(Adds details, background)
July 30 (Reuters) - British money manager Jupiter Fund
Management posted a surge in half-year profit on Friday,
with assets under management (AUM) touching record levels.
Chief Executive Andrew Formica, however, acknowledged that
it was disappointing to see that the company recorded net
outflows for the period.
Jupiter, which bought rival Merian Global Investors last
year, said AUM jumped 54% year-on-year to 60.3 billion pounds
($84.04 billion) and gross inflows were 9.6 billion pounds,
aiding a 38% rise in underlying profit to 78.2 million pounds.
The company said Merian was now fully integrated, with cost
savings significantly exceeding its initial expectations. It
kept interim dividend unchanged at 7.9 pence per share.
Schroders and three other London-listed money
managers reported robust inflows this week as savings rates
swelled during lockdowns.
($1 = 0.7175 pounds)
(Reporting by Muvija M in Bengaluru; editing by Uttaresh.V and
John O'Donnell)