Jupiter revenues rise in turbulent year
London funds house Jupiter reported a rise in revenue and profits in 2007, according to accounts filed last week, despite the onset of the credit crunch halfway through the year.
Jupiter Unit Trust Management, which looks after Jupiter's retail funds business, reported a 24% rise in revenues to £247m (€313m) at the end of December, compared with £199m a year earlier. Its profits before tax rose to £83m, compared with £60m the previous year, a rise of 38%.
The rise in revenues coincided with a rise in assets under management of 11.5% to £14.6bn, which mean that the assets in Jupiter's retail funds business accounted for 71% of the group's total assets under management.
Revenue at Jupiter Asset Management Limited, the part of the business that looks after hedge funds as well as institutional and private client mandates, was £113m for the period, compared with £100m for the previous year. Excluding one-off charges and payments from subsidiaries, the division's pre-tax profit rose to £22m from £16m the previous year, a rise of 38%.
The figures were published in accounts filed at Companies House. A source familiar with the company said the rise in revenues was due to positive market movements relative to the previous year, as well as inflows from investors. Jupiter declined to comment.
Jupiter Asset Management is led by Edward Bonham-Carter, chief executive and chief investment officer of the company. In March last year, he and other senior management led a buyout of the company from German bank Commerzbank with backing from US private equity investors TA Associates, in a deal worth €1bn ($1.5bn). Jupiter is now majority owned by its employees.
--write to pcraig@efinancialnews.com
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