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Edward Bonham Carter, Chief Executive, commented: "A year on from Listing, Jupiter continues to deliver strong performance for both clients and shareholders. Assets have increased 25 per cent. since the Listing to nearly £25bn, supported by net inflows of £0.7bn in the first half of 2011; investment performance has been steady with two thirds of our mutual funds ranked above median over three years; and we have captured the benefits of our scalable operating model. These factors have helped grow EBITDA 18 per cent. and further reduce net debt. Given this strong financial performance, we are pleased to report an interim dividend of 2.5p. "With considerable uncertainty over sovereign debts and global growth on both sides of the Atlantic, financial markets are likely to remain volatile. Despite this, with our strong investment performance record, product set and adherence to our strategy of generating outperformance across a wide range of products, we are confident that we can grow the business and provide further returns for our clients and shareholders."
Highlights § Net inflows of £0.7bn driving increase in AUM to £24.8bn § Continued delivery of benefits of scalable operating model, with EBITDA margin increasing to 55 per cent. § Operational cash generation reducing net debt to £36.0m § Maiden interim dividend of 2.5p per share
http://www.investegate.co.uk/Article.aspx?id=201108190700116494M
Citigroup recommends buy Jupiter Fund Management, target price cut from 325p to 300p
CONT The broker has left its "buy" recommendation and target price of 345p unchanged, "although we do recognise the general prevailing sector weakness, with many of the asset managers down approximately 10% over the last month." At 3:02pm (21/6/11) the shares of Jupiter were trading at 247p, down 8.3p on the day.
LONDON (ShareCast) - Jupiter Fund Management expects to show a healthy increase in profits at the halfway stage as assets under management (AuM) continue to climb, but that did not stop some of the fund manager's star names cashing in some of the shares held since before the company's flotation. "Against the backdrop of a more challenging flow environment, Jupiter has continued to make good progress," said chief executive, Edward Bonham-Carter. Despite an upbeat statement, the shares fell back in the morning trading session as the company announced a placing of shares below the prevailing market price. The company placed 26.2m shares owned by directors - including Bonham-Carter - plus high-profile Jupiter employees and their spouses, at 240p per share. The day before the announcement of the placing the mid-market closing price of the shares was 255p. The shares placed represent 5.7% of the company's share capital, and were previously the subject of a 12-month "lock-in" agreements entered into prior to the group's flotation last year. Other individuals taking the opportunity to cash in some of their shareholdings at the earliest opportunity included chief financial officer, Philip Johnson; chief investment officer John Chatfeild-Roberts; chief operating officer, Adrian Creedy; sales and marketing director, Chris Crawford; the head of Income and UK equities teams director, Anthony Nutt; fund manager, UK Equities & Financials Teams, Philip Gibbs. AuM at the end of May stood at £24,821m, up 3% from £24,078m at the end of 2010. Net inflows of £623m accounted of the rise, with market movements responsible for the rest of the £743m increase. The Mutual Funds division saw AuM advance to £18,987m from £18,418m at the end of 2010, thanks to net inflows of £643m, which offset a £74m decline caused by market movements. On the Hedge Fund side, where AuM fell to £105m from the year-end figure of £181m, the group saw outflows of £72m, with most of the outflow arising from the liquidation and reconstruction of the Jupiter Merlin Absolute Return Portfolio, which will allow the fund of funds team to focus on their long-only offerings. Net revenue for the six months to 30 June 2011 is expected to be between £126.5m and £129.0m, the company said, up some 15% from £111.2m at the interim stage last year. This is mainly due to increased net management fees, reflecting average FTSE 100 levels for the first half of 2011 of 5,917, some 10% ahead of the prior year (2010: 5,397), and the contribution from net inflows over the last two years. Net revenues include performance fees of £4.5m (2010: £1.0m), reflecting crystallisations to the end of May only, the company said.
SECONDARY PLACING OF ORDINARY SHARES BY DIRECTORS AND EMPLOYEES OF JUPITER FUND MANAGEMENT PLC ("JUPITER" OR THE "COMPANY") Jupiter announces a secondary placing of up to 31.3 million existing ordinary shares of 2p each in the Company (the "Placing Shares") to institutional investors to be effected by way of an accelerated bookbuild (the "Placing"). The Placing represents up to 6.8% of Jupiter's issued share capital. The Placing Shares are being offered for sale by a group of directors and employees of Jupiter and (in some cases) their spouses (together, the "Selling Shareholders"); such group includes Edward Bonham Carter, John Chatfeild-Roberts, Philip Johnson, Matteo Dante Perruccio, Adrian Creedy, Chris Crawford, Anthony Nutt and Philip Gibbs. Shares held by directors and certain employees of Jupiter are subject to the provisions of the vesting and lock-in agreements entered into prior to the Company's IPO in June 2010 (the "Vesting and Lock-in Arrangements"). A full description of the Vesting and Lock-in Arrangements was included in Jupiter's Price Range Prospectus, published on 2 June 2010. Today is the one year anniversary of Jupiter's admission to the premium listing segment of the Official List of the UK Financial Services Authority and, under the Vesting and Lock-in Arrangements, the first tranche of shares has vested and those shares that were subject to a 12-month lock-in have been released, as a result of which a total of 65.9 million shares have today vested or been released from lock-in. The remaining independent directors and certain other employees of Jupiter have elected not to offer shares for sale in the Placing but have agreed to certain lock-in arrangements in order to facilitate the Placing (such individuals, together with the Selling Shareholders, the "Lock-in Participants"). Immediately prior to the launch of the Placing, the Lock-in Participants held, in aggregate, 116.8 million ordinary shares of 2p each in the Company ("Jupiter shares") shares, of which 46.1 million have vested or been released from the IPO lock-in. Any Jupiter shares held by Lock-in Participants which have vested or been released from the IPO lock-in and which are not sold in the Placing will be subject to a 90-day lock-in. ..............
