Underlying profit before tax rose 67% year-on-year to £50.7m for fund manager Jupiter in the first half of 2026.
Statutory profit before tax rose at a steadier 29% year-on-year to £35.4m as the firm’s cost / income ratio improved by five percentage points to 77%.
The fund manager recently launched a large-scale cost-reduction programme.
In 2025 Jupiter reduced non-compensation costs by 10%, including a reduction in headcount to 442 employees (2024: 492 employees). It expects the cost reduction plan to deliver £15m of annualised savings by the end of this year.
One of the ways Jupiter is managing costs if through the use of AI tools. In 2025 Jupiter estimates that its tools, including ChatGPT, saved users an estimated 42 minutes per day.
The fund manager delivered another period of net inflows in the second quarter, taking the net flows for the six months ended 30 June to £0.7bn. This compares to net outflows of £0.2bn in the first half of 2025.
Assets under management also saw considerable improvement, ending the half at £73.7bn, a 56% rise from the £47.1bn reported at 30 June 2025.
Net revenues also saw improvements, rising 39% to £213.3m for the first half (H1 2025: £153.9m).
Jupiter said it had also made steps towards the integration of CCLA Investment Management, which it acquired in 2025.
Matthew Beesley, CEO at Jupiter, said: “The integration of CCLA is proceeding well and we have made material progress on identifying and realising cost synergies. Throughout our business, we are building scale in a diversified and profitable way which gives us confidence in our continued growth across our client channels and in achieving our medium term cost income target of 70%.
“We are optimistic for an improvement in client sentiment through the remainder of 2026. The group is more resilient and more diversified today and is well-positioned to deliver for clients and shareholders."
CFO Wayne Mepham received a total remuneration package of £1.8m (2024: £1.8m), including a £1.1m bonus.