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Jupiter assets swell by £0.5 billion in Q1

by Robert St George on Apr 11, 2014 at 09:36

Jupiter assets swell by £0.5 billion in Q1

More than half a billion pounds flowed into Jupiter Fund Management during the first three months of the year.

Jupiter saw its assets under management increase by £547 million, or 1.7%, to £32.2 billion in the first quarter.

‘These flows came predominantly from our mutual fund franchise, which will continue to be the main driver of growth going forward following the recently announced disposal of our private client operations,’ commented Maarten Slendebroek, Jupiter’s chief executive (pictured).

Open-ended funds attracted £465 million during the quarter, with Jupiter highlighting flows into Citywire A-rated Ariel Bezalel’s Strategic Bond and Dynamic Bond funds alongside AA-rated Ben Whitmore’s UK Special Situations and AAA-rated Ian McVeigh’s UK Growth .

Inflows were boosted too by the booking of £159 million into Jupiter’s investment trust business, after it absorbed the US Smaller Companies fund managed by Robert Siddles.

Jupiter also lost £86 million from its segregated mandates, while its private client operations picked up £9 million over the quarter.

The wealth management business was sold to Rathbones earlier this month. At the time of the disposal, approximately 30% of the division’s £2.3 billion of assets was held in Jupiter funds. The firm said it expected to complete the transaction towards the end of the third quarter of 2014.

Jupiter has additionally hired Kames Capital’s head of distribution Martin Harris as head of its institutional business.

‘Historically our institutional distribution efforts have been focused on the UK but, as with mutual funds, our ambitions are global,’ said Simon Hynes, global head of distribution at Jupiter.

Jupiter’s share price, which has risen by 17% over the past year, slipped by 1.5% to £3.98 in early trading this morning.

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