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February 28, 2014updated 04 Apr 2017 2:28pm

Jupiter Fund Management pre-tax profit surges

Jupiter Fund Management has reported pre-tax profit of £114.1 million for the year 2013, an increase of 55% compared with £73.6 million a year ago.

By Verdict Staff

Jupiter Fund Management has reported pre-tax profit of £114.1 million for the year 2013, an increase of 55% compared with £73.6 million a year ago.

The fund manger attributed the surge in pretax profit to the rise in operating earnings, reduced finance costs and the gain made from the sale of the holding in Cofunds to co-investor Legal & General Group.

For the year ended 31 December 2013, revenue was £388.8 million, an increase of 12% compared with £346.4 million in 2012.

Assets under management (AuM) rose by 20% to £31.7 billion from £26.3 billion, after strong net inflows of £1.2 billion over the year.

The fund manager raised the total 2013 dividend by 43% to 12.6 pence.

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