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3 years ago
UPDATE 1-Overseas growth lifts Jupiter's profits by more than half
February 27, 2014 / 10:11 AM / 3 years ago

UPDATE 1-Overseas growth lifts Jupiter's profits by more than half

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* Underlying earnings per share up 33 pct to 25.2 pence

* Assets under management at record high of 31.7 billion

By Jemima Kelly

LONDON, Feb 27 (Reuters) - Britain's Jupiter Fund Management said its pre-tax profit grew by more than half in 2013, driven by a move to internationalise the business and strong fixed-income returns for the traditionally equities-focused firm.

The FTSE 250 company posted full-year profit before tax of 114.1 million pounds ($189.83 million), up from 73.6 million in 2012. It proposed a dividend of 12.6 pence per share, up 43 percent on last year and ahead of analyst expectations.

Jupiter's results reflect a rebound by developed-economy-focused British fund managers which, despite increasing regulatory pressure, are benefiting from revived markets.

Henderson and St James's Place both posted strong results earlier this week.

"The international flows made a really meaningful impact ... with continental Europe particularly important," Maarten Slendebroek, who will replace Edward Bonham Carter as chief executive in March, said on Thursday.

The appointment of Slendebroek, who joined Jupiter from BlackRock in 2012 and is currently in charge of distribution and strategy, is seen by insiders as part of a move to internationalise the company's client base and step up marketing and sales efforts.

The incoming CEO said fixed income was the chief contributor to Jupiter's net inflows for the first time.

Jupiter said assets under management were at a record high of 31.7 billion pounds, with clients adding 1.2 billion pounds more than they took out over the year.

The fund manager said it was still exploring the sale of its wealth management business, an idea it has previously floated.

Bonham Carter steps down on March 17 after 14 years as chief executive, but will remain at the company as vice chairman.

Jupiter's shares were up more than 4 percent on Thursday.

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