Underpinned by the value of active minds
We believe that generating sustainable long-term outperformance for our clients, in a complex and challenging world, requires diversity of thought in all its aspects. The ability to be agile, entrepreneurial and adaptable to solve problems is a human quality.
This is why our approach fosters accountability, collaboration and a willingness to be challenged. We seek to be flexible and change as circumstances and our environment evolve around us.
We believe that a combination of experience and creativity, as well as a commitment to keep listening and learning across our business, enables us to deliver positive outcomes for our clients. We call this advantage the value of active minds.
“As an active manager, investment performance is a key factor for our continued success. It remains our first priority to serve clients.”
David Cruickshank
Chair
“The operating environment for all active asset managers has been extremely challenging through 2024.
However, because of our actions, I believe our business is significantly better placed today to face these challenges, and also to take advantage of the opportunities that we see.”
Matthew Beesley
Chief Executive Officer
“We have further strengthened our platform and delivered a broader range of growth opportunities through changes we have made.”
Wayne Mepham
Chief Financial & Operating Officer
Key achievements
2024 was a challenging year for active asset managers, characterised by narrow markets and limited client demand for risk assets. At Jupiter, we remain focused on those areas that we can control as we make progress on each of our four key strategic objectives of increasing scale, decreasing undue complexity, broadening appeal to clients and deepening relationships with all stakeholders.
Financial KPIs
Net management fees
£331.3m
2023: £354.0m
Cost: income ratio
78%
2023: 73%
Underlying earnings per share
13.4p
2023: 14.8p
Non-Financial KPIs
Assets under management
£45.3bn
2023: £52.2b
Employee engagement
79%
2023: 78%
Investment performance
61%
2023: 59%
Net flows
£(10.3)bn
2023: £(2.2)bn
Outcome KPI
Total shareholder return
+1%
2023: (25)%
Our business model
Who we are
Jupiter is a specialist, high-conviction, active asset manager. We create a better future for our clients with our active investment excellence.
What we do
How we do it
We are fundamentally a people business. We seek to build a diverse employee base and an inclusive culture where everyone can thrive and achieve their full potential.
The value we create
Our clients
Investment performance after all fees
We help our clients to meet their long-term investment goals, by delivering investment outperformance after fees.
Our employees
Individual engagement
We have a culture that attracts and develops talent. We support and challenge our people to continuously develop.
Our shareholders
Total returns
We balance investment for growth of the business with making returns to shareholders.
Our communities
Stewardship
We actively engage with the companies in which we invest and are focused on the sustainability of both investee companies and our own business.
Our strategy
Increase scale
…in select geographies and channels
Progress in 2024
• A challenging year to increase scale, with outflows primarily driven by departure of Value team.
• Robust gross flows of £14.1bn.
• Strong net flows into key areas of good performance and strong client demand including our Asian and Emerging Market equity and Systematic equity capabilities.
• Key new hires in UK equity, strengthening our investment expertise.
• Announced acquisition of team and institutional assets of Origin, adding scale in Emerging Markets equity and new expertise across other multi-regional equity strategies since their arrival in early 2025.
• Announced new team in European equities, providing the opportunity to re-establish leadership position in the asset class through 2025.
Decrease undue complexity
…with costs managed carefully through a relentless pursuit of efficiency
Progress in 2024
• Ongoing cost discipline and focus on removing undue complexity.
• Total operating costs, excluding performance fees, little changed from previous year, despite inflationary environment.
• Investment in data and technology. Key focus on automation and improved digital platform across Investment Management and the Client Group.
• Review of middle office operating model, resulting in outsourcing and the potential for consolidation.
• Continued investment in training and development of employees towards process automation and optimisation.
Broaden appeal to clients
…with a curated product offering, while exploring new methods of delivery
Progress in 2024
• Ongoing curation of product range to ensure client proposition remains distinct and differentiated.
• Broader range, and deeper strength, of investment expertise with key new hires.
• Developing the Group’s first active Exchange Traded Fund (ETF), which was launched in February 2025.
• Awarding of a Capital Market Services licence in Singapore, allowing us to work with the mass affluent segment in the region.
• Continued investment in seed and catalyst funding, with £127m of capital deployed, already leading to £180m of net client inflows.
Deepen relationships with all stakeholders
…with our purpose embedded in all we do
Progress in 2024
• Employee engagement score of 79%, one percentage point ahead of the prior year and four ahead of the financial services benchmark.
• Positive progress towards achieving diversity targets across all monitored metrics. • Introduced tiered pricing to UK fund ranges.
• Total shareholder return of +1%.
• Surplus capital deployed to total ordinary dividends of 5.4p per share. Announced a 3% share buyback programme and the intention to repurchase £50m of subordinated debt in 2025.
