Latest news with #BenWhitmore
Reuters
25-07-2025
- Business
- Reuters
UK's Jupiter rebounds with net inflows in second quarter
July 25 (Reuters) - British wealth manager Jupiter Fund Management (JUP.L), opens new tab returned to net inflows in the second quarter, driven by resilient institutional demand and improving sentiment within retail clients. The company posted net inflows of 300 million pounds ($404.55 million) in the second quarter on Friday, compared to the 500 million pounds of outflows recorded in first quarter. Jupiter's recent months have been challenging, with nervous clients pulling cash and adjusting portfolios amid volatile markets and the departure of one of its star fund managers, Ben Whitmore. However, a majority of British fund managers remain upbeat on long-term prospects in the sector, terming the burgeoning outflows as a near-term hurdle. "Momentum in the institutional channel is strong and we have seen a month-by-month improvement in retail demand over the time period," said CEO Matthew Beesley. Jupiter reported a 36% drop in underlying pre‑tax profit to 30.4 million pounds for the six months ended June 30 from 47.9 million pounds last year. ($1 = 0.7416 pounds)
Reuters
10-07-2025
- Business
- Reuters
Jupiter shares jump after it strikes deal for charity fund manager CCLA
LONDON, July 10 (Reuters) - Shares in British money manager Jupiter (JUP.L), opens new tab were on track for their biggest daily gain in five years after it announced on Thursday it would buy smaller rival CCLA Investment Manager, part of a wider wave of consolidation in the fund industry. The company also announced an update to its capital returns plans for shareholders, saying it would return half of its performance fee-related revenue to investors this year in the form of a special dividend or share buyback, or both. Jupiter said the updated payouts were in addition to its existing ordinary dividend and share buyback plans. Shares in Jupiter were last up 12%, set for their biggest daily increase since March 2020. Jupiter said it had agreed to buy CCLA for 100 million pounds ($136 million), adding 15 billion pounds of assets under management from the specialist firm, which serves clients including charities, religious institutions and local councils. The company said the takeover helped it increase scale and access a new pool of clients. It also said it expected to make cost savings of at least 16 million pounds per year by the end of 2027. The deal is expected to close before the end of this year, Jupiter said. Jupiter, which manages 45.3 billion pounds of client assets, has been trying to rebuild investor confidence after several years of tough trading and the departure of one of its star fund managers, Ben Whitmore. Shares in the company are up nearly 40% this year, but remain down about 80% from their 2017 peak. ($1 = 0.7351 pounds)
Bloomberg
25-04-2025
- Business
- Bloomberg
Making a Play for Undervalued UK Stocks
By and Tala Ahmadi Save Subscribe to Merryn Talks Money on Apple Podcasts Subscribe to Merryn Talks Money on Spotify On this week's Merryn Talks Money, renowned UK value investor Ben Whitmore joins host Merryn Somerset Webb to discuss why he left Jupiter Asset Management, the mission behind Brickwood Asset Management (his new venture) and the focus behind its first fund.
Reuters
27-02-2025
- Business
- Reuters
Jupiter loses $13 billion in assets as client outflows accelerate
Feb 27 (Reuters) - Britain's Jupiter Fund Management (JUP.L), opens new tab lost more than a tenth of its assets in the fourth quarter after clients pulled 10.3 billion pounds ($13.04 billion), a bigger-than-expected exodus that sent the company's shares down more than 5%. Jupiter has lost clients since star manager Ben Whitmore left the company in January last year to launch an independent boutique. The outflows reported on Thursday left Jupiter's assets under management down 13% from a year earlier at 45.3 billion pounds. Jupiter, which like other mid-sized asset managers has been struggling to keep hold of clients, also reported a 7% decline in annual profit. Analysts at Barclays said the outflows were worse than expected in the final quarter of the year. Jupiter shares recovered some early losses and were down 3.7% at 1020 GMT. They have fallen about 10% since the start of the year. The London-based manager posted underlying profit before tax of 97.5 million pounds for the year ended December 31, compared with the 105.2 million pounds reported last year. In contrast, St James's Place (SJP.L), opens new tab, another UK-based money manager, beat analysts' expectations on Thursday and reported a 14% jump in its full-year post-tax cash result. Mark FitzPatrick, CEO of St James's Place, told Reuters that given the increasing volatility in global geopolitics and economies, more and more people were thinking about their financial planning. "Notwithstanding all the volatility in the markets and volatility of budgets and rule changes, people need advice more now than ever," said FitzPatrick. St James's Place posted post-tax underlying cash result of 447.2 million pounds for the year ended December 2024, versus the 392.4 million pounds reported last year. Shares of St James's Place, which have gained about 25% since the start of 2025, were down 3.7% at 1,089 pence by 0923 GMT. UK wealth manager Brooks Macdonald reported on Thursday that its funds under management rose to 15.7 billion pounds by December 31, 2024 from 15.1 billion pounds a year earlier. ($1 = 0.7900 pounds)
