Jupiter Fund Management (JUP) H2 2023 earnings summary

Executive summary

• AUM ended 2023 at £52.2bn, up from £50.2bn; net outflows of £2.2bn were offset by £4.2bn of market movements.

• Underlying profit before tax rose to £105.2m from £77.6m, while statutory profit before tax fell to £9.4m after £95.8m of exceptional items.

Financial highlights

• Net revenues were £368.8m, down from £397.3m; net management fees were £354.0m versus £384.8m.

• Operating profit increased to £105.6m from £83.9m; net finance costs fell to £0.4m from £6.3m.

• Performance fees rose to £13.2m from £10.3m, while net initial charges and commissions declined to £1.6m from £2.2m.

Segment performance

• Retail, wholesale and investment trust AUM was £42.2bn, with £4.0bn net outflows and £2.8bn positive market movements; institutional AUM reached £10.0bn, with £1.8bn net inflows.

• Mutual fund AUM-weighted performance: first-quartile rankings were 27% over 1 year, 34% over 3 years and 26% over 5 years; fourth-quartile shares were 36%, 41% and 41%, respectively.

• Offshore mutual fund gross flows rose to £5.2bn in 2023 from £5.4bn in 2022?