Jupiter Fund Management plc

Results for the year ended 31 December 2025

26 February 2026

 

Material progress with an encouraging outlook

 

n Underlying profit before tax of £138.3m (2024: £97.5m), driven by performance fees of £120.3m (2024: £31.2m).

 

n Statutory profit before tax of £131.9m (2024: £88.3m).

 

n Administrative expenses, before the impact of performance fees and exceptional items, down 2% to £255.5m (2024: £260.5m).

 

n Assets under management (AUM) increased by 19% to £54.0bn (31 December 2024: £45.3bn).

 

n Net inflows of £1.3bn (2024: net outflows of £10.3bn), the first calendar year of positive net inflows since 2017.

 

n CCLA Investment Management (CCLA) acquisition completed on 2 February, adding £15bn to the Group's AUM.

 

n Cost saving targets being delivered ahead of schedule and cost synergy targets on the CCLA acquisition reconfirmed.

 

n Final ordinary dividend of 2.3p per share, bringing total ordinary dividends for the year to 4.4p per share (2024: 5.4p per share).

 

n Share buyback programme of up to £30m and special dividend amounting to 5.7p per share, together representing a 50% distribution of the Group's 2025 performance fee revenue.

 

		Year ended 31 December 2025	Year ended 31 December 2024	% change
AUM (£bn)		54.0	45.3	19%
Net flows (£bn)		1.3	(10.3)
Net revenue1 (£m)		431.0	364.1	18%
Statutory profit before tax2 (£m)		131.9	88.3	49%
Basic earnings per share (EPS)2 (p)		19.2	12.5	54%
Underlying profit before tax1 (£m)		138.3	97.5	42%
Underlying EPS1 (p)		19.4	13.4	45%
Total dividends per share (p)3		10.1	5.4	87%
Cost:income ratio1		82%	78%

 

¹ The Group's use of alternative performance measures (APMs) is explained on pages 30 to 32.

² IFRS measures.

³ Including special dividend.

 

Matthew Beesley, Chief Executive, commented:

 

"Jupiter delivered a strong set of results in 2025. During the year, we generated net positive inflows across both client channels for the first time since 2017, supported by a marked shift in client sentiment with improved investment performance across all time periods.

 

Against a challenging market environment at the start of the year, careful planning and deliberate management actions helped us make meaningful progress towards our strategic objectives. We remained focused on what we can control. Across cost savings, capital allocation and revenue generation, we have done what we said we were going to do, and in many cases, quicker than we suggested we might.

 

As we move into 2026, we are in a demonstrably stronger position than we were twelve months ago, with a broader and more balanced set of differentiated investment capabilities. We have announced and completed two acquisitions, broadening our investment expertise and opening up a new client channel. With leading indicators improving and momentum building across the business, we have increased confidence in being able to deliver on our targeted 70% cost:income ratio in the medium term."

 

 

Analyst presentation

 

There will be an analyst presentation at 10.00am GMT on 26 February 2026.

 

The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ and will also be accessible via a live webcast. The webcast is available at https://secure.emincote.com/client/jupiter/jfm043. Please note that questions can be asked either in-person at the presentation or via the webcast.

 

The results announcement and the presentation will be available at https://www.jupiteram.com/investor-relations. Copies may also be obtained from the registered office of the Company at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.

 

The Annual Report will be published in March 2026 and will be available at https://www.jupiteram.com/investor-relations.

 

For further information please contact:

	Investors	Media
Jupiter	Alex James +44 (0)20 3817 1636	Victoria Howley +44 (0)20 3817 1657
Edelman Smithfield	Hastings Tarrant +44 (0)7813 407 665	Andrew Wilde +44 (0)7786 022 022

 

LEI Number: 5493003DJ1G01IMQ7S28

 

 

Forward-looking statements

 

This announcement may contain certain "forward-looking statements" with respect to certain plans of Jupiter Fund Management plc (Jupiter) and its current goals and expectations relating to its future financial condition, performance, operations, results, business, strategy and objectives. Statements containing the words "believes", "intends", "expects", "plans", "seeks" and "anticipates", and words of similar meaning, are forward looking.

 

Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this announcement. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Jupiter's control including, among other things, UK domestic and global economic and business conditions; market-related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities; the impact of competition, inflation and deflation; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Jupiter and its affiliates operate.

 

As a result, Jupiter's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Jupiter's forward-looking statements. Jupiter undertakes no obligation to update or revise any forward-looking statements contained in this presentation or any other forward-looking statements it may make. Nothing in this presentation should be construed as a profit forecast.

 

Management statement

We are pleased to report a strong set of results for 2025.

 

After a number of years of hard work from all of our employees, we are delighted that the momentum we have anticipated is now becoming more visible externally, and even more so that it is beginning to be recognised by the market and other stakeholders. We finish the year having made significant progress towards each of our strategic objectives, many leading indicators moving in a positive direction, and with a clear path to our target 70% cost:income ratio in the medium term.

 

We have increased scale through positive flows, market movements and the completion of two acquisitions. We acquired the team and assets of Origin Asset Management (Origin) and also announced the acquisition of CCLA Investment Management (CCLA), which completed in February 2026. The latter opens up a new client channel for Jupiter, that of non-profit organisations, as well as being materially accretive even before the delivery of synergies.  We have continued to be disciplined on cost management, having announced new targets for cost savings in May, and we are now on track to deliver these savings ahead of our original schedule. Investment performance is strong across all time periods, our employee base is more engaged than ever and we have delivered meaningful returns for shareholders.

 

At our interim results in July, we wrote about the improvement in client sentiment and the case for cautious optimism for an improving external environment. This has proven to be well-founded and sentiment continued to improve in the second half of the year, with growing demand for risk assets and early signs of a potential shift in client allocations away from US equities.

 

We generated net inflows of £1.3bn across the year (2024: outflows of £10.3bn), our first calendar year of positive net inflows since 2017. Importantly, both the Institutional and the Retail & Wholesale client channels saw positive net flows, of £1.0bn and £0.3bn respectively, the latter seeing a marked improvement in sentiment through the second half. Our Systematic equities investment capability was the strongest contributor, but there was also demand for Global equities and UK equities. This positive momentum has continued into the start of 2026, and we continue to be net positive across both of these client channels as of today.

 

Driven by both these flows and positive market movements, AUM increased by 19% during the period to close at £54.0bn (31 December 2024: £45.3bn). Net revenue increased by 18% to £431.0m (2024: £364.1m), driven by performance fees of £120.3m (2024: £31.2m). Given the outflows in 2024 and the impact of a lower average AUM, net management fee revenues decreased to £310.7m (2024: £332.9m).

 

Our focus on cost discipline remains unwavering. We announced a new £15m initial target for cost savings in May, which we now expect to achieve in 2026, a year ahead of schedule. Administrative expenses, excluding the impact of performance fees and exceptional items, were £255.5m, down 2% on the prior period. Non-compensation costs of £98.9m were 10% lower than the prior year (2024: £109.5m), despite the inflationary environment.

 

This combination of growing total revenues and judicious cost management led to a 42% increase in underlying profit before tax to £138.3m (2024: £97.5m). Statutory profit before tax was £131.9m (2024: £88.3m). Underlying EPS was 19.4p per share (2024: 13.4p) and was 8.7p per share excluding the impact of performance fees (2024: 10.9p per share).

 

Our capital base remains strong, even after completion of the acquisition of CCLA. In line with our commitments to capital allocation of distributing 50% of underlying EPS excluding performance fees, we have today announced a final ordinary dividend of 2.3p per share. We have also announced a special dividend of 5.7p per share and a share buyback programme of the lower of £30m or 3% of issued share capital, together honouring our commitment of returning 50% of performance fee revenues generated in the year.

 

Improved client sentiment and positive flows across client channels

 

After a number of periods of subdued demand, 2025 saw a marked improvement in client sentiment. For some time, equity markets have been narrow and highly correlated and returns have been driven by a small number of large-cap, predominantly technology-focused, US companies. There are early signs that we are seeing this shift, with a greater disparity in valuations both across and within asset classes. If this trend persists and correlations continue to fall, this should continue to be positive for active asset managers such as Jupiter. Concurrently, client risk appetite has improved and client interactions suggest that many are reconsidering the size of their exposure to the US. With Jupiter's broad array of investment expertise, we could be well positioned to benefit from such a trend going forward.

 

Our flows in 2025 reflected this improvement in sentiment and we generated net positive flows across both of our client channels.

 

Gross flows saw a meaningful uptick across both the Retail & Wholesale and the Institutional client channels. In total we generated £16.9bn of gross flows (2024: £14.1bn). All of our regions saw an increase on the prior year's gross flows.

 

We generated total net flows of £1.3bn in the year (2024: net outflows of £10.3bn), which represents the first calendar year of positive net flows since 2017.

