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Jupiter Fund Mgmt - Trading Statement

RNS Number : 2648C
Jupiter Fund Management PLC
16 October 2020
 
Trading Update and Notice of Results

 

16 October 2020

 

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 30 September 2020.

 

HIGHLIGHTS

 

·      Acquisition of Merian Global Investors ("Merian") introduced £16.6bn of AUM on 1 July 2020, with operational integration achieved by 30 September 2020.

 

·      Net outflows in the quarter of £1.0bn, partially offset by £0.8bn of market returns.

 

·      AUM at 30 September 2020 of £55.7bn, an increase of £16.5bn in the quarter driven by the acquisition of Merian.

 

 

JUPITER GROUP

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

30 Jun 2020
£m

Acquisition
£m

    Q3 net flows           £m

Market returns
£m

30 Sep 2020
£m

Mutual funds

34,264

13,970

(746)

770

48,258

Segregated mandates

4,668

2,375

(197)

(62)

6,784

Investment trusts

276

294

(10)

92

652

Total

39,208

16,639

(953)

800

55,694

 

 

Net outflows comprised £0.1bn of net inflows in Jupiter branded products offset by £1.0bn of net outflows in Merian branded products.

 

 

 

JUPITER BRANDED PRODUCTS

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

30 Jun 2020
£m

Acquisition
£m

    Q3 net flows           £m

Market returns
£m

30 Sep 2020
£m

Mutual funds

34,264

-

272

153

34,689

Segregated mandates

4,668

-

(206)

(85)

4,377

Investment trusts

276

-

(10)

6

272

Total

39,208

-

56

74

39,338

 

 

Net mutual fund inflows within the Jupiter branded products were £0.3bn during the quarter, of which £0.9bn were from the Fixed Income strategy.

 

Segregated mandates saw £0.2bn of net outflows during the quarter. Inflows included the funding of the second client win through the strategic partnership with NZS Capital which was offset principally by outflows from two clients, one of which related to the resignation of a fund manager.

 

 

 

MERIAN BRANDED PRODUCTS

 

ASSETS UNDER MANAGEMENT AND FLOWS

 

 

 

 

 

 

 

 

30 Jun 2020
£m

Acquisition
£m

    Q3 net flows                       £m

Market returns
£m

30 Sep 2020
£m

Mutual funds

-

13,970

(1,018)

617

13,569

Segregated mandates

-

2,375

9

23

2,407

Investment trusts

-

294

-

86

380

Total

-

16,639

(1,009)

726

16,356

 

 

Net mutual fund outflows within the Merian branded products were £1.0bn during the quarter of which £0.2bn were from the Global Equity Absolute Return fund, £0.4bn from the Systematic strategy and £0.1bn from funds where there was a change of fund manager relating to the acquisition.

 

The Global Equity Absolute Return fund ended the period with £1.1bn of AUM.

 

 

NOTICE OF RESULTS

 

Jupiter will be issuing results for the year ending 31 December 2020 on 26 February 2021 and will host an analyst presentation to discuss the results at 9:00am. At present, we expect the presentation to be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. This is dependent on the UK government's applicable guidance at the time in respect of the coronavirus outbreak.

 

 

For further information please contact:

 

Investors

Media

 

 

Jupiter

Investor Relations

+44 (0)20 3817 1065

Despina Constantinides/Corporate Communications

+44 (0)20 3817 1196/1278

 

 

 

 

 

 

 

 

 

Powerscourt

Justin Griffiths

+44 (0)20 7549 0999

 

 

 

           

 

LEI Number: 5493003DJ1G01IMQ7S28

 

 

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.

 

 

 

Jupiter Group

 

Historic AUM and flows by quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Flows and AUM by quarter

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2019

£m

Q2 2019

£m

Q3 2019

£m

Q4 2019

£m

Q1 2020

£m

Q2 2020

£m

Q3 2020

£m

Q4 2020

£m

 

 

Total

 

 

 

 

 

 

 

 

 

 

Opening AUM

42,673

44,061

45,908

45,089

42,831

34,985

39,208

 

 

 

Acquisition

-

-

-

-

-

-

16,639

 

 

 

Gross inflows

3,259

3,280

4,014

2,856

4,065

3,075

4,422

 

 

 

Gross outflows

(3,741)

(3,883)

(5,329)

(4,984)

(6,383)

