Jupiter Fund Management Reports Record £68.4bn AUM and Q1 2026 Net Inflows Despite Geopolitical Headwinds

Record £68.4bn AUM as CCLA deal lands and flows stay positive

Jupiter Fund Management has kicked off 2026 with a reporting period-end record £68.4bn of assets under management (AUM), up 27% since year end. The step-up was powered by the completed acquisition of CCLA Investment Management on 2 February 2026 and another quarter of positive net inflows, partly offset by weaker markets in March linked to geopolitical events.

Importantly, net inflows were positive at £1.5bn for the quarter, and management says both Retail & Wholesale and Institutional channels still eked out small positive net inflows in March despite the market wobble.

What drove the 27% jump in AUM in Q1 2026

Three levers explain the AUM bridge from £54.0bn at 31 December 2025 to £68.4bn at 31 March 2026:

• Acquisition: +£15.0bn from completing the CCLA deal on 2 February 2026.
• Net flows: +£1.5bn as client subscriptions outpaced redemptions.
• Market returns and other: -£2.1bn, reflecting March’s risk-off move.

In short, flows are heading the right way, while markets took some shine off the quarter-end snapshot.

Channel breakdown: Retail & Wholesale, Institutional, CCLA

• Retail, Wholesale & Investment Trusts: Net inflows of £1.4bn with closing AUM of £44.8bn. Market returns and other were -£1.2bn.
• Institutional: Back to net inflows at £0.3bn, closing AUM steady at £9.4bn after -£0.3bn of market returns.
• CCLA: Net outflows of £0.2bn from CCLA strategies excluding Money Market Funds (MMFs), and -£0.6bn market and other. Closing AUM £14.2bn, of which £4.1bn sits in MMFs.

Note: CCLA MMFs are excluded from reported flows due to potentially large and volatile gross movements, but they are included in AUM.

Investment capabilities seeing demand in Q1 2026

Four core capabilities delivered positive net inflows in the quarter. Systematic equities continued to attract demand. Global equities saw contributions driven by Gold & Silver. UK equities took in money via UK Dynamic strategies. Notably, European equities returned to positive net flow for the first time since 2018, helped by strong investment performance from the recently joined team.

That mix matters. A broader, more diversified line-up gives Jupiter more ways to capture client demand even as sentiment swings around between regions and styles.

Markets turned in March, but net inflows held

January and February looked strong on both markets and client activity. March was a different story as events in the Middle East hit risk appetite and market levels. Even so, Jupiter reports small positive net inflows in March across both Retail & Wholesale and Institutional channels – a useful stress test of the franchise’s recent momentum.

The headwind shows up in the -£2.1bn “market returns and other” line for the quarter. It is a reminder that quarterly AUM snapshots are sensitive to late-period market moves.

Why this update matters for shareholders

• Record scale: £68.4bn AUM sets a higher base for revenues, subject to future markets and flows.
• Flows trending better: Net inflows of £1.5bn follow £1.2bn in Q4 2025, indicating improving client demand.
• Institutional turning a corner: £0.3bn of Institutional net inflows were diversified across five core capabilities – helpful for stability.
• CCLA on board: The deal adds material AUM and new client segments. Early days, but integration increases Jupiter’s breadth.

Balanced against that:

• Market sensitivity: -£2.1bn from market moves reminds us performance fees, margins and earnings will still track markets – none of which are disclosed in this update.
• CCLA flows: Small net outflows excluding MMFs (-£0.2bn) are in line with guidance, but worth monitoring.
• MMF volatility: CCLA MMFs are excluded from flow reporting and can swing around; this can complicate reading near-term momentum.
• Outlook uncertainty: Management flags a clear shift in sentiment after recent geopolitical events and says it is too early to tell if it is lasting.

Key numbers at a glance

Metric	Q1 2026
Opening AUM (31 Dec 2025)	£54.0bn
Acquisitions (CCLA)	+£15.0bn
Net flows (total)	+£1.5bn
Market returns and other	-£2.1bn
Closing AUM (31 Mar 2026)	£68.4bn
Retail & Wholesale net flows	+£1.4bn
Institutional net flows	+£0.3bn
CCLA net flows (ex-MMFs)	-£0.2bn
Retail & Wholesale closing AUM	£44.8bn
Institutional closing AUM	£9.4bn
CCLA closing AUM	£14.2bn (of which £4.1bn in MMFs)

Context from recent quarters

Jupiter’s net flows have improved through 2025 into 2026: Q1 2025 (-£0.5bn), Q2 2025 (£0.3bn), Q3 2025 (£0.3bn), Q4 2025 (£1.2bn), and Q1 2026 (£1.5bn). That trend, coupled with a broader capability set and the addition of CCLA, explains the more confident tone, even as management acknowledges near-term uncertainty.

What to watch ahead of the 23 July 2026 interim results

• Flow resilience into Q2: Do Retail & Wholesale and Institutional stay positive if volatility persists?
• European equities momentum: Can the recently joined team sustain performance-led inflows after turning positive for the first time since 2018?
• CCLA integration and flows: Are the small outflows ex-MMFs transitory, and how does the broader CCLA franchise bed in?
• Revenue mix and profitability: Not disclosed in this RNS – look to the July interim results for detail on fees, margins and any cost impacts from the acquisition.
• Market sensitivity: With -£2.1bn of market and other in Q1, watch how AUM tracks any further swings in risk appetite.

Overall, this is a solid trading update. Record AUM, healthier net flows and a broader platform give Jupiter more optionality. The caveat is simple: keep an eye on markets and whether March’s sentiment shift sticks. We will get the next detailed read-through on 23 July 2026.