D ATA PA C K Full Year Results JUPITER FUND MANAGEMENT PLC

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Lizbeth Wilkinson
5 years ago
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1 D ATA PA C K 2015 Full Year Results

2 2015 FULL YEAR RESULTS 1 Contents Overview of Jupiter Page 2 Investment performance Page 3 AUM by investment strategy Page 5 AUM and flows Page 6 Summary P&L Page 9 Reconciliation of EBITDA to operating earnings Page 10 Underlying earnings per share Page 11 Net management fee margins Page 12 Dividends Page 13 Seed capital investments Page 14 Headcount Page 15

3 2015 FULL YEAR RESULTS 2 Overview of Jupiter 31 December 2015: 35.7 billion Asset class Product type Equities 27% Mutual Funds 10% 3% Fixed Income Multi Asset 18% 55% Seg Mandates Investment Trusts 87% Client geography Geography of invested assets UK Europe Asia Pacific 17% 3% UK Europe Global 37% 5% 33% Other 80% Other 25%

4 2015 FULL YEAR RESULTS 3 Investment performance Mutual fund investment performance, quartile rankings by AUM (31 December 2015) 1 year 3 years 5 years 5% 11% 16% 14% 3% 51% 16% 47% 42% 33% 21% 41% 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd 4th Applicable AUM 31.3bn Applicable AUM 31.1bn Applicable AUM 27.3bn

5 2015 FULL YEAR RESULTS 4 Investment performance Mutual fund investment performance, quartile rankings by number of funds (31 December 2015) 1 year 3 years 5 years 20% 13% 47% 30% 11% 30% 25% 7% 23% 20% 29% 45% 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd 4th Total number of funds 49 Total number of funds 46 Total number of funds 44

6 2015 FULL YEAR RESULTS 5 AUM by investment strategy 31 December 2014: 31.9bn 31 December 2015: 35.7bn 19% 21% 29% 24% 14% 20% 1% 2% 1% 2% 3% 3% 5% 5% 16% 1% 1% 2% 2% 2% 3% 5% 5% 14% Fund of Funds Europe Growth UK Growth GEMS Environmental & Sustainability US Fixed Income & Multi Asset UK Value Europe Opps Global Japan Absolute Return Fund of Funds Europe Growth UK Growth GEMS Environmental & Sustainability US Fixed Income & Multi Asset UK Value Europe Opps Global Japan Absolute Return + Investment strategy as defined by Jupiter internal classifications

7 2015 FULL YEAR RESULTS 6 AUM and flows by quarter million Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Opening AUM 31,659 32,211 33,105 31,658 31,895 34,761 34,332 33,525 Gross flows 2,320 2,543 2,239 1,956 2,949 2,523 2,126 2,161 Redemptions (1,773) (1,822) (2,021) (2,582) (2,077) (2,025) (2,049) (1,665) Net flows (626) Market movements (155) 928 1,994 (927) (884) 1,653 Private Client transaction n/a n/a (1,510) (65) n/a n/a n/a n/a Closing AUM 32,211 33,105 31,658 31,895 34,761 34,332 33,525 35,674

8 2015 FULL YEAR RESULTS 7 AUM and flows by product AUM by product million Mutual funds Segregated mandates Investment trusts Total 10% 3% 31 December ,544 3, ,895 Net flows 2,099 (230) 74 1,943 Market movements 1, , December ,170 3, ,674 87% Mutual funds Segregated mandates Investment trusts

9 2015 FULL YEAR RESULTS 8 AUM and flows by product by quarter million Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Mutual funds Opening AUM 24,760 25,195 25,761 26,387 27,544 30,133 29,738 29,215 Gross flows 1,970 2,095 2,069 1,917 2,747 2,432 2,031 2,077 Redemptions (1,505) (1,685) (1,838) (1,608) (1,864) (1,961) (1,835) (1,528) Market movements (30) 156 (79) 848 1,706 (866) (719) 1,406 Private Client transaction n/a n/a 474 n/a n/a n/a n/a n/a Closing AUM 25,195 25,761 26,387 27,544 30,133 29,738 29,215 31,170 Segregated mandates Opening AUM 3,911 3,834 4,197 4,250 3,558 3,749 3,737 3,409 Gross flows Redemptions (216) (84) (182) (743) (207) (64) (211) (132) Market movements 9 37 (61) (13) (186) 175 Private Client transaction n/a n/a 126 n/a n/a n/a n/a n/a Closing AUM 3,834 4,197 4,250 3,558 3,749 3,737 3,409 3,527 Private clients Opening AUM 2,266 2,280 2, n/a n/a n/a n/a Gross flows n/a n/a n/a n/a Redemptions (50) (50) - - n/a n/a n/a n/a Market movements 5 (25) - - n/a n/a n/a n/a Private Client transaction n/a n/a (2,176) (65) n/a n/a n/a n/a Closing AUM 2,280 2, n/a n/a n/a n/a Investment trusts Opening AUM Gross flows Redemptions (2) (3) (1) (231) (5) - (2) (5) Market movements 21 5 (15) (48) Private Client transaction n/a n/a 66 n/a n/a n/a n/a n/a Closing AUM