 

The Institutional client channel generated £1.0bn of net flows, with mandates funding into our Fixed Income, Global equities and UK equities investment capabilities. We also generated £0.3bn of net inflows from retail, wholesale & investment trusts clients. Sentiment and risk appetite amongst retail, wholesale & investment trust clients had been particularly weak at the start of 2025, with outflows of £1.5bn in the first quarter. However, this improved throughout the year, and we generated £2.1bn of net flows in the second half, largely driven by demand for Systematic equities and Global equities capabilities.

 

Across our seven investment capabilities, five increased their AUM through the period while three generated positive net flows. This was led by Systematic equities with net inflows of over £4.0bn. Global Equity Absolute Return (GEAR) once again generated very strong performance, supported by sustained client demand. However, there were positive inflows across much of the Systematic range, with World Equity generating just under £0.7bn of flows and tripling its AUM to over £1.1bn. Global equities was also a positive contributor, including demand for Gold & Silver and Global Leaders. We also generated positive flows into our UK equity capabilities across both client channels, notably into Dynamic and Growth strategies.

 

These positive inflows were partly offset by outflows in other capabilities, most notably Fixed Income and Asian and Emerging Market equities. Improvements in short-term performance across our unconstrained fixed income strategies have led to a reduction in outflows over the year, with more than three quarters of the net outflows from these strategies taking place in the first half. Within Asian and Emerging Markets equities, both our Indian equity and Asian Income strategies saw some client redemptions to crystallise investment gains, despite ongoing good performance, after a number of periods of strong inflows.

 

Movement in AUM by client channel
	31 December 2024 £bn	Q1 net flows      £bn	Q2 net flows £bn		Q3 net  flows £bn		Q4 net flows £bn		Full-year net flows   £bn	Market returns £bn	31 December 2025 £bn
Retail, wholesale & investment trusts	38.9	(1.5)	(0.3)		0.8		1.3		0.3	5.4	44.6
Institutional	6.4	1.0	0.6		(0.5)		(0.1)		1.0	2.0	9.4
Total	45.3	(0.5)	0.3		0.3		1.2		1.3	7.4	54.0
Of which is invested in mutual funds	37.2	(1.7)	(0.1)		0.5		1.2		(0.1)	5.5	42.6

 

 

Material strategic progress

 

We continue to make meaningful progress towards each of our four key strategic objectives of increasing scale, decreasing undue complexity, broadening appeal to clients and deepening relationships across all stakeholders.

 

We have consistently stated that increasing scale remains the most important of our four objectives, in absolute terms but also relative to an increasingly efficient and leveraged operating model. Combining top line revenue growth with our now well-established cost management approach will drive us towards our target 70% cost:income ratio. Our overall AUM increased by 19% to £54.0bn at the end of 2025, through a combination of market movements and positive net inflows. Having acquired the team and assets of Origin earlier in the year, we also announced in July that we had reached agreement to acquire CCLA.

 

CCLA is one of the market-leading asset managers focused on the non-profit sector, actively managing assets on behalf of charities, religious organisations and local authorities. It represents a new client channel for Jupiter and there is no client overlap between the two firms. We remain committed to maintaining and, where we can, amplifying all that makes CCLA unique. Its well-respected brand will remain, the investment teams remain unimpacted and there will be no change to the way they interact with their clients. We have also identified at least £16m of cost synergies, which will be delivered on a run rate basis by the end of 2027. The acquisition will have a materially accretive impact on earnings from day one and will increase as synergies are realised. The deal completed in February 2026 and, upon completion, the wider group was entrusted to manage over £70bn of our clients' assets at that date.

 

We continued to reduce undue complexity across the business, with a focus on cost discipline. Both non-compensation costs and overall headcount decreased again in 2025, for the latter this was the fourth consecutive year of reductions. We also continued to review our operating model, with the most material impact being the consolidation and outsourcing of some middle- and back-office operations functions to BNY, which will help us deliver improved service to our clients.

 

In addition to entering the non-profit client channel through the CCLA acquisition, this year we have explored new ways in which clients can gain access to our investment expertise. We have launched two active ETFs, one a global fixed income strategy and one an equity strategy focused on global smaller companies. We have also launched our first fund on our Cayman-domiciled platform, a leveraged version of GEAR. Both of these initiatives will allow us to take existing investment expertise into new client segments.

 

Finally, we have continued to deepen relationships with all of our stakeholders. We exist to help our clients achieve their financial objectives through truly active investment management and we have delivered improved investment performance across all time periods. We strive to create a client-centric culture based on high performance, with a committed and engaged employee base. In our most recent employee opinion survey, we saw an engagement score of 88%, which is up nine percentage points on both the prior year and on the financial services benchmark.

 

For our shareholders, we are pleased that they have been rewarded for their patience and support over the last twelve months, in which we have generated a total shareholder return of 92% through the year and before the distributions we have announced today.

 

Solid financial performance

 

Following significant outflows in the prior year, and the resulting lower average AUM compared with 2024, 2025 was always expected to be challenging from an underlying financial perspective. Against that backdrop, we delivered a solid set of financial results.

 

Underlying profit before tax was up 42% to £138.3m (2024: £97.5m) and statutory profit before tax for the year was £131.9m, an increase of £43.6m. This was driven by strong performance fees of £120.3m (2024: £31.2m), primarily from our Systematic equities capability. Underlying EPS was 19.4p per share (2024: 13.4p) and was 8.7p per share excluding the impact of performance fees (2024: 10.9p per share).

 

Closing AUM was up 19% over the twelve-month period to close at £54.0bn (31 December 2024: £45.3bn), driven by positive net inflows of £1.3bn and market movements of £7.4bn. Despite this, average AUM of £48.1bn was lower than the prior year (2024: £50.7bn), resulting in management fee revenues down 7% to £310.7m (2024: £332.9m). However, the high levels of performance fees saw total net revenue increase by 18% to £431.0m (2024: £364.1m). With strong net flows and market performance in the final quarter of 2025, we are well-placed for 2026 and we have continued to see momentum on flows and market performance since the year end. Our average net management fee margin reduced by 1bp to 65bps, driven by changes in business mix.

 

In an environment of ongoing fee margin attrition, good cost management is a continual focus. Total administrative expenses (excluding exceptional items) were £299.7m, up 10% from £273.2m in 2024, of which £44.2m related to performance fees (2024: £12.7m). Excluding the impact of performance fees, administrative expenses decreased by £5.0m, or 2%. Non-compensation costs decreased 10% to £98.9m (2024: £109.5m), despite the inflationary environment. Similarly, headcount reduced for a fourth consecutive year from 492 to 442 at 31 December 2025 on a full-time equivalent basis, the lowest level since 2014. The total compensation ratio (excluding performance fees and exceptional items) increased to 50%. This was a short-term increase outside of our target range, primarily due to the accounting impact of the rise in the share price, with the economic impact of such exposures being hedged by the Group through capital reserves.

 

The Group's cost:income ratio increased from 78% to 82%, largely driven by lower management fees. However, with management actions already in progress, we see a clear and credible path to achieving our target 70% cost:income ratio in the medium term.

 

Other gains before exceptional items of £6.0m (2024: £6.9m) relate to gains on our seed capital investments, net of hedging. We also generated net finance income of £3.8m (2024: £1.9m) as we continued to actively manage the Group's cash balances.

 

Exceptional items of £6.4m in 2025 principally related to administrative expenses of £7.0m, comprising restructuring costs of £7.7m, offset by other non-compensation cost movements of £0.7m.

 

		2025				2024
£m		Before performance fees	Performance fee profits	Total	Before performance fees		Performance fee profits	Total
Net revenue		310.7	120.3	431.0	332.9		31.2	364.1
Compensation costs1, 2		(156.6)	(44.2)	(200.8)	(151.0)		(12.7)	(163.7)
Non-compensation costs2		(98.9)	-	(98.9)	(109.5)		-	(109.5)
Administrative expenses		(255.5)	(44.2)	(299.7)	(260.5)		(12.7)	(273.2)
Other gains2		6.0	-	6.0	6.9		-	6.9
Amortisation of intangible assets2		(2.8)	-	(2.8)	(2.2)		-	(2.2)
Operating profit before exceptional items		58.4	76.1	134.5	77.1		18.5	95.6
Net finance income		3.8	-	3.8	1.9		-	1.9
Profit before taxation and exceptional items		62.2	76.1	138.3	79.0		18.5	97.5
Exceptional items		(6.4)	-	(6.4)	(9.2)		-	(9.2)
Statutory profit before tax		55.8	76.1	131.9	69.8		18.5	88.3

¹ Compensation costs in respect of performance fee profits in 2025 mainly relate to the accounting charge for bonus awards made in respect of 2025 performance fee revenues (2024: mainly in respect of 2024 performance fee revenues).

² Compensation costs and Non-compensation costs exclude £7.7m and £(0.7)m respectively classified as exceptional (2024: £nil). Other gains excludes £0.6m classified as exceptional (2024: £nil). In 2024, Amortisation of intangible assets excluded £9.2m classified as exceptional.