http://www.investegate.co.uk/Article.aspx?id=201106210700117853I
Jupiter’s quarterly figures were welcomed by the market yesterday, and rightly so. The fund manager attracted net inflows of GBP333m, with increased interest from international investors and strong demand for its fund-of-fund range. The first quarter’s net inflows are an encouraging sign in the current volatile investment world. They may look a little disappointing compared with earlier quarters, but the lower figure is simply a reflection of the more challenging times faced by the industry. Buy, says the Independent.
Inflows slow at Jupiter Date: Monday 18 Apr 2011 LONDON (ShareCast) - Jupiter Fund Management saw assets under management rise 1.57% in the first quarter of 2011, primarily as a result of new funds flowing in. Assets under management rose to £34,453m at the end of March from £24,078m at the end of 2010. Of the £375m gain, £333m was due to net inflows and £42m to market movements. The net inflow of £333m was less than half the fourth quarter 2010 figure of £772m. During the quarter, segregated mandate net outflows of £71m primarily resulted from a single client redeeming part of their portfolio. This decision was taken on fund reconstruction rather than performance grounds, Jupiterthe fund management firm said. The business continues to develop in line with management expectations, it added. Royal Bank of Scotland (RBS) said Jupiter's fund inflows were way lower than the £760m uplift it had expected, and were also below market consensus expectations of £40m as well. “On an annualised basis, the 1Q11 fund flows represent 5.5% of opening FUM [funds under management], a noticeable slowdown from the 11.9% reported in full year 2010,” RBS noted. “That said, the stock remains inexpensive and strongly in positive fund flow territory despite the miss,” RBS
Edward Bonham Carter, Chief Executive, commented: "Against a backdrop of volatile markets and falling UK consumer disposable income, Jupiter has had a steady start to 2011 with net inflows in the first quarter of £333 million." (The Boss does not say much !)
HIGHLIGHTS § Assets under management (AUM) increased to £24.5 billion in the three months to 31 March 2011. § Net inflows of £333 million in the three months to 31 March 2011.
The question is will it hold at this level where it traded during Nov and Jan - if it does not hold then 270 is on the cards. I may buy some monday and save a little incase she drops --- oh the dilemmmas we face !
aertimus - from my last post the drop was due to revenue not being as high as market anticipated. I feel this was rather harsh considering other figure. The 'group' are very enthusiastic about future growth so personally I think this drop was over done...I may dip a toe here. Good luck
Despite pre-tax profits and Assets Under Managing (AUM) both rising, shares in Jupiter Fund Management (JUP) fell 20.25p to 298p after increased revenues for the year ended 31st December 2010 came-in below forecasts. For the 12-months, the group posted a pre-tax profit of 42.4 million pounds, up from 7.2 million pounds a year earlier, as revenue rose 27% to 230.5 million pounds. AUM climbed from 19.5 billion pounds to 24.1 billion pounds. Looking ahead, the group said it sees "considerable" opportunities for growth.
Why the large drop?
Very healthy results indeed - significantly up
Edward Bonham Carter, Chief Executive, commented: "2010 was another successful year for Jupiter with a strong performance for both clients and shareholders. More than 50 per cent. of our mutual funds by AUM were ranked in the first quartile in terms of three year investment performance. Strong net sales of £2.3bn in the year combined with improving market levels to increase AUM from £19.5bn to £24.1bn. These strong sales and AUM numbers form a healthy backdrop to our increase in full year EBITDA to £124.6m from £91.2m. Our Listing on the London Stock Exchange in June 2010 was an important step in the Group's development. It strengthened our ability to retain and attract talented employees, provided shareholders with liquidity and transparency and enabled us to reduce our debt substantially, thus positioning the business for further growth. While volatility is set to remain a key feature for the markets in 2011, we are confident that our targeted approach to developing our distribution channels and product set, together with investment outperformance, sees us well positioned to deliver further growth for clients and generate value for our shareholders."
http://www.investegate.co.uk/Article.aspx?id=201103180700111844D
Jupiter profits rocket By Lee Wild Date: Friday 18 Mar 2011 LONDON (ShareCast) - Fund manager Jupiter, which relisted in June, enjoyed a profit burst in 2010. Profit before tax came in at £42.4m compared with £7.2m in 2009. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 37% o £124.6m. Assets under management increased 24% to £24.1bn as at 31 December 2010 from £19.5bn a year earlier. Net inflows grew by half a billion pounds to £2.3bn, around 1.9bn of which was from the mutual fund operation. “More than 50% of our mutual funds by AUM were ranked in the first quartile in terms of three year investment performance,” boasts chief executive Edward Bonham Carter. But turmoil in the Middle East and the disaster in Japan can cause “significant short term volatility and markets are likely to remain range bound over the medium term as a result,” he warned. There’s a final dividend of 4.7p a share.
excellent results yet again
Just back from holiday and what a welcome home :-) Going to be listed on the ftse250 if that hasn't happened already..
I think you have your answer now. Very Nicely!!