(Correcting company headquarters location and clarifying prior-year dividend payments.)

Jupiter Fund Management PLC on Friday maintained its final payout amid steady growth in assets under management and higher profit.

The London-based investment manager posted a 3.1% rise in assets under management at December 31 to £60.5 billion from £58.7 billion a year before.

Net outflows slowed by 5.0% to £3.8 billion from £4.0 billion, as gross flows remained steady at £16.5 billion. The continued net outflows in 2021 were outweighed by £5.6 billion in positive investment performance to increase AUM.

Pretax profit rose 39% to £183.7 million in 2021 from £132.6 million a year before, while revenue increased 23% to £617.8 million from £500.5 million.

‘In another challenging year, Jupiter has delivered strong growth in both revenues and profits. Our first full-year results following the acquisition of Merian demonstrate the strength of the combined business - both in diversifying our offering and positively impacting profits,’ Chief Executive Andrew Formica said.

In February 2020, Jupiter acquired Merian Global Investors in a £370 million all-share deal.

Jupiter declared a final dividend of 9.2 pence per share, unchanged from the year before. Its total annual payout came to 17.1p a share for 2021. This compared to 2020’s annual dividend of 17.1p, which was then bolstered to 20.1p thanks to a special dividend.

‘We expect that our additional returns of capital to shareholders will, in the future, be through a share buyback programme, rather than as special dividends,’ the company said.

Looking ahead, Formica said: ‘Although the short-term outlook is driven by geopolitical events, we are confident that we have the right foundations in place to deliver on our strategy for growth, underpinned by a strong capital base. Our investment is focused on expanding areas of strategic importance, such as our sustainable investment offering, institutional expertise and international footprint.’

Jupiter shares was up 1.0% at 205.70 pence on Friday afternoon in London. The wider FTSE 250 index was up 2.3%.

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