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Jupiter Fund Management PLC on Friday reported growth in 2021 but cut its dividend 15% as the short-term outlook looks choppy due to Russia's invasion of Ukraine and other global risks.
The Leeds, England-based investment manager posted a 3.1% rise in assets under management at December 31 to GBP60.5 billion from GBP58.7 billion a year before.
Net outflows slowed by 5.0% to GBP3.8 billion from GBP4.0 billion, as gross flows remained steady at GBP16.5 billion. The continued net outflows in 2021 were outweighed by GBP5.6 billion in positive investment performance to increase AUM.
Pretax profit rose 39% to GBP183.7 million in 2021 from GBP132.6 million a year before, while revenue increased 23% to GBP617.8 million from GBP500.5 million.
"In another challenging year, Jupiter has delivered strong growth in both revenues and profits. Our first full-year results following the acquisition of Merian demonstrate the strength of the combined business - both in diversifying our offering and positively impacting profits," Chief Executive Andrew Formica said.
In February 2020, Jupiter acquired Merian Global Investors in a GBP370 million all-share deal.
Jupiter cut its total annual payout by 15% to 17.1 pence a share for 2021 from 20.1p for 2020.
Looking ahead, Formica said: "Although the short-term outlook is driven by geopolitical events, we are confident that we have the right foundations in place to deliver on our strategy for growth, underpinned by a strong capital base. Our investment is focused on expanding areas of strategic importance, such as our sustainable investment offering, institutional expertise and international footprint."
The Russian invasion of Ukraine on Thursday has left markets volatile and investors fleeing to safe-haven asset classes.
Jupiter shares were down 1.5% at 200.60 pence on Friday morning in London. The wider FTSE 250 index was up 1.8%.
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