Jupiter Fund Management has posted statutory profit before tax of £58m for the year 2022, a fall of 68% compared with £183.7m a year ago.
For the year ended 31 December 2022, the group’s underlying profit before tax was £77.6m, down 64% from £216.7m in 2021.
Net revenue for the year plunged 30% to £397.3m compared with £568.6m in 2021.
According to Jupiter, reduction in performance fees has led to 60% of the decline in net revenue.
Asset under management (AUM) dropped by 17% to £50.2bn from £60.5bn. This was caused by a £6.8bn decline from markets and £3.5bn of net outflows.
However, gross inflows at the group remained solid at £15.1bn.
Net management fees reduced to £384.8m in 2022 from £453.7m a year ago.
Underlying earnings per share slipped 64% to 11.3 pence, while total dividends per share declined 51% to 8.4 pence during last year.
The firm also plans to expand its share buyback programme of up to £16m to bring the total amount to £26m.
Jupiter Fund Management CEO Matthew Beesley said: “The past year has clearly been difficult, with macro-economic events significantly impacting investor sentiment and asset valuations. While challenging market conditions persisted throughout 2022, Jupiter had a stronger second half, recording positive net flows for the last six months of the year and for the first time since 2017.
“Gross flows held up well despite the market backdrop, and were only slightly down on the previous year, at £15.1bn, and net flows improved slightly with outflows slowing to £3.5bn.
“We have seen notable success and momentum in the institutional channel over the year, with net positive flows at record levels of £2.0bn, as our investment in this area has begun to deliver results.”