 

Strong investment performance across all time periods

 

As an active manager, delivering strong investment outcomes for our clients is critical to our ongoing success.

 

As at 31 December 2025, 68% of our mutual fund AUM had delivered above-median performance, net of all fees, relative to their peer group over three years, which is our KPI (31 December 2024: 61%). In many cases, there was exceptional performance with nearly half of the AUM in the top quartile.

 

Over the longer term, 75% of mutual fund AUM outperformed their peer group over five years, up from 58% twelve months ago, with over 60% in the top quartile. Over one year, the figure was 84% of assets outperforming, with 69% in the top quartile. There was strong shorter-term performance from Dynamic Bond and Strategic Bond, both of which are now in the top quartile. Although the one-year number is inherently more volatile, it is encouraging to see improvement in this leading indicator.

 

Our larger funds also continue to perform well. We have 15 funds with over £1bn under management, of which 11 outperformed across each time period, with six funds being top quartile across one, three and five year periods.

 

A strong capital base with further distribution to shareholders

 

The Group continues to maintain a strong capital base.

 

We estimate that the acquisition of CCLA has reduced the surplus above the Group's regulatory capital requirement by around £85m. Despite this, we continue to maintain a strong balance sheet, enabling us to invest in the growth of the business and maintain inorganic optionality. Following the completion of that acquisition on 2 February 2026, we estimate that the capital surplus of the Group is £146m based on Jupiter's 31 December 2025 position, adjusted for the impact of the acquisition.

 

In line with our capital allocation policy of returning 50% of pre-performance fee earnings, the Board have proposed a final ordinary dividend of 2.3p per share, bringing the total ordinary dividend for the year to 4.4p per share. We also committed to returning 50% of revenues generated by performance fees in 2025. A special dividend has therefore been proposed of 5.7p per share, along with a share buyback programme of the lower of £30m and 3% of issued share capital, which we expect to start in April 2026. The dividends will be paid on 19 May 2026 to shareholders on the register at the close of business on 17 April 2026.

 

We continue to actively and effectively manage our capital and continue to explore opportunities to deliver long-term shareholder growth, both by organically investing in the business and in inorganic opportunities. In the absence of opportunities to deploy capital accretively, we will continue to consider returning excess capital to shareholders, on a periodic basis.

 

An encouraging outlook

 

Having started the year with materially lower AUM through 2024 and subdued client sentiment, it was always apparent that 2025 would be a challenging year from an underlying financial perspective. However, we have remained focused on the aspects of our business that are within our control. Careful planning and targeted management actions have allowed us to navigate these challenges, to keep to commitments and to deliver meaningful progress towards each of our strategic objectives.

 

As we move into 2026, we are encouraged that a number of leading indicators have moved in a positive direction. Investment performance has improved across all time periods and short-term performance is particularly strong. Client sentiment has shown signs of improving and, after positive flows across both client channels in 2025, we are also net positive year to date. We have continued to build scale, most notably with the completion of the CCLA acquisition, which brings a brand new client channel to the wider group. Our focus on disciplined cost management remains resolute and we are ahead of schedule in delivering our latest rounds of cost savings.

 

Against this encouraging backdrop, there is also the potential for a more positive external environment, both for active asset management generally and for Jupiter specifically. If we do see markets become less correlated, then this could create a more fertile environment for active managers. Further, if clients do continue to re-evaluate and rebalance portfolios then we are also well positioned to benefit, given our broad range of investment expertise.

 

While we are not yet where we want to be and many geopolitical uncertainties remain, we are demonstrably in a stronger position than we were twelve months ago and are better placed to take advantage of the opportunities ahead. We are encouraged by positive leading indicators and that the building momentum we have seen internally for some time has now become more apparent externally and has continued into the early part of 2026.

 

 

 

 

Matthew Beesley

Chief Executive Officer

25 February 2026

 

Consolidated income statement

for the year ended 31 December 2025

 

 

		Notes		2025		2024
				£m		£m
Revenue		1, 2		465.7		402.5
Fee and commission expenses		1		(34.7)		(38.4)
Net revenue		1		431.0		364.1
Administrative expenses		3		(306.7)		(273.2)
Other gains		4		6.6		6.9
Amortisation of intangible assets		9		(2.8)		(11.4)
Operating profit				128.1		86.4
Finance income		5		7.2		8.0
Finance costs		5		(3.4)		(6.1)
Profit before taxation				131.9		88.3
Income tax expense		6		(31.5)		(23.1)
Profit for the year				100.4		65.2
Earnings per share
Basic		7		19.2p		12.5p
Diluted		7		17.9p		12.2p

 

 

 

Consolidated statement of comprehensive income

for the year ended 31 December 2025

 

 

		2025		2024
		£m		£m
Profit for the year net of tax		100.4			65.2
Items that may be reclassified subsequently to profit or loss
Exchange movements on translation of subsidiary undertakings		-			(1.3)
Other comprehensive loss for the year net of tax		-			(1.3)
Total comprehensive income for the year net of tax		100.4			63.9

 

 

Consolidated balance sheet

at 31 December 2025

 

 

		Notes				2025		2024
						£m		£m
Non-current assets
Goodwill		8				494.4		494.4
Intangible assets		9				11.7		12.3
Property, plant and equipment		10				31.2		34.8
Investment in associates						1.7		1.8
Deferred tax assets						31.0		15.6
Trade and other receivables						0.4		0.4
						570.4		559.3
Current assets
Financial assets						134.8		288.6
Trade and other receivables						216.9		145.9
Cash and cash equivalents Current tax asset		12				318.7 1.8		261.1 1.6
						672.2		697.2
Total assets						1,242.6		1,256.5
Equity attributable to shareholders
Share capital		14				10.9		10.9
Own share reserve		15				(0.9)		(0.5)
Other reserves		15				239.0		244.6
Foreign currency translation reserve		15				0.7		0.7
Retained earnings		15				656.4		578.3
TOTAL EQUITY						906.1		834.0
Non-current liabilities
Loans and borrowings		13				-		49.9
Trade and other payables						63.1		61.5
						63.1		111.4
Current liabilities
Financial liabilities at fair value through profit or loss (FVTPL)						42.0		100.5
Trade and other payables						215.2		201.1
Provisions						0.6		5.1
Current tax liability						15.6		4.4
						273.4		311.1
Total liabilities						336.5		422.5
Total equity and liabilities						1,242.6		1,256.5

 

 

Consolidated statement of changes in equity

for the year ended 31 December 2025

 

 

		Share capital	Own        share     reserve	Other  reserves	Foreign  currency  translation  reserve	Retained earnings	Total
		£m	£m	£m	£m	£m	£m
At 1 January 2024		10.9	(0.7)	250.3	2.0	527.0	789.5
Profit for the year after tax		-	-	-	-	65.2	65.2
Exchange movements on translation of subsidiary undertakings		-	-	-	(1.3)	-	(1.3)
Other comprehensive loss net of tax		-	-	-	(1.3)	-	(1.3)
Total comprehensive (loss)/income net of tax		-	-	-	(1.3)	65.2	63.9
Vesting of ordinary shares and options		-	0.2	-	-	(0.2)	-
Dividends paid		-	-	-	-	(34.2)	(34.2)
Purchase of shares by EBT		-	-	-	-	(1.0)	(1.0)
Share-based payments		-	-	-	-	17.2	17.2
Transfers		-	-	(5.7)	-	5.7	-
Other movements		-	-	-	-	(1.4)	(1.4)
Total transactions with owners		-	0.2	(5.7)	-	(13.9)	(19.4)
At 31 December 2024		10.9	(0.5)	244.6	0.7	578.3	834.0
Profit for the year after tax		-	-	-	-	100.4	100.4
Total comprehensive income net of tax		-	-	-	-	100.4	100.4
Vesting of ordinary shares and options		-	0.2	-	-	0.5	0.7
Dividends paid		-	-	-	-	(22.3)	(22.3)
Purchase of treasury shares		-	(0.3)	-	-	(13.4)	(13.7)
Purchase of shares by EBT		-	(0.3)	-	-	(23.3)	(23.6)
Share-based payments		-	-	-	-	23.5	23.5
Current tax		-	-	-	-	0.3	0.3
Deferred tax		-	-	-	-	6.8	6.8
Transfers		-	-	(5.6)	-	5.6	-
Total transactions with owners		-	(0.4)	(5.6)	-	(22.3)	(28.3)
At 31 December 2025		10.9	(0.9)	239.0	0.7	656.4	906.1
Notes		14	15	15	15	15

 

Consolidated statement of cash flows

for the year ended 31 December 2025

 

 

