Jupiter rising as star money managers boost performance

SHARES in fund management group Jupiter rose after the group reported an increase in assets under management and a rise in profits to £84m in the first half of this year from £48.4m in the same period of 2014.

The company said it benefited from a £13m performance fee on one of its funds that was unlikely to be repeated.

It said it was not able to name the fund, but added that it is the largest fee ever booked. Partly as a result, the firm’s star fund managers reaped a 56pc increase in the cash bonus pool to £26.3m.

The shares rose 11.1p to 452.5p and the dividend was up 8p to 4p a share. Assets under management rose to £34.3bn from £33.1bn.

Maarten Slendebroek (pictured), the chief executive, said he is looking for new talent in the form of individual money managers and small boutique firms.

He added: ‘We have hung onto our market share in the UK but most inflows are from outside.’ He speculated that the Government’s fully subscribed Pensioner Bonds – which pay 4pc over three years and 2.8pc over one year – hit savers’ appetite for stock market investment.

‘In the first quarter, Pensioner Bonds certainly sucked out a lot of money. In the long term I have a very optimistic outlook for the UK market.

‘The savings industry is in good health and people are taking more responsibility for looking after their own old age.’