10 2015 FULL YEAR RESULTS 9 Summary P&L million Net management fees Net initial charges and commissions Performance fees Net revenue Fixed staff costs (46.3) (43.5) Other expenses (49.1) (52.6) Variable staff costs (53.1) (66.4) Charge for options over pre-listing shares (0.7) (0.5) Office closure costs - (0.8) Administrative expenses (149.2) (163.8) Other gains (including sale of private client contracts) Amortisation of intangible assets (20.2) (3.2) Operating profit Finance income Finance expense (0.2) (0.2) Profit before tax

11 2015 FULL YEAR RESULTS 10 EBITDA reconciliation million Operating earnings Add: IFRS 2 share option charge over MBO shares Add: Depreciation Add: Office closure costs EBITDA EBITDA margin 51% 51% 1) Office closure costs relate to the remaining occupation period for 1 Grosvenor Place between moving out and expiry of the lease 2) EBITDA = Earnings before Interest, Tax, Depreciation and Amortisation, a non-statutory measure which the Group uses to assess its performance

12 2015 FULL YEAR RESULTS 11 Underlying Earnings Per Share Underlying EPS 1 Progression (p) million % +/- Statutory profit before tax % Contracts and brand amortisation Options over pre-listing shares Office closure costs AFS 2 assets P&L movement Private client transaction (28.5) - Underlying profit before tax Tax at statutory rate3 (33.1) (34.0) Underlying profit after tax Actual shares (million) Underlying EPS 26.4p 29.2p +11% 1) EPS = Earnings Per Share 2) AFS = Available-For-Sale 3) Tax at Statutory rate of per cent. (2014: 21.5 per cent.)

13 2015 FULL YEAR RESULTS 12 Net management fee margin and average AUM Net management fee margin (bps) Average AUM by product 32.3bn 34.4bn 35.7bn 5% 12% 11% 10% % 87% 87% Normalised* 2015 Overall Mutual fund Year End Mutual funds Segregated mandates Private clients Investment trusts * 2014 normalised margin restated for effects of private client transaction, fund closures and segregated mandate loss..

14 2015 FULL YEAR RESULTS 13 Dividends Turning growth into capital returns Dividend progression (pence per share) Return of private client proceeds Special Commentary bps Final dividend 9.5p 10.6p +12% Ordinary dividend 13.2p 14.6p +11% Final Interim Payout ratio 50% 50% Total dividend 24.7p 25.5p +3% Like-for-like total dividend p 25.5p +29% Approach as described at interims 50% ordinary payout dividend ratio Retain up to 10% of available profits for investment in growth Distribute the remainder to shareholders via special dividends In 2015 specifically: Continued execution of our capital returns model Performance fee component has been rolled into special 1) Non-GAAP 2) Like-for-like total dividend excludes 4.9p relating to the sale of private client contracts in 2014.

15 2015 FULL YEAR RESULTS 14 Seed capital investments Total investments 1 ( million) Seed capital deployed To launch funds Give small but strongly performing funds sufficient scale to attract external money Hedging programme to neutralise market and currency movements and de-risk balance sheet 4 million increase in programme since December 2014 Primarily driven by 5 million net purchases of liquid investments offset by market movements Overall programme size will be maintained around 50 million ) As at 31 December 2014 and 31 December 2015

16 2015 FULL YEAR RESULTS 15 Headcount Average number of employees Average number of employees Employees at period end

D ATA PA C K Full Year Results JUPITER FUND MANAGEMENT PLC

D ATA PA C K Full Year Results JUPITER FUND MANAGEMENT PLC D ATA PA C K 2017 Full Year Results JUPITER FUND MANAGEMENT PLC 2017 FULL YEAR RESULTS 1 Contents Overview of Jupiter AUM Page 2 Investment performance Page 3 AUM by investment strategy Page 5 AUM and