Jupiter powers on despite hit from new rules

Michael Bow
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JUPITER Fund Management attracted an extra £209m of people’s savings into funds last quarter, despite regulatory changes dragging down one of its main sources of business.

The group said the retail distribution review slowed funds referred from independent financial advisers (IFAs), as they re-jigged business models to cope.

Net flows into the group’s flagship mutual funds hit £247m, slower than the last two quarters but better than last year when the company had £55m flowing in.

The future sale of fund platform Cofunds, which Jupiter co-owned, to insurer Legal & General in March will net £16.5m in proceeds, which will go towards paying off a £78m gross debt pile recorded at the end of December 2012, it said yesterday.

Assets under management now stand at £29.1bn, up 11 per cent.