Jupiter Fund Management’s profit declines due to one-time expenses, outflow slows

Written by Michael Sussin

Jupiter Fund Management reported a significant decline in pre-tax profit in 2023 due to one-off impairments related to past acquisitions, while outflows are contained.
The London-listed asset manager announced Thursday that pre-tax profit fell to 9.4 million pounds ($11.9 million) from 58 million pounds in 2022. This decrease was primarily due to goodwill impairment of £76.2m as part of a business combination from a previous acquisition.  .

On an adjusted basis, excluding special items and other one-off items, pre-tax profit rose 36% to £105.2m.
The company announced that as of December 31, assets under management rose 4% to £52.2bn compared to a year ago.
Positive net inflows from institutional customers reduced total net outflows from £3.5bn to £2.2bn.
Chief Executive Officer Matthew Beasley said: “While the market outlook remains uncertain, we remain confident that we have a strong underlying business and a strategy that will enable us to grow over the medium term.”
The board announced a final dividend of 3.4 pence per share, bringing the total dividend to 9.8 pence per share. By comparison, a year ago his total dividend was 8.4p.
The stock was up 6.5% at 87.35 pence at 0841 GMT.
Email Michael Susin at michael.susin@wsj.com.