Jupiter absolute return and FoF products drive inflows

Jupiter went into the black for the first half of 2010 with profits before tax of £14.6m compared to a loss of £6.5m for the same period last year.

The asset manager attracted £873m of net flows into its mutual fund range over the period. This included a strong showing for its fund of funds range, led by John Chatfeild- Roberts, and absolute return products. It also received a boost from its increased presence within European distribution channels. The results are the first since Jupiter's IPO in June and also highlight a £1m one-off gain from the part disposal of the group's stake in platform group Cofunds. This means Jupiter's overall share in Cofunds has been reduced to just under 10% but it says the platform is trading well and ...