Jupiter Fund Management Reports Q3 Net Inflows and AUM Growth to £50.4bn

Jupiter Q3 2025: Net Inflows Return and AUM Climbs to £50.4bn

Jupiter Fund Management has delivered a cleaner quarter. Net inflows of £0.3bn in Q3 2025 mark a second consecutive positive quarter, and assets under management (AUM – the total value of client money managed) rose 7% over the period to £50.4bn. Year to date, AUM is up 11% to 30 September 2025.

Momentum came from retail and wholesale clients, with net inflows of £0.8bn, offset by institutional net outflows of £0.5bn. Markets did a lot of the heavy lifting too – positive market movements added £3.0bn in the quarter.

Metric	Q3 2025	Notes
Net flows	£0.3bn	Second consecutive quarter of inflows
Year-to-date net flows	£0.1bn	Back in positive territory
AUM (end of period)	£50.4bn	Up 7% in the quarter; up 11% year to date
Market movements	£3.0bn	Key driver of AUM growth this quarter
Retail, wholesale & investment trusts net flows	£0.8bn	Improved sentiment and performance
Institutional net flows	£(0.5)bn	Client rebalancing and lumpiness
Gross inflows / outflows (Group)	£4.3bn / £4.0bn	From historic quarterly table
Systematic equities AUM	£13.6bn	Continued strong performance
UK equities net flows	£0.5bn	Net inflows across UK Growth, Dynamic and Income
Global Equity Absolute Return inflows	£0.8bn	Strong demand in the quarter
World Equity inflows	£0.2bn	Also positive
Continental Europe net inflows	£0.6bn	Regional strength
UK net inflows	£0.3bn	Predominantly retail
AUM in mutual funds	£39.5bn	Of total £50.4bn

What’s driving Jupiter’s Q3 inflows

Net flows – simply the difference between money coming in and money going out – were modest at Group level, but the mix is encouraging. Retail and wholesale clients accelerated, while institutional saw outflows that management describes as “lumpy and non-linear”.

• Retail, wholesale and investment trusts: £0.8bn of net inflows, helped by stronger performance and improving risk appetite.
• Institutional: £0.5bn of net outflows, partly due to a portfolio rebalancing by a lower margin client from a strongly-performing mandate.

On strategy trends, UK equities are firmly back in favour. Jupiter’s UK equities capability delivered £0.5bn of net positive flows across both client channels, with inflows across UK Growth, UK Dynamic and UK Income. Systematic equities also performed well, ending the period with £13.6bn of AUM and contributing £0.3bn of net positive flows.

Product-level highlights: UK and Systematic shine

The Global Equity Absolute Return fund saw £0.8bn of net inflows, and World Equity added £0.2bn. These were partially offset by outflows in Asian and Emerging Market strategies and Fixed Income. Overall, the picture is that performance-led demand is finding its way to the stronger franchises.

It’s also worth noting that the retail/wholesale channel’s gross inflows of £3.5bn versus gross outflows of £2.7bn produced the £0.8bn net positive. That’s a clean-looking dynamic compared with last year’s outflow-heavy quarters.

AUM growth: more markets than flows this quarter

AUM rose from £47.1bn to £50.4bn, a 7% gain in the period. The contribution was split between £0.3bn of net inflows and £3.0bn from market returns and other movements. In plain English: markets did most of the work, but the direction of client money is now also helping rather than hindering.

For context, Q2 2025 also delivered £0.3bn of net inflows after a £0.5bn net outflow in Q1 2025. The quarterly flow trend is steadily improving, which matters for revenue visibility and confidence.

Regional momentum: Europe leads, UK improves

Continental Europe contributed £0.6bn of net inflows in the quarter, suggesting Jupiter’s product set is resonating with investors there. The UK returned to positive net inflows of £0.3bn, predominantly retail, with demand focused on UK equities and Systematic equities.

Institutional: soft quarter, but pipeline cited as strong

Institutional clients took £0.5bn out on a net basis, with the company flagging a rebalancing by a lower margin client after strong performance. Management reiterates that institutional flows can be “lumpy and non-linear”, but expects growth over longer periods, citing a strong pipeline and client activity.

What to take from this? It’s a reminder that while retail momentum is improving, institutional revenue can swing with big mandates. The strategic focus remains on scaling this channel, but patience is needed.

CCLA acquisition: timeline and significance

Jupiter expects to complete the acquisition of CCLA Investment Management Limited – the UK’s largest asset manager focused on non-profit organisations – in the first quarter of 2026, subject to regulatory approvals. Integration planning is described as positive.

Why it matters: if completed, CCLA should broaden Jupiter’s client base and add a differentiated franchise in the non-profit segment. No financial contributions or AUM additions are disclosed here, so we will need to await further detail.

Positives, watchouts, and my take

What looks positive

• Two consecutive quarters of net inflows, with year-to-date flows now positive at £0.1bn.
• Retail and wholesale momentum is real: £0.8bn net inflows, improving month on month since June.
• UK equities and Systematic equities are drawing assets, supported by strong performance.
• AUM up 7% to £50.4bn, aided by £3.0bn of market gains.
• Continental Europe delivering £0.6bn of net inflows – useful diversification.

What to watch

• Institutional flows remain volatile, with £0.5bn net outflows this quarter.
• Concentration of demand: inflows are tied to a handful of strategies; Asian/EM and Fixed Income saw outflows.
• AUM growth leaned heavily on market returns this quarter – supportive markets won’t always cooperate.
• CCLA completion is targeted for Q1 2026 but remains subject to regulatory approvals.

Bottom line

Jupiter’s turnaround in flows is taking hold, led by retail and a resurgent UK equities franchise, with Systematic equities adding punch. Institutional is the weak spot this quarter, but management’s message on pipeline and strategy is steady. With AUM at £50.4bn and sentiment improving, Jupiter enters the year-end with a more favourable set-up than it’s had for some time.

Key dates and next steps

Full year results for the year ending 31 December 2025 are scheduled for 26 February 2026. Expect more detail then on flows by strategy, revenue mix, and any update on the CCLA timeline.