	Notes		2025		2024
			£m		£m
Cash flows from operating activities
Cash generated from operations	17		88.4		95.5
Income tax paid			(29.1)		(21.6)
Net cash inflows from operating activities			59.3		73.9
Cash flows from investing activities
Purchase of intangible assets	9		(2.2)		(6.2)
Purchase of property, plant and equipment	10		(0.5)		(1.4)
Purchase of financial assets1			(306.2)		(478.7)
Proceeds from disposals of financial assets1			390.2		302.1
Cash movement from funds and subsidiaries at the date they are no longer consolidated2			(1.3)		(6.8)
Interest income received			7.3		7.9
Dividend income received			1.0		0.9
Net cash inflows/(outflows) from investing activities			88.3		(182.2)
Cash flow from financing activities
Dividends paid	16		(22.3)		(34.2)
Purchase of shares by EBT			(23.6)		(1.0)
Purchase of shares for cancellation	15		(13.7)		-
Cash inflows from exercise of share options			0.7		-
Finance costs paid			(5.1)		(4.6)
Cash paid in respect of lease arrangements			(5.7)		(5.6)
Third-party subscriptions into consolidated funds			71.1		248.8
Third-party redemptions from consolidated funds			(43.2)		(101.5)
Redemption of subordinated debt			(50.0)		-
Net cash (outflows)/inflows from financing activities			(91.8)		101.9
Net increase/(decrease) in cash and cash equivalents			55.8		(6.4)
Cash and cash equivalents at beginning of year			261.1		268.2
Effects of exchange rates on cash and cash equivalents			1.8		(0.7)
Cash and cash equivalents at end of year	12		318.7		261.1

 

¹Includes purchases/proceeds from disposals of seed investments, fund units used as a hedge against compensation awards linked to the value of those funds, derivative instruments and, where the Group's investment in seed is judged to give it control of a fund, purchases/disposals of financial assets by that fund.

²During the year, the gross amounts of financial assets and liabilities, other than cash or cash equivalents, over which control was lost were £112.6m and £113.9m respectively (2024: £232.4m and £239.3m respectively). The gross amounts of financial assets and liabilities, other than cash or cash equivalents, over which control was obtained were £nil for both assets and liabilities (2024: £127.2m for both).

 

Notes to the Group financial statements

 

 

Introduction

 

Jupiter Fund Management plc (the Company) and its subsidiaries (together, the Group) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager to authorised unit trusts, SICAVs, ICVCs, OEICs, investment trust companies, pension funds and other specialist funds. At 31 December 2025, the Group had offices in the United Kingdom, Ireland, Germany, Hong Kong, Italy, Luxembourg, Singapore, Spain, Sweden and Switzerland.

 

Basis of preparation and other accounting policies

 

The financial information set out does not constitute the Company's statutory accounts for the years ended 31 December 2025 or 2024, but is derived from those accounts. The Auditors have reported on the 2025 accounts; their report was unqualified, unmodified and did not contain statements under section 498(2) or 498(3) of the Companies Act 2006. Statutory accounts for 2024 have been delivered to the Registrar of Companies and those for 2025 will be delivered in due course.

 

The Group financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

 

Going concern

 

After reviewing the Group's current trading activities, plans, forecasts and financing arrangements, including in stressed scenarios, the Directors have not identified any material uncertainties to the Group's ability to continue to adopt the going concern basis. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.

 

Climate change

 

In preparing the financial statements, we have considered the impact of climate change. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations.

 

Changes in the composition of the Group

 

The Group is required to consolidate seed capital investments if it is deemed to control them. The following changes have been made to the consolidation of the Group since 31 December 2024:

 

Included in consolidation (as a result of investments)	Excluded from consolidation
Jupiter GEARx Fund Limited Jupiter Global Government Bond Active UCITS ETF	Jupiter Global Fund SICAV: Asia Pacific Income Jupiter Global Emerging Markets Focus ex China Fund

 

Changes in accounting policies

 

The International Accounting Standards Board and IFRS Interpretations Committee (IC) have issued a number of new accounting standards and interpretations and amendments to existing standards and interpretations. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations that are not yet effective that would be expected to have a material impact on the Group.

 

The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements.

IFRS 18 introduces new presentational requirements within the income statement, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its 'Operating profit'.

 

1.  Revenue and fee and commission expenses

 

The Group's primary source of recurring revenue is management fees. Management fees are stated net of rebates and are charged for investment management or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements.

 

The Group can earn performance fees on some of the segregated and fund accounts that it manages. In some cases, a proportion of the fee earned is deferred until the next performance fee is payable or offset against future underperformance on that account. As there is no certainty that such deferred fees will be collectable in future years, the Group's accounting policy is to include performance fees in revenue only when they become due and collectable and therefore the element (if any) deferred beyond 31 December 2025 has not been recognised in the results for the year.

 

	2025      £m		2024 £m
Management fees1	345.4		371.3
Performance fees	120.3		31.2
Revenue	465.7		402.5
Fee and commission expenses2	(34.7)		(38.4)
Net revenue	431.0		364.1
1In previous periods, 'Management fees' was disaggregated between 'Management fees' and 'Initial charges and commissions'. The amounts reclassified are not material and prior period data has been re-presented accordingly.
2 In previous periods, 'Fee and commission expenses' was disaggregated between 'Fee and commission expenses relating to management fees' and 'Fee and commission expenses relating to initial charges and commissions'. The amounts reclassified are not material and prior period data has been re-presented accordingly.

Disaggregation of revenue

 

The Group disaggregates revenue on the basis of product type and geographical region, as this best depicts how the nature, amount, timing and uncertainty of the Group's revenue and cash flows are affected by economic factors.

 

The Group's product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles.

 

	2025      £m		2024       £m
Revenue by product type
Pooled funds	423.0		368.3
Segregated mandates	42.7		34.2
Revenue	465.7		402.5

 

 

2.  Segmental reporting

 

The Group offers a range of investment products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the key performance indicators of the Group. Information is reported to the chief operating decision maker, the Board, on a single-segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business.

 

Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment.

 

Geographical information

	2025 £m		2024 £m
Revenue by location of clients
UK	293.4		286.1
EMEA	123.5		78.1
Asia	22.5		19.0
Rest of the world	26.3		19.3
Revenue by location	465.7		402.5

 

The location of clients is determined using management information obtained from distribution partners and, where applicable, directly from client mandate information. Where management information is not available, the location of the distribution partner is used as a proxy for the location of the client.

 

Non-current assets for the Group (excluding financial instruments, prepayments and deferred tax assets) are domiciled as set out below:

	2025 £m		2024    £m
Non-current assets for the Group
UK	534.7		540.0
EMEA	1.6		1.2
Asia	1.0		0.3
Non-current assets by location	537.3		541.5

 

3.  Administrative expenses

 

Administrative expenses of £306.7m (2024: £273.2m) include staff costs of £208.5m (2024: £163.7m). Staff costs consist of:

 

	2025    £m		2024 £m
Wages and salaries	149.2		119.6
Share-based payments	23.5		17.2
Social security costs	31.5		18.4
Pension costs	7.6		7.2
Redundancy costs	3.6		3.7
Staff costs before net gains arising from the economic hedging of fund units	215.4		166.1
Net gains on instruments held to provide an economic hedge for fund awards	(6.9)		(2.4)
Staff costs	208.5		163.7

 

 

4.  Other gains

 

Other gains relate principally to net gains made on the Group's seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are held at FVTPL. Gains and losses on these investments comprise both realised and unrealised amounts.

 

	2025 £m		2024  £m
Dividend income	1.0		0.9
Gains on financial instruments at FVTPL - seed	9.2		9.8
Losses on financial instruments at FVTPL - derivatives	(4.2)		(3.8)
Other income	0.6		-
Other gains	6.6		6.9

 

5.  Finance income and finance costs

 

Finance income comprises income earned on the Group's cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.

 

	2025   £m		2024 £m
Interest on bank deposits	1.9		2.5
Interest on short-term money market fund investments	5.3		5.5
Finance income	7.2		8.0

 

Finance costs principally relate to the unwinding of the discount applied to lease liabilities. In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes (see Note 13). These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the revolving credit facility (RCF). Interest payable is charged on an accrual basis using the effective interest method.

