UK-based Jupiter Asset Management’s profits increased by 4% last year to £171.4 million (€202.5 million), despite the chairman describing the market as “challenging” with “a number of macro events outside Jupiter’s control”.
The firm’s assets under management also increased by 13% in 2016 to £40.5 billion, which the firm attributed to “organic growth” with net inflows of £1 billion.
However, the inflows were down from 2015, which saw £1.9 billion of net new money.
Maarten Slendebroek, chief executive of the firm, seemed unconcerned by this drop in flows, saying it was a good result in a year when many active managers suffered net outflows.
He also highlighted some fund launches, including the Jupiter Asian Income Fund which he described as “the UK’s most successful fund launch of 2016”.
“Despite the headwinds in the UK, Jupiter has a very loyal client base. As we grow internationally and through more institutionally oriented channels, the volatility of our asset base is slowly increasing,” said Slendebroek.
The firm also opened offices in Madrid and Milan last year which it hopes will aid the bottom line by next year.
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