Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Asset manager Jupiter Fund Management said it would not pay a special dividend after reporting a fall in profit as assets under management were held back by fund outflows.
The total dividend per share was 17.1p, down 40% from a year earlier, as the company decided not to pay a special dividend in 2019 amid its proposed acquisition of Merian.
'We announced earlier this month that we are proposing to acquire Merian Global Investors. We believe this acquisition will both strengthen our existing business and support our future growth, which in turn will improve client outcomes and ultimately deliver stronger returns to shareholders,' it added.
For 2019, pre-tax profit fell 16% to £151.0m on-year as revenue fell to £379.1m from £412.7m, due to lower management fees as a result of lower average assets under management and lower performance fees, which fell 7% and 6% respectively.
Average assets under management were hurt by the impact of lower market levels in the last quarter of 2018 providing a headwind into 2019, the company said. 'Market appreciation in AuM was largely offset by outflows in equity products in the second half of the year, mainly due to a fund manager change in our European growth strategy,' it added.
At 8:10am: (LON:JUP) Jupiter Fund Management PLC share price was -36.35p at 313.35p