TIDMJUP
RNS Number : 2352L
Jupiter Fund Management PLC
18 April 2018
18 April 2018
Trading Update and Notice of Results
Jupiter Fund Management plc ("Jupiter", the "Group") today
issues its trading update in respect of the three months to 31
March 2018.
HIGHLIGHTS
-- Net outflows in the quarter of GBP1.3bn.
-- AUM at 31 March 2018 decreased to GBP46.9bn.
Maarten Slendebroek, Chief Executive, commented:
"It has been a challenging start to 2018. We have seen a period
of market turbulence together with subdued demand, resulting in net
outflows of GBP1.3bn in the first quarter. As indicated in our
financial results presentation on 27 February 2018, this change in
the flows trend is not unexpected. The growth of assets sourced
from international distribution partners has changed Jupiter's flow
profile to being less predictable in the short term. As a result,
in future we expect to see continued growth but with higher
quarterly differentiation. The continuation of our strategy of
diversification by product, client type and geography and our
approach to active asset management leave us well placed, both
internationally and within the UK across a broad range of
strategies."
ASSETS UNDER MANAGEMENT AND FLOWS
31 December Market/FX 31 March
2017 Q1 net flows movement 2018
GBPm GBPm GBPm GBPm
-------------------- ----------- ------------------------- --------------------------- --------
Mutual funds 43,745 (929) (1,744) 41,072
-------------------- ----------- ------------------------- --------------------------- --------
Segregated mandates 5,208 (306) (288) 4,614
-------------------- ----------- ------------------------- --------------------------- --------
Investment trusts 1,227 (15) (45) 1,167
-------------------- ----------- ------------------------- --------------------------- --------
Total 50,180 (1,250) (2,077) 46,853
-------------------- ----------- ------------------------- --------------------------- --------
Total AUM decreased during the quarter with net outflows and
negative market returns across all channels.
Net mutual fund outflows were GBP0.9bn during the quarter. Our
Fixed Income strategy, responsible for the majority of 2017's
inflows, experienced a quarter of outflows, with clients
withdrawing a net GBP1.1bn of assets in the period. Other
strategies contributed net inflows in the period, with the European
Growth and Multi-Asset strategies in particular experiencing a good
positive quarter. Geographically, the UK was broadly flat during
the quarter, however all other regions contributed net outflows,
with Continental Europe and Asia the most impacted.
We saw net outflows from segregated mandates in the quarter. One
long-standing institutional client withdrew assets as it rebalanced
its portfolio, while across a number of other segregated mandates
we saw inflows.
The Jupiter Global Value Equity Fund (Unit Trust) was launched
in March 2018, further developing our offering in the Value
Equities strategy. The Jupiter Global Sustainable Equities Fund
(Unit Trust) managed by Abbie Llewellyn-Waters was also launched on
9 April 2018.
SUMMARY & OUTLOOK
After 2017's strong flows and financial results, we have faced
more challenging conditions in the first quarter of this year. We
continue to target further diversification by product, client type
and geographic reach as the driver for continued growth in our
business, and we expect to maintain disciplined investment in our
operating model to support this growth.
NOTICE OF RESULTS
Jupiter will be issuing results for the period ended 30 June
2018 on 27 July 2018 and will host an analyst presentation to
discuss the results at 9:00am. The presentation will be held at The
Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.
For further information Investors Media
please contact:
Jupiter Alex Sargent/Investor Kate O'Neill/Corporate
Relations Communications
+44 (0)20 3817 1534/1065 +44 (0)20 3817 1196/1278
Powerscourt Justin Griffiths Matthew Attwood
+44 (0)20 7549 0741 +44 (0)20 3328 9383
LEI Number: 5493003DJ1G01IMQ7S28
Forward-looking statements
This announcement contains forward-looking statements with
respect to the financial condition, results and business of the
Group. By their nature, forward-looking statements involve risk and
uncertainty because they relate to events, and depend on
circumstances, that will occur in the future. Jupiter's actual
results may differ materially from the results expressed or implied
in these forward-looking statements. Nothing in this announcement
should be construed as a profit forecast.
Historic flow and AUM data by quarter
Flows and AUM by
quarter
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Opening AUM 40,543 43,533 46,907 48,431 50,180
Gross inflows 3,981 4,799 3,801 3,880 3,224
Gross outflows (2,675) (2,540) (2,458) (3,310) (4,474)
Net flows 1,306 2,259 1,343 570 (1,250)
Market / FX movements 1,684 1,115 181 1,179 (2,077)
Closing AUM 43,533 46,907 48,431 50,180 46,853
Mutual funds
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Opening AUM 35,216 37,986 40,930 42,319 43,745
Gross inflows 3,864 4,410 3,656 3,624 3,093
Gross outflows (2,462) (2,415) (2,411) (3,166) (4,022)
Net flows 1,402 1,995 1,245 458 (929)
Market / FX movements 1,368 949 144 968 (1,744)
Closing AUM 37,986 40,930 42,319 43,745 41,072
Segregated mandates
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Opening AUM 4,244 4,394 4,708 4,896 5,208
Gross inflows 117 308 142 231 129
Gross outflows (210) (119) (31) (74) (435)
Net flows (93) 189 111 157 (306)
Market / FX movements 243 125 77 155 (288)
Closing AUM 4,394 4,708 4,896 5,208 4,614
Investment trusts
---------------------- ------- ------- ------- ------- ------- ------- ------- -------
Opening AUM 1,083 1,153 1,269 1,216 1,227
Gross inflows - 81 3 25 2
Gross outflows (3) (6) (16) (70) (17)
Net flows (3) 75 (13) (45) (15)
Market / FX movements 73 41 (40) 56 (45)
Closing AUM 1,153 1,269 1,216 1,227 1,167
This information is provided by RNS
The company news service from the London Stock Exchange
END
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