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Jupiter profits slip 16% in first half

Edward Bonham Carter
Edward Bonham Carter

Jupiter Fund Management saw its year-on-year profits slip 16 per cent during the first six months of 2012, as assets under management climbed higher.

First half pre-tax profits fell to £31.2m, compared with £37.3m in the first half of 2011. Assets under management increased to £23.4bn in the first six months of the year, but were still lower than the £24.8bn reported in the first half of 2011.

The asset manager reported mutual fund net inflows of £265m, but total net outflows of £302m when outflows from segregated mandates of £604m were factored in.

Jupiter chief executive Edward Bonham Carter says: “Against a challenging market backdrop, it was encouraging that we saw strong investment performance, positive net mutual fund flows and growth in assets under management over the last six months.

“Our financial position remains robust with a further repayment of £33m from our bank facility and operating margins remaining above 50 per cent.

“Although the economic outlook remains uncertain, we believe we are well placed to capitalise on long-term structural drivers and remain confident of delivering value across the cycle.” 

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