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    JUP   GB00B53P2009

JUPITER FUND MANAGEMENT PLC

(JUP)
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Jupiter Fund Management : Money manager Jupiter's net outflows accelerate, shares fall

07/30/2021 | 02:47am EDT

* Shares down 8% in early trading

* Net outflows of 2.3 bln stg in 6 months to June

July 30 (Reuters) - Shares in London-based Jupiter Fund Management slid on Friday after clients pulled out more money from the asset manager during the first half of the year.

Jupiter's stock price slid 8% to its lowest in more than a year, and by 0856 GMT it was amongst worst performers on the FTSE 250 midcap index.

Net outflows from the fund accelerated to 2.3 billion pounds ($3.21 billion) in the six months to June from 2 billion pounds a year earlier. A huge chunk of that - 1.7 billion pounds - was from its mutual funds.

In contrast, larger rival Schroders earlier this week said it had seen net inflows of 6.4 billion pounds to mutual funds.

Jupiter boss Andrew Formica told Reuters the outflows were partly due to institutional clients shifting to different investment mandates.

"Outside of that, the area that is most disappointing would be UK and European equity ... we just haven't seen the demand from clients who want to allocate to this," he said.

Money managers have had a generally good year as rock bottom interest rates and a boom in savings during the pandemic led people to invest more with them.

Jupiter also joined industry peers in reporting record assets under management, which were up 54% to 60.3 billion pounds, boosting underlying profit by 38% to 78.2 million pounds. But concerns over its net outflows spooked investors.

"Gross flows are said to be higher, which might offer some encouragement, but consensus already assumes a recovery, and expected things to be better already," Panmure Gordon analysts said.

Jupiter said the integration of rival Merian Global Investors, which it bought last year, was now complete, with cost savings significantly exceeding its initial expectations. It kept its interim dividend unchanged at 7.9 pence per share.

($1 = 0.7156 pounds) (Reporting by Muvija M in Bengaluru; Editing by Uttaresh.V, John O'Donnell and Jan Harvey)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
JUPITER FUND MANAGEMENT PLC -0.73% 250.2 Delayed Quote.-10.91%
SCHRODERS PLC -0.89% 3682 Delayed Quote.10.82%
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Analyst Recommendations on JUPITER FUND MANAGEMENT PLC
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Financials
Sales 2021 524 M 719 M 719 M
Net income 2021 141 M 194 M 194 M
Net cash 2021 130 M 178 M 178 M
P/E ratio 2021 10,1x
Yield 2021 7,09%
Capitalization 1 366 M 1 876 M 1 874 M
EV / Sales 2021 2,36x
EV / Sales 2022 2,42x
Nbr of Employees 590
Free-Float 75,0%
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Jupiter Fund Management Plc Technical Analysis Chart | JUP | GB00B53P2009 | MarketScreener
Technical analysis trends JUPITER FUND MANAGEMENT PLC
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Last Close Price 251,60 GBX
Average target price 294,85 GBX
Spread / Average Target 17,2%
EPS Revisions
Managers and Directors
Andrew James Formica Chief Executive Officer & Executive Director
Wayne Mepham Chief Financial Officer & Executive Director
Nichola Pease Non-Executive Chairman
Paula Marion Moore Chief Operating Officer
Stephen Brian Pearson Chief Investment Officer
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