Jupiter inflows up as investor confidence rises

City A.M. Reporter
JUPITER Fund Management said clients added £510m of net inflows at the end of 2013 as more investors bought into its fixed income and equity funds.

In a trading statement yesterday, the fund management firm said assets under management in the last three months of 2013 had increased to £31.7bn, with the strongest performance coming from the company’s core mutual funds business, which saw inflows of £458m.

The figures came in above expectations, with analysts at Credit Suisse having forecast net inflows of £300m, while Numis analysts expected slightly higher inflows of £430m.

Chief executive Edward Bonham Carter said mutual fund inflows were driven by “improved client sentiment and strong delivery from our increasingly broad distribution network”.

Bonham Carter is to hand over leadership of the company to Maarten Slendebroek in March.

Slendebroek joined Jupiter from BlackRock in 2012 and is currently in charge of distribution and strategy.

Analysts at Canaccord Genuity said the boost in assets should help cash generation into the next year, which management should use to “enhance distribution activities in Europe where Jupiter has a weak presence”.

Shares in the group closed 2.26 per cent up at 389p.