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Jupiter Fund Management plc (JUP) reported robust first-half results for 2026, with assets under management climbing 36% to a373.7bn following its February acquisition of CCLA. The London-based active asset manager recorded positive net inflows of a30.7bn, a 67% increase in underlying profit before tax to a350.7m, upgraded synergy targets from the acquisition, and announced an interim dividend of 3.7p per share.
Key Highlights
- Jupiter Fund Management plc (JUP) reported a373.7bn in assets under management as of 30 June 2026, up 36% from a354.0bn at the end of 2025.
- The firm achieved a30.7bn in net new business during H1 2026, with gross inflows rising 46% to a310.8bn compared to the previous year.
- Underlying profit before tax surged 67% to a350.7m, while statutory profit before tax increased 29% to a335.4m; underlying earnings per share rose 80% to 7.4p.
- Investment performance remained strong, with 77% of pre-existing Jupiter mutual fund AUM outperforming peer medians over three years, net of fees.
- Synergy targets from the CCLA acquisition were raised to at least a317m, up from a316m, with a38m expected in 2026 and a32.5m realized in H1.
- Cost-to-income ratio improved by five percentage points to 77%, targeting 70% medium-term.
- An interim dividend of 3.7p per share was declared, payable on 4 September 2026.
Substantial AUM Growth Fueled by CCLA Acquisition and Strong Client Inflows
Jupiter Fund Management's assets under management rose sharply to a373.7bn by 30 June 2026 from a354.0bn at the end of 2025, marking a 36% increase. This growth stemmed from the February 2 completion of the CCLA acquisition, which added a315.0bn in AUM, positive net flows of a30.7bn, and market plus other movements contributing a34.0bn. The acquisition significantly expanded Jupiter's scale and diversification as an active asset manager.
The CCLA integration is ahead of schedule, prompting an increase in synergy targets from a316m to at least a317m annually. Jupiter expects a38m in cost savings in 2026, with a32.5m already realized in H1. Average AUM for the period rose 44% to a369.1bn compared with a348.1bn in 2025, establishing a strong revenue base.
Recovery in Net Flows Across Retail, Wholesale, and Institutional Segments
In H1 2026, Jupiter recorded positive net inflows of a30.7bn, supported by gross inflows of a310.8bn, a 46% increase from a37.4bn in H1 2025. The retail, wholesale, and investment trust channels led with net inflows of a31.5bn, driven by Systematic, Global, and European equities strategies, generating over a39bn in gross flows — a 75% increase year-over-year.
The institutional channel saw minor net outflows of a30.1bn, offset by inflows into Fixed Income, UK, and Systematic equities. Redemptions from a Global equities mandate reflected asset allocation decisions following local government pension scheme consolidation rather than performance issues. Jupiter retained part of these assets and continues serving this segment. The CCLA business experienced net outflows of a30.7bn due to softer strategy performance and acquisition-related events, partially offset by money market fund inflows growing to a34.6bn of CCLA's total a314.6bn AUM as of 30 June 2026.
Revenue and Profitability Growth Across Jupiter Group
Net revenue climbed 39% to a3213.3m in H1 2026 from a3153.9m in H1 2025, fueled by increased average AUM and CCLA contributions. Management fees rose to a3204.4m from a3148.6m, and performance fees increased to a38.9m from a35.3m. Despite a 44% rise in average AUM to a369.1bn, the average fee margin declined to 60 basis points due to the mix of Jupiter’s 64 basis points and CCLA’s 42 basis points.
Underlying profit before tax surged 67% to a350.7m from a330.4m, while statutory profit before tax grew 29% to a335.4m from a327.5m. Underlying earnings per share increased 80% to 7.4p from 4.1p, reflecting operational leverage. The cost-to-income ratio improved by five percentage points to 77%, with a medium-term goal of 70%, driven by revenue growth and cost discipline.
Strong Investment Returns in Jupiter’s Mutual Fund Portfolio
Investment performance remained a core strength, with 77% of pre-existing Jupiter mutual fund AUM outperforming peer medians net of fees over three years ending 30 June 2026, up from 68% at end-2025. Of these, 62% ranked in the first quartile. One-year outperformance reached 80%, with 69% in the top quartile; five-year figures were 68% and 64%, respectively.
The Dynamic Bond fund notably improved to above-median three-year performance following a turnaround. Conversely, CCLA mutual funds showed weaker results, with 44% outperforming peers over three years. Jupiter attributed this partly to investment style differences and has initiated process changes and increased group collaboration. Management remains confident in CCLA’s investment philosophy.
Disciplined Compensation and Cost Controls
Jupiter maintained a total compensation ratio of 48% excluding performance fees in H1 2026, consistent with 49% in H1 2025 and management expectations. Non-compensation costs totaled a360.2m, with a352.1m from the pre-existing Jupiter business, aligning with forecasts. Full-year 2026 non-compensation costs for pre-existing Jupiter are expected to hold at a3106m despite higher AUM.
Administration expenses excluding exceptional items were a3168.3m in H1 2026 versus a3125.4m in H1 2025, in line with expectations. Exceptional costs of a315.3m mainly related to transaction compensation, non-compensation expenses from the CCLA acquisition, and amortization of acquired intangibles. A net a34.9m debit arose from a forward contract hedging deferred share awards. Including these, statutory profit before tax was a335.4m.
Robust Capital Position Despite Acquisition Funding
Jupiter’s capital resources stood at a3244m as of 30 June 2026, over three times its regulatory capital requirement. This strong capital base was maintained despite the all-cash purchase of CCLA in February 2026, providing flexibility for growth investments and capital deployment per policy.
The board declared an interim dividend of 3.7p per share, consistent with a 50% payout of underlying earnings per share before performance fees. Payable on 4 September 2026 to shareholders on record as of 7 August 2026, the company continues to manage capital actively and explore opportunities for long-term shareholder value through organic growth and acquisitions. Jupiter may return excess capital to shareholders if accretive deployment options are unavailable.
Operational Resilience Amid Geopolitical Challenges
Despite heightened geopolitical volatility in Q2 2026, Jupiter demonstrated resilience by maintaining positive net flows and strong investment performance. The firm's diverse client base, investment strategies, and geographic reach helped mitigate impacts from market fluctuations and shifting client sentiment.
CEO Matthew Beesley highlighted the company’s increased scale and diversification as key to weathering geopolitical disruptions and softer client appetite. Management expressed optimism for improved client sentiment in the latter half of 2026, especially if global tensions ease, bolstered by solid investment returns and effective volatility management.
Strategic Growth Outlook and Enhanced Market Position
Following the CCLA acquisition, Jupiter has evolved into a larger, more diversified active asset manager with expanded capabilities across equities, fixed income, and alternatives. The medium-term cost-to-income target of 70% marks a two-percentage-point improvement from the current 77%, illustrating a clear path for operational leverage as integration progresses. Early synergy realization of a32.5m out of the a38m 2026 target underscores effective integration.
Management outlined clear strategic goals, with progress reflected in financial metrics. The combination of organic net inflows, strong investment results, acquisition momentum, and cost discipline creates a solid foundation for continued growth. Jupiter’s broad investment capabilities across Systematic, Global, European, Fixed Income, UK equities, and specialist strategies, along with operations spanning the UK, Continental Europe, and other regions, position it well to capitalize on diverse market conditions and client demands.
This article is for informational purposes only and does not constitute investment advice. All data is sourced from Jupiter Fund Management plc’s half-year financial report for the period ending 30 June 2026. Investors should perform their own analysis and consult professional advisors before making investment decisions. Past performance is not indicative of future results. Asset management carries significant risks, including potential capital loss and share price volatility.
