Equities  

Bonham Carter delivers last results as Jupiter chief

Jupiter Asset Management has delivered net sales for 2013 of £1.2bn after what chief executive Edward Bonham Carter described as a “busy and successful” year for the company.

Mr Bonham Carter, who will hand over chief executive responsibilities to Maarten Slendebroek on March 17, said the group’s development plans would help it continue to grow even as assets hit a record £31.7bn.

The net sales figure was higher than the £1bn for the year ended December 31 2012 and the assets under management at that time was £26.3bn - again showing a strong rise.

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The chief executive said 69 per cent of the mutual fund assets under management had produced above median performance in the “key three year time period” and that 73 per cent of clients had experienced above average performance if segregated mandates and investment trusts were included.

Mr Bonham Carter said a “growing proportion of fund sales” had come from Europe and Asia adding that a local presence had been “actively built”.

“This growing distribution network, supported by our investment outperformance and strong brand, drove inflows of £1.2bn during the year,” he said.

“Mutual funds remained the key driver of these flows, with particularly high demand for our bond funds and top-performing equity products such as UK Special Situations and our European funds.

“By the end of 2013, assets under management had reached a record £31.7bn.”

Mr Bonham Carter also declared the group debt fee. He said at the end of 2013, it had £11m of outstanding debt but that this had been repaid this month “providing the potential for increased returns to shareholders going forward as part of our policy of sharing the rewards of growth within a sustainable balance sheet structure”.

“The opportunity for Jupiter to build on this strong performance in the coming years is significant,” he added.

The chief executive said in the 14 years he had held the position, the company had “delivered consistent investment outperformance”, improved its sales and created “significant value for shareholders”.

He said the next stage of growth would be led by Mr Slendebroek.

“Maarten has been a key architect of the strategic direction outlined above and this is the right time for him to take over as chief executive,” he said.

Mr Bonham Carter is to remain at the company in a newly-created role of vice chairman.