1st Quarter Results
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your JUP notes
Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2024.
Key points
- Group assets under management (AUM) increased over the first quarter to £52.6bn, driven by positive market movements of £2.0bn.
- We had net outflows of £1.6bn, equally spread across both client channels.
- We generated underlying net inflows of £0.3bn, excluding outflows related to strategies managed by the Value team and to the Chrysalis Investment Trust.
Despite the ongoing challenging backdrop for active asset managers, AUM increased in the first quarter of the year to £52.6bn, driven by £2.0bn of positive market returns.
There were total net outflows of £1.6bn, with £0.8bn from each of the retail, wholesale & investment trusts and institutional channels. These figures include a £0.8bn outflow following the change in arrangements of the management of the Chrysalis Investment Trust.
Also included within these outflows are £1.1bn of net redemptions from strategies managed by the Value team, including £0.7bn from institutional clients. At 31 March 2024, the team managed £7.5bn of externally-managed assets, down from £8.5bn at 31 December 2023.
Excluding these movements, we generated underlying net inflows of £0.3bn. These comprised £0.4bn net inflows in the retail, wholesale & investment trusts channel and a £0.1bn outflow from the institutional channel.
Movement in AUM by client channel
| £bn | 31 December 2023 | Q1 2024 net flows | Q1 2024 market returns and other | 31 March 2024 |
|---|---|---|---|---|
| Retail, wholesale & investment trusts | 42.2 | (0.8) | 1.7 | 43.1 |
| Institutional | 10.0 | (0.8) | 0.3 | 9.5 |
| Total | 52.2 | (1.6) | 2.0 | 52.6 |
| of which is invested in mutual funds | 38.1 | (0.3) | 1.3 | 39.1 |
Notice of results
Jupiter will be issuing Interim results for the period to 30 June 2024 on 26 July 2024 and will host an analyst presentation to discuss the results.
Historic quarterly net flows and AUM
Flows and AUM by quarter
| Q1 2023 £bn | Q2 2023 £bn | Q3 2023 £bn | Q4 2023 £bn | Q1 2024 £bn | Q2 2024 £bn | Q3 2024 £bn | Q4 2024 £bn |
|---|---|---|---|---|---|---|---|
| Total | |||||||
| Opening AUM | 50.2 | 50.8 | 51.4 | 50.8 | 52.2 | ||
| Gross inflows | 3.2 | 4.5 | 2.4 | 3.1 | 3.7 | ||
| Gross outflows | (4.1) | (3.6) | (3.4) | (4.3) | (5.3) | ||
| Net flows | (0.9) | 0.9 | (1.0) | (1.2) | (1.6) | ||
| Market returns | 1.5 | (0.3) | 0.4 | 2.6 | 2.0 | ||
| Closing AUM | 50.8 | 51.4 | 50.8 | 52.2 | 52.6 | ||
| Retail, wholesale & Investment trusts | |||||||
| Opening AUM | 43.4 | 43.5 | 42.1 | 41.0 | 42.2 | ||
| Gross inflows | 2.8 | 2.7 | 2.1 | 2.3 | 3.5 | ||
| Gross outflows | (3.8) | (3.4) | (3.1) | (3.6) | (4.3) | ||
| Net flows | (1.0) | (0.7) | (1.0) | (1.3) | (0.8) | ||
| Market returns | 1.1 | (0.7) | (0.1) | 2.5 | 1.7 | ||
| Closing AUM | 43.5 | 42.1 | 41.0 | 42.2 | 43.1 | ||
| Institutional | |||||||
| Opening AUM | 6.8 | 7.3 | 9.3 | 9.8 | 10.0 | ||
| Gross inflows | 0.4 | 1.8 | 0.3 | 0.8 | 0.2 | ||
| Gross outflows | (0.3) | (0.2) | (0.3) | (0.7) | (1.0) | ||
| Net flows | 0.1 | 1.6 | - | 0.1 | (0.8) | ||
| Market returns | 0.4 | 0.4 | 0.5 | 0.1 | 0.3 | ||
| Closing AUM | 7.3 | 9.3 | 9.8 | 10.0 | 9.5 | ||
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.