Jupiter Fund Management H1 Earnings Call Highlights

Jupiter reported a strong interim period with assets under management reaching a record GBP 73.7 billion, up 36% from year-end, helped by positive net inflows and better investment performance. Gross inflows rose 45% year over year to just under GBP 11 billion, led by the retail channel. Investment performance improved across the business, with 77% of pre-existing Jupiter mutual fund assets outperforming over three years and strong inflows into European equities, UK equities and systematic strategies. Europe was the biggest regional contributor, while the UK saw some redemptions tied to specific mandates rather than performance issues. CCLA integration is progressing ahead of plan, with Jupiter now expecting at least GBP 17 million in annualized savings by the end of 2027, up from an initial target of GBP 16 million. Management said the deal contributed more than GBP 5 million to underlying profit in the five months since completion and is being integrated faster than expected.

Jupiter Fund Management LON: JUP reported what Chief Executive Matthew Beesley called “a strong set of results” for its 2026 interim period, citing higher assets under management, positive net inflows, improved investment performance and progress integrating CCLA. Beesley said the business had continued to build on momentum seen toward the end of 2025, despite a more challenging geopolitical backdrop in the second quarter. He said Jupiter generated gross inflows of just under GBP 11 billion in the first half, a 45% increase from the prior-year period, with more than GBP 9 billion coming through the retail channel.

“We have reported another positive period of net inflows despite a more challenging geopolitical environment in the second quarter,” Beesley said. He added that the retail and wholesale channel was the largest driver of the positive result. Assets Under Management Reach Record High Wayne Mepham, Jupiter’s chief financial and operating officer, said the company ended June with assets under management of GBP 73.7 billion, up 36% from year-end. The increase reflected the addition of CCLA as well as continued growth in the pre-existing Jupiter business. Mepham said average AUM for the pre-existing Jupiter business rose to nearly GBP 57 billion and closed at more than GBP 59 billion, up nearly 10% from year-end. CCLA AUM remained broadly stable at GBP 14.6 billion, though its mix shifted slightly toward money market funds, which modestly reduced the average fee rate. Excluding CCLA, management fees rose more than 10% compared with the second half of last year, driven by higher average AUM. Mepham said average fee rates softened slightly because of business mix. He maintained expectations for a fee rate of around 63 basis points for the pre-existing Jupiter business and 42 basis points for CCLA for the full year. Investment Performance and Flows Improve Beesley said investment performance remained “critical” to Jupiter’s ongoing success and had improved over the key three-year period. For the pre-existing Jupiter mutual fund business, 77% of assets were outperforming over three years, up nine percentage points from the full year, helped in part by a turnaround in Dynamic Bond performance. Over one year, 80% of assets were outperforming, while the five-year figure stood at 68%. Beesley said all pre-existing Jupiter investment capabilities saw material increases in gross inflows compared with the same period last year. European equities and UK equities were up nearly 100% and 200%, respectively. Systematic equities continued to drive client demand, not only in Global Equity Absolute Return, or GEAR, but across strategies including World equity, North American equity and GEARx. Regionally, Beesley said ...