Jupiter Fund Management boosts dividend on AUM growth
London-listed wealth manager Jupiter Fund Management boosted its dividend on Thursday after its assets under management crept higher in 2014, lifting group pre-tax profits.
Financial Services
13,969.36
17:09 25/04/24
FTSE 250
19,601.98
17:09 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
Jupiter Fund Management
74.80p
16:40 25/04/24
Jupiter reported assets under management (AUM) rose 0.6% to £31.9bn last year from £31.7 in 2013, despite inflows slowing 25% to £900m from £1.2bn the previous year.
The disposal of its private clients contracts to Rathbone Brothers propped up Jupiter’s pre-tax profit 40.4% to £160m, while net revenue increased 5% to £303m.
As such, the asset manager hiked its dividend to 9.5p per share, up from 9.1p per share, giving it a total dividend payout of 13.2p for the year, up 4.8% from the 12.6p in 2013.
It also declared a special dividend of 11.5p per share, with 6.6p to be generated from earnings and 4.9p from the sale of private client contracts.
Jupiter's results followed peer Henderson's on Wednesday, which struck a similar tone by reporting a rise in profits but slowing client inflows. That said, chief executive Maarten Slendebroek said the group has made encouraging progress on diversifying and growing its core mutual fund franchise.
“Positive investment performance, healthy organic inflows and an efficient operating platform, combined with the sale of our private client contracts, has seen continued value creation for our clients and total dividends double,” he added.