Jupiter posts FY profits beat, to pay special dividend
LONDON, Feb 26 (Reuters) - British asset manager Jupiter Fund Management posted forecast-beating full-year profit on Thursday, boosted by net inflows and the investment performance of its funds.
Net revenues in the year to end-December were 303 million pounds ($470.89 million), against 288.5 million in the year earlier and a company-supplied consensus forecast for 296.1 million pounds, driven by a rise in net management fees to 285.0 million pounds.
The margin on those fees dipped to 88 basis points from 90 basis points in the prior year, the company said in a statement, as a result of its changing product mix, with a higher proportion of SICAV and fixed income assets in its mutual funds.
Pretax profit over the period was 160 million pounds against 114.1 million in 2013 and consensus of 126.5 million pounds.
The firm said it had seen continued organic flow growth from its core mutual fund franchise, with net mutual fund inflows of 1.4 billion pounds. ($1 = 0.6435 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)