Latest news with #MatthewBeesley
Reuters
25-07-2025
- Business
- Reuters
UK's Jupiter rebounds with net inflows in second quarter as client sentiment shifts
July 25 (Reuters) - British wealth manager Jupiter (JUP.L), opens new tab returned to net inflows in the second quarter, driven by a shift in client sentiment towards relatively cheaper European markets CEO Matthew Beesley said the changing sentiment signals the reversal of a U.S.-dominated investment environment in favour of European bourses. "The UK might find itself quite uniquely positioned as a bit of a safe haven market," he told Reuters. Jupiter recorded net inflows of about 300 million pounds ($403.7 million) in the second quarter, compared to the 500 million pounds of outflows recorded in the first quarter. "There's been a general improvement in sentiment across the marketplace since February," Beesley said, adding that the company had benefited from resilient institutional demand and improving sentiment within retail clients. Jupiter shares opened at their highest since March 2023 following the half-yearly report, before reversing course to fall more than 7% on Friday. Panmure Liberum analyst Rae Maile said the share move could suggest profit taking by investors. Underlying pre-tax profit fell 36% to 30.4 million pounds in the first half of the year, while assets under management came to 47.1 billion pounds for the period. Jupiter had a challenging 2024, as nervous clients pulled cash and reshuffled their portfolios amid volatile markets, while the departure of one of its star fund managers, Ben Whitmore, triggered an exodus from the fund. The company has since identified areas for cost savings and announced the acquisition of smaller rival CCLA Investment Manager earlier this month in a bid to rebuild investor confidence. ($1 = 0.7430 pounds)
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)
Observer
11-06-2025
- Business
- Observer
UK fund groups stand by hybrid working rules
Despite the increase in the number of firms in the financial sector, in particular, bringing an end to working from home, several big fund management groups, such as Aberdeen, Jupiter L&G among others, in the financial district of London (known as the 'City') have decided to maintain the status quo with their hybrid working policies. However, the world's largest asset manager, BlackRock, has called most of its senior staff back to the office five days a week. The firm has asked around 1,000 managing directors globally to return to the office full-time, putting it at odds with most of its peers. The US-head-quartered firm, which employs approximately 22,000 staff globally, first mandated back in 2023 that all staff be in the office four days a week. Its latest decision puts it at odds with other asset managers, some of which only require staff to work from the office two days a week. 'Nothing has changed on this for Jupiter,' a spokesperson for the FTSE, 250-listed group said. Jupiter's policy requires staff to work from the office three days a week. Chief executive Matthew Beesley said earlier this year that it had 'no plans at all to go back to a mandated five days a week office attendance'. DWS, the asset manager majority-owned by Deutsche Bank, said it had made no changes to its policy. A spokesperson for the group said London staff must work from the office two days a week. Royal London Asset Management has a similar approach – its staff are expected to work in the office at least 50 per cent of the week. Meanwhile, Federated Hermes and Aberdeen have stuck with their requirement that staff be in the office at least three days a week. Legal & General Asset Management also has no plans to change its current hybrid working policy, a spokesperson for the firm said: 'We have been consistent in our view that we are continuing to deliver for our clients with our people working in a hybrid fashion. Our expectations are for colleagues to be in the office between two and three days on average each week.' However, others have recently altered in-office requirements. A spokesperson for Fidelity International said it requires staff to be in the office for at least eight days each month. This will increase in September to 12 days. Meanwhile, US bank State Street Global Advisors implemented a group-wide policy back in 2023 that staff work in the office four days a week. 'State Street has implemented a hybrid work approach of employees working four days per week in the office, balanced with the flexibility of working four weeks per year fully remote,' said a spokesperson. 'Managers are accountable for ensuring their teams comply with these expectations and are empowered to offer ad-hoc flexibility to employees as needed.' Other banks, including Barclays, Deutsche Bank, Moelis and UBS, have also rolled back their hybrid working policies. JPMorgan had said back in January all its 320,000 staff must be in the office five days a week. It has seven UK offices, including its London HQ, technology hubs in Glasgow and Bournemouth and regional offices in Edinburgh, Manchester, Leeds and Bristol. It employs 14,000 people in Canary Wharf and in the financial district of London. Citigroup has bucked the trend by allowing staff to work at home two days a week. Jane Fraser, the Chief Executive Officer, who has run Citi for almost four years, views hybrid working is helpful for recruitment. But in keeping with the push by other American banks, Goldman Sachs and Bank of America have long asked staff to be in the office full time. Andy Jalil The writer is our foreign correspondent based in the UK
Bloomberg
07-02-2025
- Business
- Bloomberg
UK Money Managers Praise Labour's Regulatory Pivot to Growth
Asset management bosses have praised the Labour government's efforts to boost economic growth and the competitiveness of the UK's financial center. The UK has seen 'two decades worth of malaise in action,' Matthew Beesley, chief executive officer of Jupiter Fund Management Plc, said at Funds Congress in London this week. 'It's going to be a long journey from here, but we should all be encouraged by the fact we have a government that gets it and is trying to think about ways to really bring some life into UK capital markets.'
