Trading Update

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2025.

Key points

• The positive momentum that we saw in the latter part of the first half of 2025 continued into the third quarter
• We generated net positive flows of £0.3bn in Q3, leading to year-to-date net positive flows of £0.1bn. Ongoing strong performance, underpinned by a marked improvement in retail and wholesale investor sentiment, led to net inflows in this channel of £0.8bn in the third quarter
• Assets under management (AUM) increased by 7% over the quarter to £50.4bn

Trading update

Overall, we generated net inflows in the third quarter of £0.3bn. This represents the second consecutive quarter of net inflows and results in net positive flows year to date of £0.1bn. Along with positive market movements of £3.0bn, this resulted in closing AUM of £50.4bn, a 7% increase over the quarter and an 11% increase for the year to 30 September 2025.

The improvement in flows was driven by both an improvement in risk appetite amongst clients in the Retail, wholesale and investment trusts channel and ongoing strong investment performance across our differentiated capabilities, partially offset by net outflows in the Institutional channel.

At our interim 2025 results, published in July, we stated that retail and wholesale flows had improved month on month, turning positive in June. This trend continued through the third quarter and we generated £0.8bn of net inflows over the three-month period. This was driven by demand for UK equities, Systematic equities and Global equities, most notably the Gold & Silver fund.

Sentiment towards UK equities continued to improve throughout the period. This, underpinned by strong performance across our investment strategies, saw our differentiated UK equities capability generate net positive flows of £0.5bn across both client channels, with net inflows across all of UK Growth, UK Dynamic and UK Income strategies. These partly offset net outflows in Asian and Emerging Market strategies and Fixed Income.

Systematic equities also continued to deliver strong performance, generating net positive flows of £0.3bn in the quarter and finishing the period with AUM of £13.6bn. The Global Equity Absolute Return fund saw £0.8bn of net inflows and World Equity saw £0.2bn of positive flows, partially offset by a portfolio rebalancing from a lower margin Institutional client from a strongly-performing mandate.

There were total net outflows during the quarter of £0.5bn across the Institutional client channel, with the rebalancing above partially offset by client fundings into fixed income absolute return and UK equity strategies. As previously stated, flows in the Institutional channel can be lumpy and non-linear, but with overall growth expected over longer periods. Increasing scale in the Institutional channel remains a core strategic focus, our pipeline and client activity remain strong, and we would expect to build on this momentum to drive growth in the medium term.

On a regional basis, we continued to see momentum from clients based in continental Europe, where we saw net inflows during the quarter of £0.6bn. In the UK, improved momentum through the first half resulted in positive net inflows of £0.3bn in the third quarter, predominantly from retail clients into UK equities and Systematic equities capabilities.

On 10 July 2025, we announced that we had reached agreement to acquire CCLA Investment Management Limited (CCLA), the UK's largest asset manager focused on serving non-profit organisations, subject to regulatory approvals. Ongoing planning towards a carefully managed integration of CCLA has been positive and we currently expect the acquisition to complete in the first quarter of 2026 based on the anticipated timing of required regulatory approvals.

Movement in AUM by client channel

Notice of results

Jupiter will be issuing full year results for the year ending 31 December 2025 on 26 February 2026 and will host an analyst presentation to discuss the results.

Historic quarterly net flows and AUM

Flows and AUM by quarter