The UK’s Jupiter Asset Management “beat consensus” and saw its assets under management grow to a new high in 2020 despite heavily concentrated outflows in the first quarter.
By the end of the year, managed assets reached £58.7 billion, largely driven by the fund manager’s acquisition of Merian Global Investors which added £17 billion in assets.
Against a backdrop of heightened uncertainty, the firm said it beat consensus with nearly an 18% increase in net revenue.
Jupiter experienced net outflows of £4 billion for the year, mostly in the first three months as investors sought liquidity. Gross inflows of £16.5 billion offset this overall.
After a tough first quarter, Jupiter strategies subsequently recorded three consecutive quarters of positive net flows.
Chief executive Andrew Formica, said: “This is a year where we made significant progress against our strategic objectives and laid strong foundations for future growth, despite the disruptive impact on financial markets and businesses brought by Covid-19.”
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