 

	2025    £m		2024    £m
Interest on subordinated debt	1.4		4.5
Interest on lease liabilities	1.3		1.4
Other interest charges	0.5		-
Finance costs relating to the RCF	0.2		0.2
Finance costs	3.4		6.1

 

6.  Income tax expense

 

Analysis of charge in the year	2025     £m		2024    £m
Current tax
Tax on profits for the year	39.9		24.7
Adjustments in respect of prior years	0.2		0.2
Total current tax	40.1		24.9
Deferred tax
Origination and reversal of temporary differences	(8.6)		(1.8)
Total deferred tax	(8.6)		(1.8)
Income tax expense	31.5		23.1

 

 

The UK corporation tax rate for 2025 was 25% (2024: 25%). The tax charge in the year is lower (2024: higher) than the standard rate of corporation tax in the UK and the differences are explained below:

 

Factors affecting tax expense for the year	2025   £m		2024       £m
Profit before taxation	131.9		88.3
Taxation at the standard corporation tax rate (25.0%)	33.0		22.1
Other permanent differences	(1.2)		1.2
Adjustments in respect of prior years	0.2		0.2
Effect of differences in overseas tax rates	(0.5)		(0.4)
Total tax expense	31.5		23.1

 

 

7.  Earnings per share (EPS)

 

Basic EPS is calculated by dividing the profit attributable to equity holders of Jupiter Fund Management plc (the parent company of the Group) by the weighted average number of ordinary shares outstanding and contingently issuable during the year, less the weighted average number of own shares held. Own shares comprise shares held for treasury purposes and shares held in an EBT for the benefit of employees.

 

As dilutive potential ordinary shares have or would have no impact on the Group's income statement, diluted EPS is calculated by dividing the profit for the year (as used in the calculation of basic EPS) by the weighted average number of ordinary shares outstanding during the year for the purpose of basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares arising from the award of share options into ordinary shares.

 

The weighted average number of ordinary shares used in the calculation of EPS is as follows:

 

Weighted average number of shares	2025  Number       m		2024  Number        m
Issued share capital	545.0		545.0
Add: Contingently issuable shares1	8.7		7.5
Less: Time-apportioned own shares held	(31.3)		(29.1)
Weighted average number of ordinary shares for the purpose of basic EPS	522.4		523.4
Add: Weighted average number of dilutive potential shares arising from share options	39.3		10.3
Weighted average number of ordinary shares for the purpose of diluted EPS	561.7		533.7

 

Earnings per share	2025   p		2024       p
Basic	19.2		12.5
Diluted	17.9		12.2

 

1 Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.

 

8.  Goodwill

 

Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed.

 

 

Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited (Merian).

 

	2025     £m		2024   £m
Cost At 1 January and 31 December	570.6		570.6
Accumulated impairment At 1 January and 31 December	(76.2)		(76.2)
Net book value At 31 December	494.4		494.4

 

The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group's profitability between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU.

 

For the purposes of impairment testing, the recoverable amount for the goodwill asset has been determined using a VIU methodology. The VIU calculation is based on the present value of the Group's projected future cash flows, derived from a discounted cash flow model. As the acquisition of CCLA Investment Management Limited completed after the balance sheet date, the impairment assessment excludes any cash flows, synergies or other benefits arising from the acquisition. The acquisition is expected to result in the recognition of goodwill and separately identifiable intangible assets on completion (see Note 21). The following key assumptions have

been applied in the impairment test:

 

n The Group's projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2026 and is aligned with the strategic focus set out in the Management statement;

n Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal value; and

n A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the capital asset pricing model and applied to post-tax cash flows. Using a pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not produce a materially different result.

 

The impairment test indicated that the VIU of the CGU of £724.7m (2024: £551.1m) exceeded its carrying value of £537.3m (2024: £541.5m). The VIU of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group's goodwill asset is not currently impaired.

 

The year-on-year movement in the headroom was as follows:

 

		£m
Headroom at 1 January 2025		9.6
Increase in VIU of CGU in 2025		173.6
Decrease in carrying value of CGU in 2025		4.2
Headroom at 31 December 2025		187.4

 

The increase in the VIU of the CGU year-on-year was £173.6m. This arises from improvements in forecast cash flows, principally arising from the 19.2% increase in the Group's AUM in the year and a decrease in the post-tax discount rate. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets.

 

 

The sensitivity of the Group's current headroom position to reasonably possible changes in key assumptions used in the VIU calculation is shown in the table below:

 

Key variable	Reasonably possible adverse movement		Decrease in valuation £m
Discount rate	+1%		55
Terminal growth rate movement	-0.1%		4
Decrease in revenue1	-1%		27

 

1 The decrease in revenue represents a modelled percentage reduction in each year projected in the Group's base case forecast cashflows.

 

The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability.

 

9.  Intangible assets

 

Intangible assets principally comprise computer software. During the year, the Group acquired computer software of £2.2m (2024: £6.2m). There were no disposals (2024: same). These assets are amortised on a straight-line basis over their estimated useful lives, which are estimated as being between five and ten years. The amortisation charge for intangible assets was £2.8m (2024: £11.4m).

 

The Directors have reviewed the intangible assets as at 31 December 2025 and 31 December 2024 and have concluded there are no indicators of impairment.

 

	2025  £m		2024 £m
Intangible assets	11.7		12.3
	11.7		12.3

 

10.        Property, plant and equipment

 

The net book value of property, plant and equipment at 31 December 2025 was £31.2m (2024: £34.8m). Additions to the right-of-use assets in 2025 were £0.8m (2024: £0.6m). The Group purchased other items of property, plant and equipment of £0.5m during the year (2024: £1.4m). Lease modifications resulted in a £1.4m increase in right-of-use assets (2024: £0.4m increase) arising from remeasurement. The depreciation charge was £6.3m (2024: £5.0m).

 

 

11.        Financial instruments

 

Financial instruments by category

 

The carrying value of the financial instruments of the Group at 31 December is shown below:

 

As at 31 December 2025		Financial assets at FVTPL	Financial assets at amortised cost and other	Financial liabilities at FVTPL	Financial liabilities at amortised cost	Non-financial instruments	Total
		£m	£m	£m	£m	£m	£m
Goodwill		-	-	-	-	494.4	494.4
Intangible assets		-	-	-	-	11.7	11.7
Property, plant and equipment		-	-	-	-	31.2	31.2
Investment in associates1		-	1.7	-	-	-	1.7
Deferred tax assets		-	-	-	-	31.0	31.0
Non-current trade and other receivables		-	0.4	-	-	-	0.4
Financial assets		117.9	16.9	-	-	-	134.8
Current trade and other receivables2		-	204.8	-	-	12.1	216.9
Cash and cash equivalents		-	318.7	-	-	-	318.7
Current tax asset2		-	-	-	-	1.8	1.8
Non-current trade and other payables2		-	-	-	(54.8)	(8.3)	(63.1)
Financial liabilities at FVTPL		-	-	(42.0)	-	-	(42.0)
Current trade and other payables2		-	-	-	(194.3)	(20.9)	(215.2)
Provisions		-	-	-	(0.6)	-	(0.6)
Current tax liability2		-	-	-	-	(15.6)	(15.6)
Total		117.9	542.5	(42.0)	(249.7)	537.4	906.1

 

As at 31 December 2024		Financial assets at FVTPL	Financial assets at amortised cost and other	Financial liabilities at FVTPL	Financial liabilities at amortised cost	Non-financial instruments	Total
		£m	£m	£m	£m	£m	£m
Goodwill		-	-	-	-	494.4	494.4
Intangible assets		-	-	-	-	12.3	12.3
Property, plant and equipment		-	-	-	-	34.8	34.8
Investment in associates1		-	1.8	-	-	-	1.8
Deferred tax assets		-	-	-	-	15.6	15.6
Non-current trade and other receivables		-	0.4	-	-	-	0.4
Financial assets		271.9	16.7	-	-	-	288.6
Current trade and other receivables2		-	134.5	-	-	11.4	145.9
Cash and cash equivalents		-	261.1	-	-	-	261.1
Current tax asset2		-	-	-	-	1.6	1.6
Non-current loans and borrowings		-	-	-	(49.9)	-	(49.9)
Non-current trade and other payables2		-	-	-	(56.2)	(5.3)	(61.5)
Financial liabilities at FVTPL		-	-	(100.5)	-	-	(100.5)
Current trade and other payables2		-	-	-	(187.2)	(13.9)	(201.1)
Provisions		-	-	-	(5.1)	-	(5.1)
Current tax liability2		-	-	-	-	(4.4)	(4.4)
Total		271.9	414.5	(100.5)	(298.4)	546.5	834.0

 

1 Investments in associates are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group's share of the investee's net assets.

2 Prepayments, contract assets and liabilities, current tax asset and liability and social security and other taxes do not meet the definition of financial instruments.

 

 

 

12.        Cash and cash equivalents

 

	2025      £m		2024         £m
Cash at bank and in hand	120.8		113.4
Cash equivalents	145.2		147.1
Cash held by the EBT and seed investment subsidiaries	52.7		0.6
Total cash and cash equivalents	318.7		261.1

 

Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash equivalents are used for cash management purposes and comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value.

 

Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.

 

13.        Loans and borrowings

 

The Group's £50.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025. The notes bore interest at a rate of 8.875% per annum.

		2025		2024
		£m		£m
Subordinated debt		-		49.9

 

The Group's RCF enables it to borrow up to £100.0m (2024: £40.0m). The current facility was agreed in December 2025 and expires in December 2027, with an option for the Group to extend the facility by up to a further three years. The Group's RCFs were undrawn throughout 2025 and 2024.

