Jupiter Fund Management profits jump as CCLA deal lifts assets to £73.7bn

Jupiter's first half in numbers

Jupiter Fund Management has delivered a strong set of half-year results, combining positive client flows, improved investment performance and an initial contribution from its acquisition of CCLA.

Assets under management, or AUM, rose 36% from the end of 2025 to £73.7bn. This matters because asset managers generally earn recurring fees based on the amount of client money they oversee.

The larger asset base helped net revenue climb 39% to £213.3m, while underlying profit before tax increased 67% to £50.7m. Statutory profit before tax, which includes exceptional items, rose 29% to £35.4m.

Key figure	H1 2026	H1 2025	Change
Assets under management	£73.7bn	£47.1bn	56% higher year-on-year
Net flows	£0.7bn	£0.2bn outflow	Returned to inflows
Net revenue	£213.3m	£153.9m	Up 39%
Underlying profit before tax	£50.7m	£30.4m	Up 67%
Statutory profit before tax	£35.4m	£27.5m	Up 29%
Basic earnings per share	4.8p	4.1p	Up 17%
Cost:income ratio	77%	82%	Improved by 5 percentage points
Interim dividend per share	3.7p	2.1p	Up 76%

The results suggest Jupiter's recent recovery is becoming more visible in its financial performance. However, the acquisition means not all of the growth is organic, and there are still areas investors should monitor closely.

Positive flows provide evidence of improving momentum

Jupiter generated £10.8bn of gross inflows during the half, 46% more than in the same period last year. Gross inflows through retail and wholesale channels exceeded £9bn, representing growth of more than 75%.

After accounting for client withdrawals, the group recorded £0.7bn of net inflows. That continued the positive momentum seen during the second half of 2025.

The retail, wholesale and investment trust channel was the standout performer, generating £1.5bn of net inflows. Demand was led by Jupiter's Systematic, Global and European equities strategies.

Continental Europe contributed £1.6bn of net inflows, principally across Systematic equities, European equities and Gold & Silver. All regions apart from the UK produced positive net flows.

There is an important qualification. Two segregated mandates were redeemed during the period, including one in the retail and wholesale channel and another in the institutional channel. Management said neither withdrawal was caused by investment performance.

The institutional channel recorded a small £0.1bn net outflow, while CCLA clients withdrew £0.7bn. Jupiter said the CCLA outflows were in line with its expectations following softer performance and the disruption that can accompany a corporate acquisition.

Investment performance remains a key strength

For an active asset manager, sustained investment performance is essential. Clients are less likely to add money, or leave it in place, if funds consistently trail their competitors.

At 30 June 2026, 77% of the pre-existing Jupiter mutual fund AUM had beaten its peer group median over three years after fees. That was up from 68% at the end of 2025, with 62% of assets delivering first-quartile performance.

Over one year, 80% of pre-existing mutual fund AUM outperformed, while the five-year figure was 68%.

Performance across CCLA's range was weaker. Only 44% of its mutual fund AUM was outperforming the peer group median over three years. Jupiter has made initial changes to the investment process and said collaboration across the enlarged group is increasing.

This creates a clear split in the investment case. The original Jupiter business is producing credible performance figures, but improving CCLA's results will be important if the acquired assets are to prove durable.

CCLA integration is ahead of schedule

Jupiter completed the acquisition of CCLA on 2 February 2026 for total consideration of £100.3m. CCLA brought £15.0bn of AUM at acquisition and gives Jupiter access to a new client channel covering charities, religious organisations and local authorities.

Management has raised its minimum annualised cost synergy target from £16m to at least £17m. It now expects around £8m of reductions to pre-synergy costs during 2026, compared with the original £4m target. Of this, £2.5m was achieved in the first half.

That improved timing is encouraging because it reduces the period during which integration spending weighs on reported earnings. It also supports Jupiter's medium-term goal of reducing its cost:income ratio to 70%.

The ratio improved from 82% to 77% in the first half, excluding the impact of performance fees. In simple terms, Jupiter spent 77p for every £1 of revenue on this basis. There is still work to do, but the direction is positive.

CCLA contributed £25.4m of net revenue and £5.5m of profit before tax before acquisition-related charges and amortisation. After tax and those items, the acquired business contributed a £3.1m loss for the period from completion to 30 June.

Higher assets offset pressure on fee margins

Average AUM rose to £69.1bn, compared with £48.1bn for the whole of 2025. This supported a 38% increase in net management fee revenue to £204.4m.

However, the group's average fee margin fell to 60 basis points from 65 basis points for 2025. A basis point is one-hundredth of a percentage point.

The pre-existing Jupiter business generated an average fee margin of 64 basis points, while CCLA's margin was lower at 42 basis points. The acquisition has therefore increased scale while diluting the blended fee rate.

That is not necessarily a problem if the additional assets are retained and managed efficiently. Investors should nevertheless watch whether future AUM growth continues to outweigh fee-margin pressure.

Performance fee revenue increased to £8.9m from £5.3m, although related compensation costs were £9.9m. Underlying earnings per share were 7.2p. Excluding performance fees, underlying earnings per share rose 80% to 7.4p.

Exceptional items increased to £15.3m from £2.9m, mainly reflecting acquisition and integration-related expenses, transaction-linked compensation and amortisation of acquired intangible assets. This explains much of the gap between underlying and statutory profit growth.

Dividend and capital position

Jupiter declared an interim ordinary dividend of 3.7p per share, up from 2.1p a year earlier. It will be paid on 4 September 2026 to shareholders on the register at the close of business on 7 August.

The payout follows Jupiter's policy of distributing 50% of underlying earnings per share before performance fees.

Capital resources stood at £244m, more than three times the group's regulatory requirement, despite the all-cash CCLA purchase. Its £100m revolving credit facility remained undrawn throughout the period.

Jupiter is also conducting a share buyback programme. By 17 July 2026, it had purchased and cancelled 8.8m shares at a cost of £14.2m.

What investors should watch next

The main positives are straightforward: positive net flows, strong investment performance in the original Jupiter funds, rapidly rising profits and faster-than-expected CCLA synergies. The higher dividend and substantial regulatory capital surplus add further support.

The less comfortable points are CCLA's £0.7bn of reported net outflows, weaker performance across some acquired strategies, a lower blended fee margin and £15.3m of exceptional costs. The second quarter also produced a £0.8bn group net outflow after £1.5bn of inflows in the first quarter, showing that progress may not be smooth.

Jupiter expects client sentiment to improve during the remainder of 2026, but no financial forecast was disclosed. The key tests will be whether it can sustain organic inflows, stabilise CCLA's client assets and turn the promised cost savings into a cost:income ratio closer to its 70% target.