Jupiter Fund Management plc

21 April 2026

Jupiter Fund Management plc ("Jupiter", the "Group") today issues its trading update in respect of the three months to 31 March 2026.

Total assets under management (AUM) increased by 27% since year end to close at £68.4bn, driven by the completion of the CCLA Investment Management (CCLA) acquisition and another quarter of positive net inflows, partially offset by the impact of geopolitical events on market levels in March 2026.

Key points:

·      Group AUM increased by £14.4bn over the quarter to close at a reporting period-end record of £68.4bn.

·      During the period the Group completed the acquisition of CCLA, introducing £15bn of AUM on the completion date of 2 February 2026.

·      We continued to generate positive net inflows, with £1.5bn in the first quarter. Retail & Wholesale and Institutional client channels generated £1.7bn of net inflows which, in line with our expectations, was partly offset by small net outflows in CCLA managed strategies (excluding Money Market Funds (MMFs)).

·      Although the first two months of the year saw strong positive market movements and good flow momentum, this was inevitably impacted by geopolitical events. Nonetheless, we are pleased to have generated small positive net inflows in March across both the Retail & Wholesale and Institutional client channels.

The positive momentum we saw through the latter half of 2025 continued into the first quarter of 2026, despite the increasingly uncertain geopolitical environment towards the end of the period. We generated total positive net inflows of £1.5bn in the quarter.

January and February saw higher levels of client demand along with strong market returns. Geopolitical events in the Middle East materially impacted both markets and client risk appetite through March, although we still generated positive net inflows in our Retail & Wholesale and Institutional client channels in each month of the quarter.

Across the quarter, we saw ongoing momentum in the Retail & Wholesale channel resulting in net inflows of £1.4bn. We also saw a return to positive inflows in the Institutional client channel. Net inflows of £0.3bn from Institutional clients were well diversified across five of our core investment capabilities.

In line with our expectations, and as we highlighted at our full year 2025 results, we saw small outflows of £0.2bn from CCLA strategies (excluding MMFs) in the first quarter¹.

From a capability perspective, four of our core investment capabilities generated positive net inflows in the first quarter. Whilst there was ongoing demand for Systematic equities, we also delivered continued positive net inflows for Global equities, driven by Gold & Silver, and UK equities, with flows into UK Dynamic strategies. Our European equities capability also returned to positive net flow for the first time since 2018, with strong investment performance from the recently joined team.

Market sentiment has clearly shifted materially in recent weeks in response to geopolitical events. It is too early to tell if this represents a sustained change in client appetite towards risk assets or whether it will be more short-term and transitory. Despite the external environment, Jupiter remains in a stronger position today than we have been for a number of years and, with a broader, more diversified set of investment capabilities, are well-placed to take advantage of the opportunities that lie ahead.

1. Note that given the potentially large and volatile nature of gross in- and outflows, CCLA money market funds are excluded from our reporting of flows. Their £4.1bn of AUM is, however, included in total CCLA AUM of £14.2bn.

Movement in AUM by client channel

1. From completion of acquisition on 2 February 2026

2. Of which £4.2bn is in MMFs

3. Includes AUM movements of MMFs

4. Of which £4.1bn is in MMFs

Notice of results

Jupiter will be issuing Interim results for the period to 30 June 2026 on 23 July 2026 and will host an analyst presentation to discuss the results.

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.

Historic quarterly net flows and AUM