StockMarketWire.com - Asset manager Jupiter reported that profit halved in first-half of the year as net assets declined following a jump in outflows and coronavirus-led weakness in markets.

For the six months ended 30 June, pre-tax profit decreased by 50% to £40.8m and assets under management (AUM) was down 8% to £39.2bn as net fund outflows jumped to £2.0bn from £1.1bn on-year.

Net management fees fell 12% to £161.4m.

The company said that although it suffered a 'significant fall in AUM due to both outflows and markets in the first quarter of the year, the second quarter has seen a return to moderate inflows and a partial recovery in asset prices.'

The interim dividend per share was unchanged at 7.9p.

'Jupiter continues to operate with a solid capital position, supporting the needs of its business and its dividend pay-out policy. This means we can approach the second half of the year with confidence as we focus on the full integration of Merian and meeting our strategic objectives,' the company said.




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