It was very much a tale of two halves for Jupiter Fund Management last year, with strong advances in the first half tempered by more volatile conditions later on. Inevitably, this led to a fall in assets under management as markets weakened but, crucially, there was a net £746m inflow of funds.
The lion's share of group revenue comes from management fees which rose from £204.7m to £226m, and helped to boost pre-tax profits 66 per cent to £70.3m. And some pretty neat footwork by the group's fund managers in quickly adopting a more defensive position as conditions deteriorated helped to maintain a strong investment performance. Indeed, 27 of the 51 mutual funds in operation outperformed their benchmarks.
Cash generation remained strong, allowing gross debt to be halved and leaving a net cash balance of £7.4m.
