Jupiter Fund Management has reported net inflows of £1.3bn for 2025, the first calendar year of positive net inflows since 2017.
Of this, £0.3bn of net inflows were attributable to retail, wholesale and investment trust clients, driven by demand for systemic equities and global equities.
Gross flows increased to £16.9bn (2024: £14.1bn).
Assets under management increased by 19% to £54bn at 31 December 2025 (31 December 2024: £45.3bn).
The asset manager had a rough year in 2024, with net outflows of £10.3bn, up from £2.2bn outflows in 2023. It reported net outflows for every quarter of the year.
The company was hit in 2024 by star manager Ben Whitmore leaving its Value equity team to set up a boutique firm. He had been with Jupiter since 2006 after joining the firm from Schroders and looked after around £10bn. His departure led to £6.2bn of outflows, the company said.
Profits also saw an increase in 2025, with Jupiter reporting a 42% increase to underlying profit before tax to £138.3m (2024: £97.5m), driven by performance fees of £120.3m (2024: £31.2m).
Expenses fell over the year. Administrative expenses, before the impact of performance fees and exceptional items, fell 2% to £255.5m (2024: £260.5m). Non-compensation costs of £98.9m were 10% lower than the prior year (2024: £109.5m).
The fund manager will pay a final ordinary dividend of 2.3p per share, bringing total ordinary dividends for the year to 4.4p per share (2024: 5.4p per share).
It also announced a share buyback programme of up to £30m and special dividend amounting to 5.7p per share, representing a 50% distribution of Jupiter’s 2025 performance fee revenue.
Matthew Beesley, chief executive of Jupiter Fund Management, said that the fund manager was now in a much better position after several hard years.
He said: “As we move into 2026, we are in a demonstrably stronger position than we were twelve months ago, with a broader and more balanced set of differentiated investment capabilities. We have announced and completed two acquisitions, broadening our investment expertise and opening up a new client channel.
“With leading indicators improving and momentum building across the business, we have increased confidence in being able to deliver on our targeted 70% cost:income ratio in the medium term."
This month Jupiter completed its acquisition of specialist asset manager CCLA Investment Management Limited. The deal has added over £15bn in assets under management to Jupiter. CCLA is a specialist asset manager serving non-profit organisations including charities, religious institutions and local authorities.
Jupiter acquired the entire issued share capital of CCLA for £100m on 2 February. The cash, paid on completion, was funded from existing balance sheet cash resources.