Jupiter Fund Management (JUP) beat analysts' expectations after increasing funds under management by 9 per cent in the first quarter of 2015. A £2bn positive market movement helped, but the most encouraging sign was mutual fund net inflows of £883m, more than double the average quarterly growth last year.
IC TIP:
Buy
at
437p
This is good news, as Jupiter seeks to replace earnings from its disposed private client business and waits to capitalise on the likely changes to the retail savings market born by pension reforms. Broker Numis this week upgraded EPS forecasts to 29.3p, meaning the shares trade on 15 times forward earnings.