Listed Jupiter Asset Management today released its results for the six months to 30 June 2021 and the firm looks back on track after difficult few years which among others, has seen fromer Janus Henderson co-CEO Andrew Formica take the helm.
In a statement to the market this morning Jupiter said that the acquisition and integration of Merian has driven strong growth in assets under management (AUM) and financial performance compared with the prior year. What the firm did not mention was that the acquisition catapulted it up the league table of notorious dog funds from ninth position to second, due in no small part to the “American pitbull sized” Merian North American equity fund.
The firm also reported that 69 percent of mutual fund AUM was outperforming the median over 3 years and 72 percent over 5 years. By the end of the reporting period, 30 June, the all important AUM had increased by 54 percent to £60.3 billion.
Underlying profit before tax increased 38 percent to £78.2 million and underlying earnings per share grew 15 percent to 11.5p. Despite these increases, the dividend remains unchanged at 7.9p per share.
Given the prevalence of all things ESG and related, the firm also reported its AUM in sustainable strategies has risen to over £1 billion.
Despite all the good news, one area which the firm hasn’t been able to change is outflows from its products. During the six months net outflows stood at £2,3 billion although according to Jupiter this was not a reflection on performance, moreover it was simply due to the asset class being out of favour with investors.