 

14.        Share capital

 

Share capital	2025 Number of shares m	2024 Number of shares m	2025 Par value £m	2024 Par value £m
Ordinary shares of 2p each	545.0	545.0	10.9	10.9
	545.0	545.0	10.9	10.9

 

15.        Reserves

 

i)   Own share reserve

 

The Group holds its own shares in an EBT and in treasury. These holdings are included as a deduction from equity.

 

The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards.

 

The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date (see Note 21).

 

 

On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares. This buyback programme completed on 19 August 2025 at a total cost of £13.7m.

 

 

	Shares held in EBT			Treasury shares			Total own shares
	Number of shares	Nominal value of shares	Number of shares		Nominal value of shares	Number of shares		Nominal value of shares
	m	£m	m		£m	m		£m
At 1 January 2024	33.9	0.7	-		-	33.9		0.7
Purchases	1.4	-	-		-	1.4		-
Disposals	(12.9)	(0.2)	-		-	(12.9)		(0.2)
At 31 December 2024	22.4	0.5	-		-	22.4		0.5
Purchases	17.7	0.4	16.3		0.3	34.0		0.7
Disposals	(13.4)	(0.3)	-		-	(13.4)		(0.3)
At 31 December 2025	26.7	0.6	16.3		0.3	43.0		0.9

 

ii)  Other reserves

 

Other reserves of £239.0m (2024: £244.6m) comprise the merger relief reserve of £230.8m (2024: £236.4m) formed on the acquisition of Merian in 2020, £8.0m (2024: £8.0m) that relates to the conversion of Tier 2 preference shares in 2010 and a capital redemption reserve of £0.2m (2024: £0.2m), representing transfers from share capital on the cancellation of shares repurchased. The movement of £5.6m in the reserve in the year related to the partial realisation of the merger relief reserve.

 

iii) Foreign currency translation reserve

 

The foreign currency translation reserve of £0.7m (2024: £0.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

 

iv) Retained earnings

 

Retained earnings of £656.4m (2024: £578.3m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners.

 

16.        Dividends

 

	2025  £m		2024 £m
Prior year final dividend (2.2p per ordinary share) (2024: 3.4p per ordinary share)	11.5		17.6
Interim dividend (2.1p per ordinary share) (2024: 3.2p per ordinary share)	10.8		16.6
	22.3		34.2

 

Final and special dividends are paid out of profits recognised in the year prior to the year in which the dividends are proposed, declared and reported.

 

The EBT has waived its right to receive future dividends on shares held in the trust. Dividends waived on shares held in the EBT in 2025 were £0.7m (2024: £1.8m).

 

A final dividend for 2025 of 2.3p per share (2024: 2.2p) and a special dividend of 5.7p per share (2024: nil) have been proposed by the Directors. These dividends amount to £12.2m and £30.1m respectively before adjusting for any dividends waived on shares held in the EBT and will be accounted for in 2026. Including the interim dividend for 2025 of 2.1p per share (2024: 3.2p), this gives a total dividend per share of 10.1p (2024: 5.4p).

17.        Cash flows from operating activities

 

	Notes		2025    £m		2024 £m
Operating profit			128.1		86.4
Adjustments for:
Amortisation of intangible assets	9		2.8		11.4
Depreciation of property, plant and equipment	10		6.3		5.0
Other net gains			(8.3)		0.2
Gains on fund unit hedges	3		(6.9)		(2.4)
Share-based payments	3		23.5		17.2
Increase in trade and other receivables			(70.3)		(7.7)
Increase/(decrease) in trade and other payables			13.2		(14.6)
Cash generated from operations			88.4		95.5

 

18.        Changes in liabilities arising from financing activities

 

		2025					2024
		Financial liabilities at FVTPL	Loans and borrowings1	Leases2	Total		Financial liabilities at FVTPL	Loans and borrowings1	Leases2	Total
		£m	£m	£m	£m		£m	£m	£m	£m
	Brought forward at 1 January	100.1	49.9	40.9	190.9		80.2	49.7	44.1	174.0
	New leases	-	-	0.8	0.8		-	-	0.6	0.6
	Changes from financing cash flows	27.93	-	(5.7)	22.2		147.33	-	(5.6)	141.7
	Changes arising from obtaining or losing control of consolidated funds	(113.0)	-	-	(113.0)		(160.9)	-	-	(160.9)
	Changes in fair value	27.0	-	-	27.0		33.5	-	-	33.5
	Interest expense	-	0.1	1.3	1.4		-	0.2	1.4	1.6
	Lease reassignment and modifications	-	-	1.4	1.4		-	-	0.4	0.4
	Repayment of loans and borrowings	-	(50.0)	-	(50.0)
	Liabilities arising from financing activities carried forward at 31 December	42.0	-	38.7	80.7		100.1	49.9	40.9	190.9
	Notes	19	13				19	13
1 Accrued interest on loans and borrowings is recorded within 'Trade and other payables' and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount that has been applied in calculating the amortised cost of the Group's subordinated debt.
2 Leases are recorded within current and non-current trade and other payables in the Balance sheet. 3 Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement).

 

19.        Financial instruments

 

The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Derivatives held at fair value are carried at a value which represents the price to exit the instruments at the balance sheet date.

 

The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:

 

n Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

n Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

n Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs).

 

Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets.

 

As at 31 December 2025, the Group held the following financial instruments measured at fair value:

 

		Level 1		Level 2		Level 3		Total
		£m		£m		£m		£m
Financial assets - investments in funds		99.8		16.6		-		116.4
Financial assets - derivatives		-		1.5		-		1.5
Financial liabilities - non-controlling interests in consolidated funds		(42.0)		-		-		(42.0)
		57.8		18.1		-		75.9

 

As at 31 December 2024, the Group held the following financial instruments measured at fair value:

 

			Level 1		Level 2		Level 3		Total
			£m		£m		£m		£m
Financial assets - investments in funds			271.0		-		-		271.0
Financial assets - derivatives			-		0.9		-		0.9
Financial liabilities - non-controlling interests in consolidated funds			(100.1)		-		-		(100.1)
Financial liabilities - derivatives			-		(0.4)		-		(0.4)
			170.9		0.5		-		171.4

 

20.        Related parties

 

During the year, as set out in the 'Changes in the composition of the Group' section on page 12, the Group consolidated Jupiter GEARx Fund Limited and Jupiter Global Government Bond Active UCITS ETF, and ceased to consolidate Jupiter Global Fund SICAV: Asia Pacific Income and Jupiter Global Emerging Markets Focus ex China Fund as the funds are no longer judged to be controlled by the Group.

 

The Group manages investment trusts, unit trusts, OEICs, SICAVs, ICVCs, ETFs, segregated mandates, Delaware LPs (closed 2024) and a hedge fund and receives management and, in some instances, registration (Aggregate Operating Fee) and performance fees for providing this service. The fee arrangements are disclosed within the financial statements of each investment management subsidiary of the Group or within other publicly available information. By virtue of the investment management agreements in place between the Group and the collective investment vehicles it manages, such funds may be considered to be related parties. Investment management and performance fees are disclosed in Note 1.

 

The Group acts as investment manager for 28 (2024: 29) authorised unit trusts and 9 (2024: 9) OEICs. Each unit trust is jointly administered with the trustees, Northern Trust Global Services SE. The aggregate total value of transactions for the year was £1,797m (2024: £2,395m) for unit trust creations and £4,489m (2024: £5,830m) for unit trust liquidations. The actual aggregate amount due to the trustees at the end of the accounting year in respect of transactions awaiting settlement was £6.4m (2024: £7.8m) for unit trusts. The Group also acts as the management company for the Jupiter Global Fund and Jupiter Investment Fund SICAVs, made up of 9 sub-funds (2024: 13), as well as the Jupiter Investment Management Series I/II and the Jupiter Asset Management Series Plc, made up of 9 (2024: 8) and 21 (2024: 22) sub-funds respectively. The administrator is Citibank Europe plc.

 

The amounts received in respect of gross management, registration and performance fee charges split by investment vehicle were £204.5m (2024: £225.4m) for unit trusts, £45.4m (2024: £42.9m) for OEICs, £70.2m (2024: £90.5m) for SICAVs, £157.3m (2024: £58.4m) for ICVCs, £0.8m (2024: £1.5m) for investment trusts and £42.8m (2024: £34.2m) for segregated mandates. At the end of the year, there was £25.3m (2024: £21.0m) accrued for annual management fees, £0.9m (2024: £1.2m) in respect of registration fees and £115.7m (2024: £28.0m) in respect of performance fees.

 

Included within financial instruments (see Note 11) are seed investments, hedges of awards in fund units in mutual funds and investment trusts, all managed, but not controlled, by the Group. At 31 December 2025, the Group had a total net investment in such funds of £48.0m (2024: £91.8m) and received distributions of £1.0m (2024: £0.9m). During 2025, it invested £33.3m (2024: £65.9m) in these funds and made disposals of £85.4m (2024: £55.6m).

