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Jupiter hit with outflows but profits tick up

Financial advice-planning-advice-cashflow-analysisJupiter has increased profits by 3 per cent in the first half of the year despite reporting net outflows of £2.3bn.

The fund house has reported pre-tax profits of nearly £100m for the six months to June 2018 on assets under management of £48.2bn, down from just over £50bn at the same point last year.

Management fees for the first half of the year came in at £199m, up from £187m for the first six months of 2017.

Money Marketing uncovered data earlier this year which suggested Jupiter’s £7.5bn multi-manager range, Merlin, suffered £224m in net outflows in the fourth quarter, and is likely to have contributed to the reduction in AUM.

Jupiter’s results statement this morning says outflows have been “driven by redemptions from a single product within our fixed income strategy.”

Jupiter chief executive Maarten Slendebroek says: “The first half of 2018 reflected a more challenging operating environment against a more volatile global geopolitical backdrop. Despite net outflows in the period, it was clear our resilient business model and strong balance sheet continue to deliver for all our stakeholders.”

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