(2,770)

(5,375)

 

 

 

Net flows

(482)

(603)

(1,315)

(2,128)

(2,318)

305

(953)

 

 

 

Market returns

1,870

2,450

496

(130)

(5,528)

3,918

800

 

 

 

Closing AUM

44,061

45,908

45,089

42,831

34,985

39,208

55,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

Opening AUM

36,940

37,473

38,983

38,461

37,692

30,671

34,264

 

 

 

Acquisition

-

-

-

-

-

-

13,970

 

 

 

Gross inflows

2,697

3,034

3,017

2,638

3,353

2,823

4,057

 

 

 

Gross outflows

(3,688)

(3,608)

(3,973)

(3,189)

(6,244)

(2,603)

(4,803)

 

 

 

Net flows

(991)

(574)

(956)

(551)

(2,891)

220

(746)

 

 

 

Market returns

1,524

2,084

434

(218)

(4,130)

3,373

770

 

 

 

Closing AUM

37,473

38,983

38,461

37,692

30,671

34,264

48,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segregated mandates

 

 

 

 

 

 

 

 

 

 

Opening AUM

4,577

5,348

5,568

5,266

4,811

4,084

4,668

 

 

 

Acquisition

-

-

-

-

-

-

2,375

 

 

 

Gross inflows

561

246

996

218

712

252

365

 

 

 

Gross outflows

(48)

(269)

(1,344)

(836)

(137)

(164)

(562)

 

 

 

Net flows

513

(23)

(348)

(618)

575

88

(197)

 

 

 

Market returns

258

243

46

163

(1,302)

496

(62)

 

 

 

Closing AUM

5,348

5,568

5,266

4,811

4,084

4,668

6,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment trusts

 

 

 

 

 

 

 

 

 

 

Opening AUM

1,156

1,240

1,357

1,362

328

230

276

 

 

 

Acquisition

-

-

-

-

-

-

294

 

 

 

Gross inflows

1

0

1

0

0

0

0

 

 

 

Gross outflows

(5)

(6)

(12)

(959)

(2)

(3)

(10)

 

 

 

Net flows

(4)

(6)

(11)

(959)

(2)

(3)

(10)

 

 

 

Market returns

88

123

16

(75)

(96)

49

92

 

 

 

Closing AUM

1,240

1,357

1,362

328

230

276

652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jupiter branded products

 

Historic AUM and flows by quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Flows and AUM by quarter

 

 

 

 

 

 

 

 

 

 

 

 

Q1 2019

£m

Q2 2019

£m

Q3 2019

£m

Q4 2019

£m

Q1 2020

£m

Q2 2020

£m

Q3 2020

£m

Q4 2020

£m

 

 

Total

 

 

 

 

 

 

 

 

 

 

Opening AUM

42,673

44,061

45,908

45,089

42,831

34,985

39,208

 

 

 

Gross inflows

3,259

3,280

4,014

2,856

4,065

3,075

3,015

 

 

 

Gross outflows

(3,741)

(3,883)

(5,329)

(4,984)

(6,383)

(2,770)

(2,959)

 

 

 

Net flows

(482)

(603)

(1,315)

(2,128)

(2,318)

305

56

 

 

 

Market returns

1,870

2,450

496

(130)

(5,528)

3,918

74

 

 

 

Closing AUM

44,061

45,908

45,089

42,831

34,985

39,208

39,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

Opening AUM

36,940

37,473

38,983

38,461

37,692

30,671

34,264

 

 

 

Gross inflows

2,697

3,034

3,017

2,638

3,353

2,823

2,697

 

 

 

Gross outflows

(3,688)

(3,608)

(3,973)

(3,189)

(6,244)

(2,603)

(2,425)

 

 

 

Net flows

(991)

(574)

(956)

(551)

(2,891)

220

272

 

 

 

Market returns

1,524

2,084

434

(218)

(4,130)

3,373

153

 

 

 

Closing AUM

37,473

38,983

38,461

37,692

30,671

34,264

34,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segregated mandates

 

 

 

 

 

 

 

 

 

 

Opening AUM

4,577

5,348

5,568

5,266

4,811

4,084

4,668

 

 

 

Gross inflows

561

246

996

218

712

252

318

 

 

 

Gross outflows

(48)

(269)

(1,344)

(836)

(137)

(164)

(524)

 

 

 

