StockMarketWire.com - Fund management company Jupiter Fund Management reported higher underlying profit on increased assets under management as strong UK equities and alternative funds performance offset net inflows.

The company also declared special a dividend, citing high-level of performance fees.

For the year ended 31 December, underlying pre-tax profit increased by 10% to £179.0 million as assets under management increased by 37% to £58.7 billion.

This increase was driven largely by the increased performance fee income of £73.6 million versus £7.9 million last year.

Statutory pre-tax profit fell 12% to £132.6 million year-on-year, on costs related to the acquisition of Merian. Net outflows totaled £4 billion amid 'depressed levels of retail investment sentiment,' the company said.

The company proposed an ordinary dividend held at 17.1 pence per share and a special dividend of 3.0 pence per share proposed, taking the total dividend for the year to 20.1 pence per share.



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