Last checked at 26 Apr 2022 07:00
Trading Update and Notice of Results |
26 April 2022
Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2022.
Please note that we are presenting our assets under management (AUM) and net flows in a way which is more aligned with our strategic objectives and more reflective of how we measure performance. We are reporting our business divided into three client channels: Retail & wholesale, Institutional and Investment trusts. The Retail & wholesale channel includes AUM from our advisory and discretionary clients, as well as those clients who have invested directly with Jupiter. Institutional clients, such as pension scheme assets, are included within the Institutional channel.
A breakdown of the movements in our AUM on the basis of the prior presentation can be found in the appendix on page 3.
KEY POINTS
· Assets under management closed the period at £55.3bn.
· The decrease of £5.2bn from 31 December 2021 was driven by negative market returns of £3.6bn and net outflows of £1.6bn.
Worsening geopolitical events and inflationary concerns weighed upon client demand throughout the quarter, particularly in the Retail & wholesale channel. As a result, we saw a 'risk off' environment across both equities and fixed income.
The Retail & wholesale channel saw total net outflows of £1.9bn. There was continued lower demand for UK and European-focused equity products and inflationary concerns led to redemptions from our unconstrained fixed income strategies.
These outflows were partially offset by net inflows of over £0.2bn from Institutional clients. This was driven by the funding of a mandate from Brunel into Global Sustainable Equities and two client wins in UK Value equities.
Across both channels, our sustainability-labelled product range continued to see client demand, generating over £0.2bn of net inflows.
| £bn |
| AUM at 31 December 2021 | Q1 2022 net flows | Q1 2022 market returns | AUM at 31 March 2022 |
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| Retail & wholesale |
| 54.2 | (1.9) | (3.0) | 49.3 |
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| Institutional |
| 5.1 | 0.2 | (0.2) | 5.1 |
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| Investment trusts |
| 1.2 | 0.1 | (0.4) | 0.9 |
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| Total |
| 60.5 | (1.6) | (3.6) | 55.3 |
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| of which is invested in mutual funds |
| 50.9 | (1.9) | (3.0) | 46.0 |
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NOTICE OF RESULTS
Jupiter will be issuing Interim results for the period to 30 June 2022 on 29 July 2022 and will host an analyst presentation to discuss the results.
For further information please contact: |
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Jupiter | Alex James (Investors) +44 (0)20 3817 1636 | Despina Constantinides (Media) +44 (0)20 3817 1278 |
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Powerscourt | Justin Griffiths +44 (0)20 7250 1446 | Gilly Lock +44 (0)20 7250 1446 |
LEI Number: 5493003DJ1G01IMQ7S28
Forward-looking statements
This announcement contains forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. Such statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast.
Historic quarterly net flows and AUM |
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| Flows and AUM by quarter |
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| Q1 2021 £bn | Q2 2021 £bn | Q3 2021 £bn | Q4 2021 £bn | Q1 2022 £bn | Q2 2022 £bn | Q3 2022 £bn | Q4 2022 £bn |
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| Total |
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| Opening AUM | 58.7 | 58.8 | 60.3 | 60.7 | 60.5 |
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| Gross inflows | 5.4 | 4.2 | 3.4 | 3.5 | 3.8 |
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| Gross outflows | (6.1) | (5.7) | (4.0) | (4.5) | (5.4) |
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| Net flows | (0.7) | (1.5) | (0.6) | (1.0) | (1.6) |
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| Market returns | 0.8 | 3.0 | 1.0 | 0.8 | (3.6) |
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| Closing AUM | 58.8 | 60.3 | 60.7 | 60.5 | 55.3 |
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| Retail & wholesale |
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| Opening AUM | 52.6 | 52.5 | 54.0 | 54.4 | 54.2 |
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| Gross inflows | 4.9 | 4.1 | 3.2 | 3.4 | 3.3 |
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| Gross outflows | (5.5) | (5.0) | (3.7) | (4.2) | (5.2) |
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| Net flows | (0.6) | (0.9) | (0.5) | (0.8) | (1.9) |
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| Market returns | 0.5 | 2.4 | 0.9 | 0.6 | (3.0) |
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| Closing AUM | 52.5 | 54.0 | 54.4 | 54.2 | 49.3 |
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| Institutional |
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| Opening AUM | 5.2 | 5.2 | 5.1 | 5.1 | 5.1 |
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| Gross inflows | 0.3 | 0.1 | 0.2 | 0.1 | 0.4 |
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| Gross outflows | (0.6) | (0.5) | (0.3) | (0.3) | (0.2) |
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| Net flows | (0.3) | (0.4) | (0.1) | (0.2) | 0.2 |
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| Market returns | 0.3 | 0.3 | 0.1 | 0.2 | (0.2) |
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| Closing AUM | 5.2 | 5.1 | 5.1 | 5.1 | 5.1 |
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| Investment trusts |
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| Opening AUM | 0.9 | 1.1 | 1.2 | 1.2 | 1.2 |
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| Gross inflows | 0.2 | - | - | - | 0.1 |
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| Gross outflows | - | (0.2) | - | - | - |
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| Net flows | 0.2 | (0.2) | - | - | 0.1 |
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| Market returns | - | 0.3 | - | - | (0.4) |
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| Closing AUM | 1.1 | 1.2 | 1.2 | 1.2 | 0.9 |
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Appendix
AUM as at 31 December 2021
£bn |
| Mutual funds | Segregated mandates | Investment trusts | Total |
Retail & wholesale |
| 49.6 | 4.6 | - | 54.2 |
Institutional |
| 1.3 | 3.8 | - | 5.1 |
Investment trusts |
| - | - | 1.2 | 1.2 |
Total |
| 50.9 | 8.4 | 1.2 | 60.5 |
Net flows in Q1 2022
£bn |
| Mutual funds | Segregated mandates | Investment trusts | Total |
Retail & wholesale |
| (1.9) | - | - | (1.9) |
Institutional |
| - | 0.2 | - | 0.2 |
Investment trusts |
| - | - | 0.1 | 0.1 |
Total |
| (1.9) | 0.2 | 0.1 | (1.6) |
AUM as at 31 March 2022
£bn |
| Mutual funds | Segregated mandates | Investment trusts | Total |
Retail & wholesale |
| 44.8 | 4.5 | - | 49.3 |
Institutional |
| 1.2 | 3.9 | - | 5.1 |
Investment trusts |
| - | - | 0.9 | 0.9 |
Total |
| 46.0 | 8.4 | 0.9 | 55.3 |