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Jupiter tight-lipped on wealth sale as assets burst £30bn

Jupiter tight-lipped on wealth sale as assets burst £30bn

Assets under management at Jupiter Fund Management grew by 20% in 2013 to £31.7 billion, the group has confirmed.

Cumulative net mutual fund inflows hit £1.2 billion for the year, with Jupiter attracting £458 million in the three months to 31 December 2013.

Edward Bonham Carter (pictured), Jupiter’s chief executive, attributed the flows to ‘improved client sentiment and strong delivery from our increasingly broad distribution network’.

Jupiter highlighted Ariel Bezalel's Strategic Bond and Dynamic Bond funds, Citywire AAA-rated Ben Whitmore's UK Special Situations and + rated Alexander Darwall's European funds as strong sellers during the past quarter.

However, Jupiter made no mention of the potential sale of its wealth business, with Rathbones, Quilter Cheviot and Towry among those linked with a possible bid earlier this week.

The numbers showed the division experienced an outflow of £10 million in the final three months of 2013.     O

In a statement to the Stock Exchange accompanying the update the firm said: ‘We continue to believe in the long-term growth prospects for the savings market. As we extend our relationships with key distributors on a global basis, we are confident we can continue to deliver profitable growth at attractive margins and, within our sustainable balance sheet structure, share the rewards of this growth with our investors.’

Numis analyst David McCann supposed that the mooted sale of the private client division for £50 million could prompt Jupiter to pay a special dividend of up to 11p.

McCann added: ‘With a significant bias to equities, distributed to retail investors, we believe Jupiter is one of the most favourably exposed to a sustained improvement in investor risk appetite for both flows and performance.

‘We continue to believe the main value in Jupiter lies in its long term potential to exploit a structural growth opportunity in the retail savings market from the shift from defined benefit (institutional) to defined contribution (retail) pensions.’

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Ben Whitmore
Ben Whitmore
95/148 in Equity - UK (All Companies) (Performance over 3 years) Average Total Return: 44.74%
Ariel Bezalel
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21/54 in Bonds - Sterling Strategic Bond (Performance over 3 years) Average Total Return: 22.70%
Alexander Darwall
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23/82 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 66.03%
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