- Jupiter said Friday slashed its total dividend on Friday, as assets under management fell as investors pulled funds amid concerns over Brexit uncertainty and choppy markets.

The company also confirmed that Andrew Formica had assumed his role as CEO on 1 March 2019.

For the 12 months ended 31 December, pre-tax profits fell by £13.7m to £179.2m as assets under management slumped by £7.5bn to £42.7bn from a year earlier amid net outflows of £4.6bn from inflows of £5.5bn a year earlier.

The company said the year was fraught with 'outflows from a key strategy and declining market valuations.' The dynamic bond fund saw the largest redemptions.

The company declared a full-year ordinary dividend for the year of 9.2p, down 10.7% from 10.3p a year earlier, taking the total dividend to 17.1p, unchanged from last year.

'Due to the current high level of political and regulatory uncertainty, the Board has decided to retain 10% of earnings (2017: 5%), declaring a special dividend of 11.4p (2017: 15.5p) per share,' the company said.

'With market volatility continuing during the year, it was encouraging to see that our strategy of diversification underpinned solid business performance for the period. Most pleasing is that we delivered strong fund performance for our clients during the year with 77% of our mutual fund assets under management outperforming the median over three years,' said Maarten Slendebroek, Chief Executive.

'As reported throughout the year we saw net outflows, primarily in our fixed income strategy which impacted closing AUM. Gross sales remained strong as we saw client demand for active asset management continue. Our robust capital position means that 90% of underlying earnings will be returned to shareholders through a total dividend of 28.5p.'

At 8:46am: [LON:JUP] Jupiter Fund Management plc share price was +31.75p at 370.45p

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