Jupiter Annual Report 2010 - Jupiter Asset Management

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Highlights | Introduction Highlights 2010 was another successful year for Jupiter with a strong performance for both clients and shareholders. £ 24.1bn £ 2.3bn £ 124.6m £ 42.4m 17.6p 4.7p Assets under management (2009: £19.5bn) Net sales (2009: £1.8bn) EBITDA (2009: £91.2m) Profit before tax (2009: £7.2m) Underlying EPS (2009: 11.4p) Total dividend per share (2009: nil) Annual Report & Accounts 2010 2 Jupiter Fund Management plc
Introduction Highlights Chairman’s statement Chief Executive’s statement Jamie Dundas Chairman Chairman’s statement These are our first full year results since our Listing on the London Stock Exchange last summer. We delivered strong performance in 2010. More than 50 per cent. of our mutual funds, by AUM, were ranked in the first quartile in terms of three year investment performance at the year end. Net sales of £2.3bn combined with market levels ending the year in positive territory to lift AUM from £19.5bn to £24.1bn. This underpinned EBITDA for the year of £124.6m. Full details of our performance and results are set out in the financial review and in the financial statements which follow. Listing The Listing, launched in volatile markets, was nonetheless very well supported. We were pleased to broaden our shareholder base, with the participation of many new investors who saw the value and growth potential in our business model and in the strategy set out in our Listing prospectus. At the same time, the Listing enabled us to simplify and strengthen our capital structure, exchanging high coupon preference capital for ordinary equity thereby substantially reducing net debt. This has provided a solid platform for future performance. At the time of the Listing we indicated that we expected to pay a final dividend in respect of 2010, following announcement of our results. The Board has recommended a dividend of 4.7p per ordinary share. Governance Over the past two years we have reviewed and strengthened our governance arrangements, both at Board and executive level. Our past growth, future aspirations and obligations to clients, counterparties and regulators all dictate the need for very high standards of governance. Ensuring we meet those standards is a continuing process, on which we intend to remain very focused. Ahead of the Listing, we welcomed Liz Airey and Lorraine Trainer as new non-executive Directors. Liz is our Senior Independent Director and Chairman of the Audit Committee; Lorraine will become Chairman of the Remuneration Committee following our AGM in May, taking over from me. At Listing the number of executive Directors on the Board reduced, with Adrian Creedy and Anthony Nutt stepping down but continuing as members of the Executive Committee. Jonathan Carey also stepped down at Listing and retired in December after more than 23 years of distinguished service with the Group. Chris Parkin, who had joined the Board following the 2007 MBO as a nominee of TA Associates Inc., also retired from the Board at Listing. TA Associates Inc. continues to be a significant shareholder and Michael Wilson and Richard Morris remain as TA Associates Inc.’s representatives on the Board. Employees The quality and performance of our people is of the highest importance for Jupiter. The Group’s success is dependent on its ability to recruit, motivate and retain talented individuals whose skills are often very much in demand in a competitive market, and to that end we need to maintain a competitive remuneration policy that also aligns the interests of clients, shareholders and staff. Since Listing we have worked hard to develop and implement the remuneration policy set out in our Prospectus, and to ensure that it is consistent with the above objectives and compliant with the FSA’s Remuneration Code. 2010’s strong corporate performance was underpinned by the great commitment and professionalism of our staff in all roles, and on behalf of the Board I would like to thank all of them for their contribution. Outlook Looking ahead, the market for our investment products and services is large and growing steadily. We see considerable opportunities for growth which we intend to pursue, both in our core UK retail market and in the other markets and geographies in which we have been building capacity. Jamie Dundas Chairman 8 April 2011 Annual Report & Accounts 2010 3 Jupiter Fund Management plc
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Annual Report & Accounts 2010 111 J
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4038-04.11 SG Registered address: 1
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Jupiter Annual Report 2010 - Jupiter Asset Management

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