Net fund inflows climbed to £1.6bn in the year – compared to £528m in 2011 – concentrated into vehicles at the cautious end of the spectrum.
Jupiter said it had seen increased demand for equity products as client risk appetite increased towards the end of the year. Assets under management in funds climbed to £20.6bn from £17.2bn in 2011.
Jupiter said its wider product range had been hit by a single segregated outflow of £0.6bn, while flows into private client business were held back by the withdrawal of a single large client portfolio.
The company said its Sicav range, which is sold predominantly to international clients, was also hit buy the withdrawal of a single large segregated mandate of £600m. At the end of December teh Sicav had an AUM of £1.9bn.
Overall net sales were £966m in 2012, compared to £746m in 2011. Total assets under management climbed to £26.3bn, up from £22.8bn.
Jupiter chief executive, Edward Bonham Carter, spoke of an “increasingly robust balance sheet and confidence in our growth prospects” which has prompted the asset manager to increase its total dividend from 7.8p to 8.8p.
Profits up/revenues down
Pre-tax profits were £73.6bn in 2012, up from £70.3bn a year earlier. However, net revenues fell to £244.5m from £248.5m.
Looking ahead, Bonham Carter said that while it is possible that the current markets rally could be sustained, in reality not much has changed in the economic outlook from a year ago and markets are still facing several long-term challenges.
“While savers across Europe remain squeezed in the short term due to low wage growth and increases in the cost of living, the structural growth drivers for the savings market remain intact,” he said.
“Jupiter is renowned for its brand strength and ability to deliver outperformance over the long term and we are looking forward to capitalising on the growth opportunities available to us, both in the UK and internationally, in order to deliver strong returns for clients and shareholders.”
