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Jupiter Fund Management first half AUM falls amid fund outflows

Friday, 27th July 2018
Jupiter Fund Management reported Friday first-half profit rose but assets under management fell 4% weighed downed by mutual fund outflows.

For the six months to June 30, pre-tax profit rose 3% to £96.5m from £93.9bn the same time last year.

Assets under management fell 4% to £48.2bn, down from £50.2bn at the December end weighed down by net fund outflows of £2.3bn, compared to inflows £3.6bn a year earlier.

The company recorded mutual fund outflows of £1.9bn -- compared with £3.4bn inflows this time last year ? which it said were driven by redemptions from a single product within its fixed income strategy.

First-half net revenues rose 10% to £214.8m supported by a 7% jump in management fees to £199.2m.

Jupiter also announced that 80% of mutual funds under management assets under management were performing above the sector median after all fees, down from 81% a year earlier.




Story provided by StockMarketWire.com

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