Jupiter fortunes turn

Jupiter’s AUM increased £3bn in the first half of the year following net mutual fund inflows of £426m, in what has been described as a period of robust performance by the firm’s chief executive.

Jupiter fortunes turn

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The report shows the firm has fared far better than last year, generating profit before tax of £59.1bn, almost double that for the same period last year which hit £31.2bn, and net cash of £113.3m, a significant increase from the £1m it held last year.

The firm has increased its interim dividend by 40%, to 3.5p per share for 2013.

Its first quarterly statement of the year showed a subdued start to 2013, which was attributed to RDR and the partial loss of a mandate. 

In a statement to the stock exchange, the group said: “Although financial markets remained volatile, Jupiter’s fund managers continued to demonstrate their ability to deliver strong returns for clients, with 67 per cent. of our mutual fund assets delivering outperformance after fees over the three years to 30 June 2013. 

"Our performance record, brand and distribution capabilities, together with our growing financial strength, puts us in a strong position from which to benefit from the long-term structural drivers supporting growth in the savings industry in the UK and, as we build out our relationships with key distributors on a global basis, in other markets. We are confident these factors will enable us to continue delivering profitable growth at attractive margins and, within our sustainable balance sheet structure, to share the rewards of this growth through dividend progression.

 

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