX movements |
(48) |
(23) |
154 |
48 |
66 |
(50) |
106 |
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Closing AUM |
987 |
1,047 |
1,310 |
1,355 |
1,431 |
1,417 |
1,576 |
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Investment trusts |
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Opening AUM |
524 |
461 |
491 |
556 |
546 |
538 |
505 |
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Gross inflows |
0 |
0 |
0 |
69 |
0 |
0 |
0 |
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Gross outflows |
(1) |
0 |
0 |
(100) |
0 |
0 |
0 |
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Net Flows |
(1) |
0 |
0 |
(31) |
0 |
0 |
0 |
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Market / FX movements |
(62) |
30 |
65 |
21 |
(8) |
(33) |
44 |
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Closing AUM |
461 |
491 |
556 |
546 |
538 |
505 |
549 |
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Hedge funds |
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Opening AUM |
243 |
178 |
140 |
145 |
175 |
176 |
181 |
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Gross inflows |
3 |
13 |
16 |
49 |
22 |
9 |
5 |
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Gross outflows |
(57) |
(26) |
(49) |
(17) |
(19) |
(48) |
(18) |
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Net Flows |
(54) |
(13) |
(33) |
32 |
3 |
(39) |
(13) |
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Market / FX movements |
(11) |
(25) |
38 |
(2) |
(2) |
44 |
(6) |
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Closing AUM |
178 |
140 |
145 |
175 |
176 |
181 |
162 |
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Related Shares:
Jupiter Fund Management