Jupiter’s 2025 Results: First Net Inflows Since 2017 and Profit Jump
I like this one. Jupiter Fund Management has posted a much-improved 2025, marked by a return to net inflows, stronger profits and a chunky capital return. There are caveats – mainly the heavy lift from performance fees and a still-elevated cost:income ratio – but the direction of travel is firmly better.
Headline numbers investors should know
| AUM | £54.0bn (+19%) |
| Net flows | £1.3bn (first positive calendar year since 2017) |
| Net revenue | £431.0m (+18%) |
| Performance fees | £120.3m (2024: £31.2m) |
| Underlying profit before tax | £138.3m (+42%) |
| Statutory profit before tax | £131.9m (+49%) |
| Underlying EPS | 19.4p (excl. performance fees: 8.7p) |
| Total dividends per share | 10.1p (includes 5.7p special) |
| Cost:income ratio | 82% (2024: 78%) |
Quick jargon buster:
- AUM – assets under management, the pool of client money Jupiter manages.
- Performance fees – fees earned when funds beat set hurdles; these can be lumpy year to year.
- Cost:income ratio – admin costs divided by net revenue. Lower is better.
- Net management fee margin – what Jupiter earns in ongoing fees as a percentage of average AUM. It was 65 bps (0.65%), down 1 bp.
Flows turned positive across both channels – why that matters
Jupiter delivered £1.3bn of net inflows in 2025, with both channels pulling their weight: Institutional was +£1.0bn and Retail & Wholesale +£0.3bn. That is a meaningful sentiment shift after years of outflows. Gross flows rose to £16.9bn from £14.1bn and every region improved.
What drove it? Systematic equities led with over £4.0bn of inflows, helped by strong demand for Global Equity Absolute Return and World Equity. Global equities and UK equities also saw interest. Offsets came from Fixed Income and Asian and Emerging Markets, although fixed income outflows eased as short-term performance improved.
The momentum did not stop at year end – management says flows remain net positive into early 2026.
Profits surged, but check the performance fee engine
Net revenue rose 18% to £431.0m, powered by performance fees of £120.3m. Underlying PBT jumped 42% to £138.3m, and statutory PBT was £131.9m. However, because average AUM through the year was lower than 2024, net management fee revenues fell to £310.7m from £332.9m and the net management fee margin slipped to 65 bps.
Translation: the profit beat leans on performance fees. Underlying EPS was 19.4p, but excluding performance fees it was 8.7p (down from 10.9p). That does not negate the progress – it simply highlights the variability embedded in earnings.
Costs: good discipline, but ratio still too high
On costs, Jupiter kept its foot down. Administrative expenses before performance fees and exceptional items fell 2% to £255.5m, with non-compensation costs down 10% to £98.9m. Headcount dropped to 442, the fourth annual reduction and the lowest since 2014. The middle and back-office consolidation and outsourcing to BNY should help service and efficiency.
Even so, the cost:income ratio rose to 82% from 78%, largely due to the lower management fees in the mix. Management is targeting 70% in the medium term and says it is ahead of schedule on the latest £15m cost-saving plan, now expected in 2026.
Capital returns: ordinary dividend, special, and buyback
Shareholders get a decent haul:
- Final ordinary dividend of 2.3p, taking ordinary dividends to 4.4p for the year.
- Special dividend of 5.7p, reflecting 50% of 2025 performance fee revenue being returned.
- A share buyback of up to £30m or 3% of issued share capital, expected to start in April 2026.
Payment date for the dividends is 19 May 2026, with a record date of 17 April 2026. Post the CCLA completion, Jupiter estimates a capital surplus of £146m based on the year-end position, so the balance sheet looks resilient.
Strategy moves: CCLA and Origin add scale and a new channel
AUM closed 2025 at £54.0bn, up 19%, and then received another leg up when the CCLA Investment Management acquisition completed on 2 February 2026, adding around £15bn to group AUM at completion. CCLA opens a new client channel in the non-profit sector, with no client overlap, and is described as materially earnings-accretive from day one, with at least £16m of cost synergies targeted by end-2027.
Earlier in 2025, Jupiter also acquired the team and assets of Origin Asset Management, and launched two active ETFs plus a leveraged version of GEAR on a Cayman platform – all sensible steps to broaden product access.
Investment performance: broad-based improvement
Short-term numbers are strong, with 84% of mutual fund AUM outperforming peers over one year and 69% in the top quartile. Over three years, 68% of AUM is above median, and over five years, 75% outperforms, with more than 60% top quartile. That improvement aligns neatly with the rebound in flows. Management also noted total shareholder return of 92% in 2025 before the newly announced distributions.
Positives and pressure points
What’s working
- First positive calendar-year net inflows since 2017 – a key inflection for sentiment.
- Performance fees of £120.3m lifted revenue and profits materially.
- Costs well controlled, with non-compensation expenses down 10% and headcount lower again.
- CCLA adds scale, a differentiated client channel and identified synergies.
- Investment performance is strong across all time periods, a leading indicator for future flows.
What needs watching
- Earnings reliance on performance fees – underlying EPS excluding performance fees fell to 8.7p.
- Cost:income ratio rose to 82% – the 70% target requires continued execution.
- Outflows in Fixed Income and Asian and Emerging Markets, albeit easing in fixed income.
- Fee margin pressure persists, with the net management fee margin down 1 bp to 65 bps.
Outlook: encouraging momentum into 2026
Management says flows remain net positive year to date and leading indicators have improved. With stronger recent market performance, better fund performance metrics and the closing of CCLA, Jupiter enters 2026 on a stronger footing than a year ago. If markets continue to broaden beyond US mega caps – as hinted in the statement – active managers like Jupiter could see further tailwinds.
My take for retail investors
This is a solid turnaround year. The mix is not perfect, because performance fees did much of the heavy lifting and the cost:income ratio is still high. But flows have flipped positive, investment performance is doing its job, and capital returns are generous. If Jupiter can keep net inflows coming, bed in CCLA, and grind the cost:income ratio towards 70%, the quality of earnings should improve and reliance on lumpy performance fees should fade.
For now, enjoy the special dividend and buyback, and watch three things in 2026: sustained net inflows across both channels, progress on the cost base, and how quickly CCLA’s synergies start to show through.
