Jupiter Fund Management AuM increases in first quarter

Jupiter Fund Management's assets under management (AuM) in the first quarter increased by 10.9 per cent, driven by net inflows from its diverse portfolio.

Jupiter Fund Management's assets under management (AuM) in the first quarter increased by 10.9 per cent, driven by net inflows from its diverse portfolio.

AuM came to £29.14bn in the three months to March 31st 2013, up from the previous quarter's £26.27m.

However, the company blamed new regulation for its lack of UK net mutual fund inflows which came to £247m during the quarter.

Jupiter said Britain's Retail Distribution Review, which was launched this year and bans commission-based selling to consumers, had led to a "hiatus in IFA [independent financial advisor] flows" and a slow start to the year for its core UK retail client base.

Nevertheless, overall net inflows of £209m bolstered AuM, but came in below the £366m Numis analysts had forecast.

"Our increasingly diverse distribution presence enabled us to deliver net mutual fund inflows of £247m despite a hiatus in the UK IFA market following the implementation of RDR at the start of 2013," said Chief Executive Edward Bonham Carter.

"Combined with strong market growth in in the first quarter, this helped Jupiter's AuM increase to £29.1bn at March 31st 2013."

RD

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