Jupiter Fund Management Regulatory News (JUP)

Interim Management Statement

10 October 2014

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2014.

HIGHLIGHTS

§ Assets under management ("AUM") of £31.7 billion as at 30 September 2014 following the successful sale of our private client operations.

§ Net mutual fund inflows of £231 million in the three months to 30 September 2014.

§ Cumulative net mutual fund inflows of £1.1 billion in the nine months to 30 September 2014.

Maarten Slendebroek, Chief Executive, commented:

"This has been a busy period for Jupiter with the completion of the sale of its private client operations, an important strategic step which allows us to increase our focus on our mutual fund franchise. This part of the business continues to be the main driver of growth, contributing a further £0.2 billion of net inflows this quarter."

ASSETS UNDER MANAGEMENT AND FLOWS

On 26 September 2014, Jupiter completed the sale of its private client operations to Rathbone Investment Management Limited ("Rathbones"). The table below reflects the impact of this transaction, showing the near-elimination of the private clients line and the reclassification of 30% of its AUM into other categories as these assets are still managed by the Group after the sale. A small rump of non-fee paying assets will either be transferred to Rathbones or terminated by year end, and these remain separately identified on the private clients line.

Jupiter delivered net mutual fund inflows of £230 million during the third quarter. Top selling funds included Dynamic Bond, Strategic Bond and Income Trust. The overall result was held back by £50 million of outflows following our decision to close the Cash and Global Energy unit trusts in Q4, as we believed these funds would not reach profitable scale. Due to the reclassification of private client assets which remain invested in underlying collective vehicles managed by the Group, mutual funds AUM increased to £26.4 billion at 30 September 2014.

Overall net inflows for the quarter were £218 million and total AUM was £31.7 billion at 30 September 2014. The previously notified loss of a large segregated mandate remains pending and is still within this total. During the fourth quarter, the £234m Second Split investment trust will also be closed as it reaches the end of its life. The closure proposals allow for cash payments to all shareholders, although a tax-efficient rollover option into the Strategic Reserve unit trust is available for Zero Dividend Preference shareholders.

PROCEEDS FROM THE SALE OF PRIVATE CLIENT OPERATIONS

On 26 September 2014, Jupiter completed the sale of its Private Clients & Charities operations to Rathbones. Gross consideration received will be between £39.4 and £39.6 million, with estimated net proceeds after costs and tax of around £22 million. It remains our intention to distribute these net proceeds by special dividend to shareholders after the 2014 full year results.

CORPORATE UPDATE

On 24 September 2014, Jupiter signed an agreement for a 20 year lease for 56,000 square feet in The Zig Zag Building in Victoria. As previously communicated, this will result in administrative expenses increasing by £5 million per annum. from 2015 onwards.

OUTLOOK

We believe that our chosen savings markets offer the prospect of significant long-term growth. As we extend our relationships with key distributors on a global basis, we are confident we can continue to deliver profitable growth at attractive margins and, within our sustainable balance sheet structure, share the rewards of this growth with our investors.

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.

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