Jupiter Fund Management (JUP.L) reported a 4 percent rise in full-year pretax profit to 171.4 million pounds on Friday thanks to an inflow of new money that boosted its fee income.
Against a tough market backdrop for many active fund managers, the British firm said it had seen net inflows of 1 billion pounds in 2016, helping net management fees rise 10 percent to 330.2 million pounds.
“Investor sentiment was affected by a number of macro events but against this backdrop we saw inflows alongside healthy growth in profits,” Chief Executive Maarten Slendebroek said in a statement.
Jupiter said operating costs rose 11.2 percent to 182 million pounds, and it expected costs to rise again in 2017 as it continues diversifying its products and expanding overseas, as well as meeting new regulations.
