10 July 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

Jupiter Fund Management plc
Acquisition of CCLA Investment Management Limited

The Board of Jupiter Fund Management plc ("Jupiter" or the "Group") is delighted to announce that it has agreed to acquire CCLA Investment Management Limited ("CCLA" and the "Acquisition", respectively), subject to receipt of customary regulatory approvals.

Matthew Beesley, Chief Executive Officer of Jupiter, said: "CCLA is the leading asset manager in the UK for the non-profit sector, providing exemplary client service and high-quality investment outcomes for charities, religious organisations and local authorities, and we are delighted that they will become part of Jupiter. The market-leading and well-respected CCLA brand will be maintained and we will together continue to deliver the same exemplary levels of service to CCLA's clients.

This Acquisition helps us to increase scale in our home market of the UK, where Jupiter is already a leading player, without any disruption to our existing clients. It opens up a new client segment for us, broadening our appeal to a range of charitable and religious institutions, both in the UK and internationally, while also allowing us to expand our existing presence in the UK Local Authority sector. Importantly, Jupiter and CCLA share a common set of values, and each has a client-centric culture and history of focusing on active and differentiated investment solutions." 

Peter Hugh Smith, Chief Executive of CCLA, said: "We are delighted to be becoming part of Jupiter, a leading active asset manager, with strong roots in responsible investment and a shared investment culture and client-centric approach. Through this partnership, our clients will continue to receive the same market-leading client service and relentless focus on strong, sustainable investment returns. At the same time, we will now benefit from Jupiter's technology and operational infrastructure, its broad range of investment capabilities and extensive global distribution footprint. We are grateful for the trust placed in us by our clients over the last six decades and I, along with my senior management team, now look forward with renewed confidence to what can be achieved in the years to come."

Key terms of the Acquisition

A clear strategic rationale

Strong client and cultural alignment

Compelling financial rationale

Update to capital allocation framework

Next steps

Completion of the Acquisition is subject to the satisfaction (or, where permitted, waiver) of certain conditions, including relevant regulatory approvals. The timing of the satisfaction of certain of the conditions to completion is therefore uncertain, but it is currently expected that completion will occur before the end of the calendar year.

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019) ("MAR"). Upon publication of this announcement, this inside information will be considered to be in the public domain. The person responsible for making this announcement on behalf of Jupiter is Helen Archbold, Company Secretary.

Note 1: AUM data as at CCLA financial year end of 31 March 2025

For further information please contact:

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. This announcement has been prepared for the purposes of complying with MAR and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

This announcement is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document.

Forward-looking statements

Certain statements in this announcement are, or may be deemed to be, "forward-looking statements". Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Jupiter and CCLA about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

The forward-looking statements contained in this announcement include statements relating to the expected effects of the Acquisition on Jupiter and CCLA or the combined Group (including their future prospects, developments and strategies), the expected timing and scope of the Acquisition and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "is subject to", "budget", "projects", "strategy", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Although Jupiter and CCLA believe that the expectations reflected in such forward-looking statements are reasonable, Jupiter and CCLA can give no assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements.

Neither Jupiter and CCLA, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place any reliance on these forward-looking statements. Other than in accordance with their legal or regulatory obligations, neither Jupiter nor CCLA is under any obligation, and Jupiter and CCLA expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No profit forecasts, estimates or quantified financial benefits statements

No statement in this announcement is intended as a profit forecast, profit estimate or quantified financial benefits statement for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for the combined Group, Jupiter and/or CCLA for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share of Jupiter or CCLA.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of figures that precede them.

Disclaimer

Fenchurch Advisory Partners LLP ("Fenchurch"), which is authorised and regulated by the FCA in the UK, is acting as financial adviser exclusively for Jupiter and no one else in connection with the Acquisition and will not be responsible to anyone other than Jupiter for providing the protections afforded to clients of Fenchurch or its affiliates, or for providing advice in relation to the Acquisition or any other matters referred to in this announcement.

FURTHER INFORMATION

Information on CCLA Investment Management

Founded in 1958, CCLA is the UK's largest asset manager targeting non-profit organisations. CCLA provides investment management products and services to charities, Church of England organisations, the public sector and retail clients, through investment expertise covering a range of asset classes including multi-asset strategies, equities, property, short duration and money market funds.

CCLA's purpose and objective is to help clients meet their long-term financial objectives by investing their assets in adherence to their specific ethical and risk-level requirements. Whilst it mainly operates pooled funds, CCLA also provides segregated portfolio management for larger clients, supported by c.87 FTEs within Investment, Sustainability and Client Group roles. It is the UK's largest manager of charity assets, with a c.10% market share. It also has a c.67% market share of Church of England assets (excluding Church Commissioners and Church Pension Board). It is based in London.

As at 31 March 2025, CCLA had total AUM of £15 billion.

Information on Jupiter

Jupiter is a specialist, high-conviction, asset management business, offering a range of actively managed strategies to clients globally. Jupiter manages assets across Equity, Fixed Income, Multi-Asset and Alternative strategies and aims to create a better future for clients through active investment excellence.

Jupiter is a market leading asset manager in the UK mutual fund market based on the size of its AUM and gross sales, its strong investment performance track record, the strength of its brand and presence in key distribution channels. It is supported by 124 investment management professionals. It manages assets on behalf of both the retail, wholesale and investment trust channel, as well as on behalf of Institutional clients. As at 31 March 2025, approximately 79 per cent of Jupiter's AUM was in mutual funds, the majority of which are open-ended funds directed towards investors through intermediated distribution channels in the UK, EMEA, Asia and Latin America. Jupiter has offices in the UK, continental Europe and Asia.

As at 31 March 2025, Jupiter had total AUM of £44 billion.

Appendix 1

Financial results for CCLA

Financial results for the financial year ending 31 March 2025 are draft and are currently unaudited.

Summary P&L and key metrics (£m)

Note that CCLA's financial year end is 31 March. CCLA reports under FRS 102 whereas Jupiter reports under IFRS.  No material differences are anticipated to arise as a result of this difference in reporting regimes.

FY23 and FY24 numbers have been restated from CCLA's annual report and accounts to exclude any material non-recurring costs and are presented in a format consistent with Jupiter's financial results.

FY25 financials for the year ending 31 March 2025 are in draft form and are currently unaudited.

Annualised run rate financials are based on run rate revenues and AUM as at 1 April 2025. Cost assumptions include inflationary impacts and adjustments for expected reduction in VAT recovery due to fund restructurings.

Net flows refer to long-term funds and exclude short duration funds, money market funds and segregated mandates.