Jupiter sees pre-tax profits double in first half

Jupiter has revealed pre-tax profits more than doubled in the first six months of 2011 as AUM stood firm in the face of choppy markets.

In its interim results, the business reported pre-tax profits of £37.3m for the six months to 30 June, up from £14.6m a year earlier. Underlying profit before tax was up 17% at £62.1m, while net debt fell to £36m, down from £62.7m as at 31 December 2010. Assets under management rose from £24.1bn at the end of last year to £24.8bn at the end of June, with inflows of £700m slightly down from the £814m reported in the first six months of 2010. The mutual fund business saw net inflows of £657m in the first half of 2011, more than offsetting a £150m drop due to market movements, to brin...