Jupiter saw a small net inflow in the first half of 2023 after five consecutive years of outflows.
Following positive net inflows in the first half of 2022, this is the first 12-month period of net inflows which Jupiter has seen since 2017.
In it half year results, published this morning (July 27), Jupiter revealed assets under management grew by two per cent, ending the period at £52.4bn, up from £48.8bn at the same time last year.
Last year Jupiter saw net outflows of £3.5bn, a slight improvement from the £3.8bn a year before.
The results were welcomed by chief executive Matthew Beesley who said the asset manager had managed to deliver a “robust financial performance” in spite of the volatile market.
Beesley said: “We continue to diversify our client base, with institutional AUM now accounting for 18 per cent of group assets and international AUM at 36 per cent. We have nearly completed the fund rationalisation programme and have identified higher than expected cost savings during the period.
“Our strong capital position allows us to invest for growth and we plan to launch our range of thematic funds by the end of the year.”
Jupiter saw inflows in its both its institutional and international arms, which amounted to £1.7bn and £2bn respectively.
But the company’s retail channel continued to see outflows, with net redemptions from funds of £1.7bn.
These were predominantly from areas which remained short of client demand, such as UK and European equities and the Merlin fund of funds range, despite the latter’s ongoing strong
performance.
Beesley added that Jupiter will be returning capital to its shareholders through a special dividend of 2.9p per share, payable in September.
It is still focusing on cost cutting measures and the results showed the company has reduced fixed and variable staff costs by more than £20mn compared to the first half of 2022.
This was primarily driven by lower performance fee-related deferred compensation costs, the report said.
tara.o'connor@ft.com
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