Jupiter hikes dividend as profits soar in 2011

Jupiter Fund Management saw pre-tax profits jump in 2011 despite a fall in AUM, and has hiked its dividend by 13%.

The group has also moved to a net cash position on its balance sheet as it makes progress paying down its IPO-related debt. Jupiter saw net inflows of £700m, a significant fall from the £2.3bn seen the previous year. However, pre-tax profit jumped 66% from £42.4m to £70.3m, beating analysts' expectations of £69.4m. John Chatfeild-Roberts' Merlin multi-manager range saw inflows, as did the Global Convertibles offering. Funds under management fell 5% from £24.1bn for the year ended December 2010 to £22.8bn. The group will pay a 5.3p dividend per share for 2011, up from 4.7p for 20...