 

Key management compensation

 

Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together with other members of the Strategy and Management Committee. The aggregate compensation paid or payable to key management for employee services is shown below:

 

	2025 £m		2024 £m
Short-term employee benefits	4.8		5.4
Share-based payments	2.4		3.3
Other long-term employee benefits	1.9		1.6
	9.1		10.3

 

21.        Events after the balance sheet date

 

The following events occurred after the reporting date and are considered non-adjusting events for the purposes of IAS 10 Events after the Reporting Period. Accordingly, no adjustments have been made to the amounts recognised in these financial statements:

 

On 2 February 2026, the Group acquired 100% of the issued share capital of CCLA Investment Management Limited (CCLA), an investment management company registered in England. The total consideration payable is estimated to be approximately £100m, satisfied in cash from existing reserves, of which £76.4m was paid on 2 February 2026, with the balance expected to be paid in the second quarter of 2026, subject to the delivery and agreement of final post-closing adjustments.

 

Given that completion occurred shortly before the date of these financial statements, the determination of the fair values of the identifiable assets and liabilities acquired is provisional. The fair value of the net tangible assets acquired is provisionally assessed as being in the region of £30m, and the fair value assigned to goodwill and other intangible assets as £70m. Further information on the acquisition, including updated fair value assessments and its impact on the Group's financial position, will be provided in the Group's interim financial statements for 2026.

 

The goodwill and intangible assets recognised represent the value of acquired client relationships, brand, workforce, and anticipated operational synergies.

 

On 25 February 2026, the Board approved the cancellation of 16.3m shares held in treasury. The cancellation will reduce issued share capital when effected.

 

On the same date, the Board approved the utilisation of the authority granted by shareholders at the 2025 AGM to purchase up to 3% of the Company's issued share capital. The buyback programme is subject to a maximum aggregate consideration of £30m and a limit of 3% of the Company's issued share capital, and is expected to commence in April 2026.

Statement of Directors' responsibilities

 

Statements relating to the preparation of the Financial Statements

 

The Directors are responsible for preparing the Annual Report, the Remuneration Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Financial Statements for each financial year. Under that law the Directors have prepared the Group and Company Financial Statements in accordance with UK-adopted International Accounting Standards (IAS) and in conformity with the requirements of the Companies Act 2006. Additionally, the Financial Conduct Authority's Disclosure Guidance and Transparency Rules require the Directors to prepare the Group Financial Statements in accordance with UK-adopted IAS and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

 

The Directors' review of the Financial Statements

 

The Directors undertook a detailed review of the Financial Statements in February 2026. Following this examination, the Board was satisfied that the Financial Statements for 2025 give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. Before approving the Financial Statements, the Board satisfied itself that in preparing the statements:

 

n suitable accounting policies had been selected in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and consistently applied;

n the judgements and accounting estimates that have been made were reasonable and prudent; and

n where applicable UK-adopted IAS in conformity with the requirements of the Companies Act 2006 have been adopted and, for the Group, UK-adopted IAS have been followed and that there were no material departures.

 

The Directors' review of going concern

 

The Financial Statements have been prepared on the going concern basis, the Directors having determined that the Company is likely to continue in business for at least 12 months from the date of this report.

 

The Directors' review of current position, prospects and principal risks

 

Supported by the Audit and Risk Committee, the Directors have completed a robust review and assessment of the principal and emerging risks in the business, making use of the Enterprise Risk Management Policy which operates in all areas of the Company. The policy ensures that the relevant risks are identified and managed and that information is shared at an appropriate level. Full details of these risks are provided in the Risk management section of the Strategic report. The Enterprise Risk Management Policy was reviewed by the Board in December. The Directors found it was an effective mechanism through which the principal risks and the Company's risk appetite and tolerances could be tested and challenged.

 

The Directors' responsibility for accounting records

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the Financial Statements and the Directors' Remuneration Report comply with the Companies Act 2006.

 

The Directors' responsibility for the safekeeping of assets

 

The Directors have examined the steps in place for ensuring the prevention and detection of fraud and other irregularities. The procedure is examined and tested on a regular basis. The Board is satisfied it is understood and is operated well, and accordingly that the assets of the Company are safeguarded and protected from fraud and other irregularities.

 

The Directors' responsibility for information

 

The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.

 

Statement of Directors' responsibilities

 

The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's and Company's position and performance, business model and strategy.

 

Each of the Directors confirm that, to the best of their knowledge:

 

n the Group and Company Financial Statements, which have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006, give a true and fair view of the assets, liabilities, financial position and profit of the Group and profit of the Company; and

n the Directors' report contained in the Annual Report and Accounts includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces.

 

In the case of each Director in office at the date the Directors' report is approved:

 

n so far as the Director is aware, there is no relevant audit information of which the Group's and Company's auditors are unaware; and

n they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's and Company's auditors are aware of that information.

 

On behalf of the Board

 

 

 

Wayne Mepham

Chief Financial and Operating Officer

25 February 2026

 

Principal risks and mitigations

 

The Board and senior management are responsible for establishing and maintaining a strong risk management culture that embeds a high level of risk awareness and a sound control environment across the firm. This risk culture is achieved through leadership behaviours setting the "tone from the top" through governance structures, a clear definition of roles and responsibilities, and regular communication reinforcing an open and transparent approach to raising risks without fear of reprisal. The Group has a robust enterprise risk management policy (ERMP) to provide a comprehensive approach to identifying, assessing, monitoring, mitigating and reporting risk.

 

Principal risks

 

The Group is exposed to various risk types in pursuing its business objectives which can be driven by internal and external factors. Understanding and managing these risks is imperative to the business to reduce potential harms to clients, the firm and the market.

 

The table below lists the principal risks to the firm identified through the risk management framework, and are monitored by the Board on an ongoing basis. All material risks are reported through the risk framework, however, the principal risks are those that are considered the most impactful on an inherent basis to our firm, requiring robust controls to mitigate.

 

Principal risk	Description
Market disruption	The risk we fail to adequately respond to changes and/or disruption within the markets we operate in which results in a material loss of clients.
Investment performance risk	The risk that portfolios do not meet their investment objectives which results in a material loss of clients.
Outsourcing and supplier risk	The risks arising from incidents or failure of providers of services to deliver on their obligations, or inadequate oversight of providers which results in the inability to undertake operational aspects of investment management activities.
People risk	The risk of failures or poor practices relating to people management and the risk of poor individual employee conduct which has a severe detrimental impact on the business, including reputational damage. The risk also includes failure to retain key staff including key investment management teams.
Regulatory risk	The risk of failing to comply with our regulatory obligations including failures to implement changes required to meet new regulatory requirements which results in regulatory sanctions, including the potential for the loss of regulatory permissions.
Technology and information security risk	The risk of deliberate attacks or accidental events that have a disruptive effect on interconnected technologies which results in an inability to continue activities.
Financial risk	The risk of inadequate financial resources (capital and liquidity) to meet our strategic priorities or obligations as they fall due which results in an inability to operate either due to insufficient financial resources or regulatory sanctions, including loss of regulatory permissions.

 

Overall, the evolution of the Group's risk profile during 2025 has been driven by external challenges such as technology enhancements and investor demands. Geopolitical events across the globe have also continued to increase market volatility and operational risks. Further details on the mitigation in place for our most material risks are included below.

 

 

Risk to our business	How we manage the risk	Control examples
Market disruption - Events across the globe disrupt markets, which increases volatility. The corresponding changing global sanctions regimes increase our operational risk.	·      We continue efforts to diversify across both regions and asset classes. Our strategy is to further reinforce our presence in the UK market, while also increasing the scale of our international and institutional businesses. ·      The Board and the Strategy and Management Committee regularly review the strategic plan, opportunities and threats, budgets and targets.	·      Regular stress testing to anticipate and quantify the impact of potential major political and market events. ·      Horizon scanning to identify potential market scenarios and model market moves that might be expected in those scenarios. ·      Daily monitoring of funds including the value at risk, liquidity and counterparty exposure.
Investment performance risk - Delivering positive outcomes to our clients through active management is at the core of the organisation and failure to deliver against our commitments would lead to poor client outcomes.	·      All performance is monitored closely and challenged on a regular basis through senior management engagement. ·      In the UK, performance is overseen and assessed through active value assessments to ensure that we are providing fair value across the products we provide to clients.	·      Implementation and monitoring of an investment risk framework and policy. ·      Investment managers present their performance to Investment Risk and are challenged on their approach and holdings. ·      Assessment of Value process (UK only).
Outsourcing and supplier risk - The firm is reliant on suppliers to which we have outsourced services and any failure from our third parties can lead to a negative impact on our clients and the firm.	·      We continue to review and assess our outsourcing arrangements to ensure that they remain effective in relation to the size and scale of our business. ·      We continue to work closely with our critical third-party suppliers to ensure that the services they provide remain resilient and to the appropriate standard. ·      Our framework for the oversight of activities delegated to third parties is continually reviewed in line with our risk appetite and regulatory requirements.	·      Onboarding process, initial and ongoing due diligence and oversight of critical suppliers. ·      Third-party supplied systems and software management and governance.
People - People are at the core of the business and management of performance, conflicts of interest and conduct is imperative to minimise poor culture. The Group recognises that conduct risk can crystallise across various parts of the business and can arise on both an individual and Group basis.	·      Focused recruitment, talent and learning programmes are in place. ·      Ongoing focus on retention of key staff in Investment Management and recruiting staff with appropriate expertise in specialised roles. ·      Succession plans are in place for critical staff, including senior management roles and lead investment managers. ·      Implementation and monitoring of conduct risk framework.	·      Vetting of regulated staff. ·      Regular fitness and propriety assessments for new and existing regulated staff. ·      Adherence to the FCA's Senior Management and Certification Regime (UK only). ·      Conduct risk is monitored through the conduct risk dashboard.

