Jupiter Fund Management PLC

LSE:JUP

Profit Growth: Underlying profit before tax rose to GBP 47.9 million, up 3% from the same period last year.

Net Outflows: The company experienced GBP 3.4 billion of net outflows, mainly due to changes in the Value team and the Chrysalis Investment Trust exit, which were in line with management's expectations.

AUM Stability: Assets under management (AUM) remained largely unchanged at GBP 51.3 billion compared to June 2023, with investment returns offsetting most outflows.

Cost Discipline: Operating costs came in slightly lower than expected, and management identified further cost savings, leading to stronger cost control.

Margins & Revenue: Net revenue declined to GBP 174 million due to lower average fee margins, but the average fee margin is expected to rise in the second half, with a full-year target of 66 basis points reaffirmed.

Dividend: An interim dividend of 3.2p was declared, consistent with the ordinary dividend policy.

Retail Recovery: Underlying retail flows turned net positive, with strong demand for Indian equities, Asian income, and certain fixed income products.

Guidance: Cost and margin guidance for the full year 2024 is expected to be modestly better than previously indicated.