Jupiter sees assets decline after sale

Jupiter Asset Management has seen its total assets under management (AUM) dip with the completion of its private clients and charities operations.

According to Jupiter’s third quarter (Q3) interim management statement, the firm’s total AUM was down by £1.4 billion (€1.8 billion) to £31.7 billion, in contrast to the closing AUM for Q2, which ended up by £894 million.

Jupiter sold its private clients business to Rathbone Investment Management for £2.2 billion. The deal completed in September and Jupiter plans to distribute an estimated £22 million in net proceeds to shareholders by special dividend after the 2014 full year results.

The quarter also saw mutual fund outflows of £50 million, as Jupiter closed its Cash and Global Energy unit trusts, due to concerns that the funds would not reach profitable scale. During the fourth quarter, the £234 million Second Split Investment Trust will also be closed as it comes to the end of its lifespan.

Overall, mutual fund net inflows were £231 million, with top selling funds including the Dynamic Bond, Strategic Bond and Income Trust.

The firm’s overall net flows for Q3 were £218 million, less than half of the £721 million net flows during the second quarter of the year.

Maarten Slendebroek, chief executive, says: “This has been a busy period for Jupiter with the completion of the sale of its private client operations, an important strategic step which allows us to increase our focus on our mutual fund franchise.”

©2014 funds europe

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