Net flows

513

(23)

(348)

(618)

575

88

(206)

 

 

 

Market returns

258

243

46

163

(1,302)

496

(85)

 

 

 

Closing AUM

5,348

5,568

5,266

4,811

4,084

4,668

4,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment trusts

 

 

 

 

 

 

 

 

 

 

Opening AUM

1,156

1,240

1,357

1,362

328

230

276

 

 

 

Gross inflows

1

0

1

0

0

0

0

 

 

 

Gross outflows

(5)

(6)

(12)

(959)

(2)

(3)

(10)

 

 

 

Net flows

(4)

(6)

(11)

(959)

(2)

(3)

(10)

 

 

 

Market returns

88

123

16

(75)

(96)

49

6

 

 

 

Closing AUM

1,240

1,357

1,362

328

230

276

272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Merian branded products

 

Historic AUM and flows by quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

Flows and AUM by quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1 20201

£m

Q2 20201

£m

Q3 2020

£m

Q4 2020

£m

 

 

Total

 

 

 

 

 

 

 

 

 

 

Opening AUM

 

 

 

 

22,405

15,652

16,639

 

 

 

Gross inflows

 

 

 

 

1,991

1,392

1,407

 

 

 

Gross outflows

 

 

 

 

(4,589)

(3,121)

(2,416)

 

 

 

Net flows

 

 

 

 

(2,598)

(1,729)

(1,009)

 

 

 

Market returns

 

 

 

 

(4,155)

2,716

726

 

 

 

Closing AUM

 

 

 

 

15,652

16,639

16,356

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

 

 

 

 

 

 

 

 

Opening AUM

 

 

 

 

19,386

13,302

13,970

 

 

 

Gross inflows

 

 

 

 

1,908

1,347

1,360

 

 

 

Gross outflows

 

 

 

 

(4,498)

(3,013)

(2,378)

 

 

 

Net flows

 

 

 

 

(2,590)

(1,666)

(1,018)

 

 

 

Market returns

 

 

 

 

(3,494)

2,334

617

 

 

 

Closing AUM

 

 

 

 

13,302

13,970

13,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segregated mandates

 

 

 

 

 

 

 

 

 

 

Opening AUM

 

 

 

 

2,705

2,124

2,375

 

 

 

Gross inflows

 

 

 

 

75

45

47

 

 

 

Gross outflows

 

 

 

 

(83)

(108)

(38)

 

 

 

Net flows

 

 

 

 

(8)

(63)

9

 

 

 

Market returns

 

 

 

 

(573)

314

23

 

 

 

Closing AUM

 

 

 

 

2,124

2,375

2,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment trusts

 

 

 

 

 

 

 

 

 

 

Opening AUM

 

 

 

 

314

226

294

 

 

 

Gross inflows

 

 

 

 

8

0

0

 

 

 

Gross outflows

 

 

 

 

(8)

0

0

 

 

 

Net flows

 

 

 

 

0

0

0

 

 

 

Market returns

 

 

 

 

(88)

68

86

 

 

 

Closing AUM

 

 

 

 

226

294

380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 Q1 and Q2 2020 represent the AUM, flows and market returns of Merian prior to acquisition by the Group.

 

 

 

Jupiter Group

Proforma historic AUM and flows by quarter

 

 

 

 

 

 

 

Q1 20202
£m

Q2 20202
£m

Q3 2020
£m

Opening AUM

65,236

50,637

55,847

Flows

 

 

 

                  Global Equity Absolute Return

(1,401)

(260)

(206)

                  Systematic

(967)

(619)

(411)

                  Change of fund manager

-

(464)

(313)

                  Other

(2,548)

(81)

(23)

Market returns

(9,683)

6,634

800

Closing AUM

50,637

55,847

55,694

 

2 Q1 and Q2 2020 are proforma and include the AUM, flows and market returns of Merian prior to acquisition by the Group.

 

 

 

Net outflows for Q3 2020 resulting from changes of fund manager of £0.3bn principally relate to the Jupiter European Special Situations fund and related segregated mandate. Net outflows relating to fund manager changes in the proforma Q2 2020 flows relate to Merian branded products, with further outflows in Q3 2020, of which the majority was from one client. In addition, the Group has been notified of further outflows of £0.3bn from the Merian branded products in Q4 2020 associated with the change of fund manager.

 

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