 

 

Risk to our business	How we manage the risk	Control examples
Regulatory risk - The risk of not complying with regulatory changes remains significant due to the level of regulatory scrutiny of the industry in which we operate. Our strategic focus of growing the scale in our international business further increases our regulatory footprint.	·      Proactive engagement with our regulators in an open and transparent manner while investing in education, training and robust compliance and financial crime functions. ·      Cohesive and holistic approach to managing the evolving landscape of regulatory and financial crime risks across jurisdictions and utilise industry insight and specialist expertise as required to respond to regulatory change. ·      Boards for regulated entities are in place to monitor regulatory risk and where appropriate, with appointments of Independent Non-Executive Directors.	·      Market and regulatory monitoring, and engagement with external advisors. ·      Regulatory horizon scanning and implementation. ·      Regulatory control processes such as: i.      Monitoring of merging or crossing opportunities not acted upon. ii.     Segregation of Trading and Investment Management. iii.    Pre-trade and post-trade monitoring. iv.    Compliance approval of marketing content.
Technology and information security risk - Our dependency on technology and data is significant and therefore it is imperative that we protect our clients, staff and the firms against technology failure, loss of data and system corruption.	·      Jupiter is certified in accordance with the UK government-backed "Cyber Essentials Plus" scheme, demonstrating our ongoing commitment to reducing the likelihood of a successful cyber event. ·      We continue to make updates to our security systems to identify and reduce vulnerabilities as quickly as possible. ·      Use of the standard information technology infrastructure library approach, to ensure appropriate change control, including evidence of testing and sign-off on changes.	·      Continuous scanning of Jupiter network for vulnerabilities. ·      Real-time cyber security incident alerting. ·      Data encryption. ·      Data centre resilience capabilities. ·      Remote working capabilities. ·      Data back-up processes.
Financial risk - Management ensure the Group has adequate financial resources (capital and liquidity) with the ability to address any potential material harms that may result from its ongoing activities.	·      The Group ensures that it has sufficient capital and liquidity to meet prudential and regulatory requirements under normal and stressed conditions through the Internal Capital Adequacy and Risk Assessment (ICARA). ·      The Group mitigates market risk through the use of derivative contracts and manages credit risk by transacting only with banking counterparties that meet minimum credit rating requirements.	·      Segregation of duties and approval process for invoice and payment approvals. ·      Regular review of projected capital and corporate liquidity, including the annual ICARA process. ·      Market risk arising from new investments is reviewed, and the approach to hedging associated beta risk exposures require approval. ·      Daily monitoring of counterparty credit ratings, credit spreads and exposures.

 

 

Alternative performance measures

 

The use of Alternative Performance Measures (APMs)

 

The Group uses APMs for two principal reasons:

 

n We use ratios to provide metrics for users of the accounts; and

n We use revenue, expense and profitability-based APMs to explain the Group's underlying profitability.

 

Ratios

 

The Group calculates ratios to provide comparable metrics for users of the accounts. These ratios are derived from other APMs that measure underlying revenue and expenditure data.

 

In this document, we have used the following ratios:

 

	APM	2025	2024	Definition	Reconciliation
1	Cost:income ratio	82%	78%	Administrative expenses before exceptional items and performance fee costs divided by net revenue before performance fees	See table 1 below
2	Net management fee margin	65 bps	66 bps1	Net management fees divided by average AUM
3	Total compensation ratio before performance fees	50%	45%	Compensation costs before exceptional items and performance fee costs as a proportion of net revenue before performance fees
4	Underlying EPS	19.4p	13.4p	Underlying profit after tax divided by average issued share capital
5	Underlying EPS before performance fee profits	8.7p	10.9p	Underlying profit after tax before performance fee profits divided by average issued share capital
6	Total shareholder return	92%	1%	Movement in share price in the year plus dividends paid in the year and dividends reinvestment adjustment divided by the opening share price	Not available - supplied by Bloomberg

 

1 See 'Changes in use of APMs in 2025' on page 32.

 

Reconciliations and calculations: table 1

		APM		2025 £m		2024 £m
Administrative expenses (page 8)				306.7		273.2
Less: Performance fee costs (page 6)				(44.2)		(12.7)
Less: Exceptional items included in administrative expenses (page 6)				(7.0)		-
Administrative expenses before exceptional items and performance fee costs				255.5		260.5
Net revenue (page 8)				431.0		364.1
Less: Performance fees (page 13)				(120.3)		(31.2)
Net revenue before performance fees				310.7		332.9
Cost:income ratio		1		82%		78%
Management fees (page 13)				345.4		371.3
Less: Fees and commissions (page 13)				(34.7)		(38.4)
Net management fees				310.7		332.9
Average AUM (£bn) (page 5)				48.1		50.7
Net management fee margin1		2		65 bps		66 bps
Compensation costs before exceptional items and performance fee costs (page 6)				156.6		151.0
Net revenue before performance fees (see above)				310.7		332.9
Total compensation ratio before performance fees		3		50%		45%
Statutory profit before tax (page 8)				131.9		88.3
Exceptional items (page 6)				6.4		9.2
Underlying profit before tax (page 6)				138.3		97.5
Tax at average statutory rate of 25.0%2				(34.6)		(24.4)
Underlying profit after tax				103.7		73.1
Average issued share capital (m)				534.2		545.0
Underlying EPS		4		19.4p		13.4p
Underlying profit before tax before performance fee profits (page 6)				62.2		79.0
Tax at average statutory rate of 25.0%3				(15.6)		(19.8)
Underlying profit after tax before performance fee profits				46.6		59.2
Average issued share capital (m)				534.2		545.0
Underlying EPS before performance fee profits		5		8.7p		10.9p
1 See "Changes in use of APMs in 2025" on page 32. 2 Actual effective tax rates applicable to underlying profit before tax were 23.3% in 2025 and 26.0% in 2024.
3 Actual effective tax rates applicable to underlying profit before tax and performance fees were 21.3% in 2025 and 26.3% in 2024.

 

 

Revenue, expense and profit-related measures

 

1.    Asset managers commonly draw out subtotals of revenues less cost of sales, taking into account items such as fee expenses, including commissions payable, without which a proportion of the revenues would not have been earned. Such net subtotals can also be presented after deducting non-recurring exceptional items.

 

2.    The Group uses expense-based APMs to identify and separate out non-recurring exceptional items or recurring items that are of significant size in order to provide useful information for users of the accounts who wish to determine the underlying cost base of the Group. To further assist in this, we also provide breakdowns of administrative expenses between compensation and non-compensation expenditure before and after exceptional items and after accounting for the impact of performance fee pay-aways to fund managers.

 

3.    Profitability-based APMs are effectively the sum of the above revenue and expense-based APMs and are provided for the same purpose - to separate out non-recurring exceptional items or recurring items that are of significant size in order to provide useful information for users of the accounts who wish to determine the underlying profitability of the Group.

 

4.    Underlying profit after tax is, in addition, used to calculate underlying EPS which determines the Group's ordinary dividend per share and is used in one of the criteria for measuring the vesting rates of share-based awards that have performance conditions attached.

 

In this document, we have used the following measures which are reconciled or cross-referenced in table 1:

 

Measure	Rationale for use of measure
Net management fees	1
Exceptional items1	2
Net revenue	1
Performance fees	2
Compensation costs before exceptional items	2
Underlying profit before tax	3
Underlying profit after tax	3, 4

1 Defined as items of income or expenditure that are significant in size and which are not expected to repeat over the short to medium term.

 

Changes in use of APMs in 2025

 

There have been no changes in the Group's APMs compared to those used in 2024. As set out on page 13, the Group has amended how it measures management fees. This has resulted in an increase of 1bp in the Group's net management fee margin for the year ended 31 December 2024.