Jupiter has reported an 18% fall in its profits in the first half of 2014, with the group incurring £5.3m of costs from selling its private client business.
Profits for the half year to 30 June fell from £59.1m to £48.4m, with the cost of transferring its private client business to Rathbones a major factor. Profits were also hit by another one-off factor, as last year's figure included a gain of £6.7m made from the sale of its Cofunds stake. Crucially net revenues increased 6% to £148.5m, supported by inflows into its fixed income range and a number of mandate wins from larger clients. The group saw its assets under management climb to £3.1bn following solid net inflows of £1.3bn, the majority of which went into its mutual fun...
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