Jupiter sees revenue jump
Jupiter Fund Management said on Tuesday it expects to post a 15 percent rise in its first-half net revenues to £126.5-129m, after posting new inflows in the five months to the end of May.
The UK fund management house also said a group of shareholders – including chief executive Edward Bonham Carter – is placing up to £31.3M existing ordinary shares to institutional investors, equal to up to 6.8 per cent of the company’s issued share capital.
Jupiter attracted £623m in net inflows in the first five months of 2011, mainly due to its mutual funds, boosting assets under management to £24.8bn.
Net revenues for half year to 30 June are expected to range between 126.5 million pounds and £129m, against £111.2m a year ago.
The expected rise in net revenues was mainly due to increased net management fees. The figure includes £4.5m performance fees, “reflecting crystallisations to the end of May only.”