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olivLaw · European equity research

Jupiter Fund Management PLC JUP.L

United Kingdom · London Stock Exchange · ISIN GB00B53P2009 · Vertical: Listed companies from United Kingdom

1.76GBP−1.57% · 1 dayClose 05 Nov 2026

Jupiter Fund Management is a UK active asset manager that grew assets in 2025 after several years of outflows and completed the CCLA acquisition, which extends its scale in its home market. Assets under management rose 19% in 2025 to £54bn, and after completion the combined group manages over £70bn.

At the close of 05 Nov 2026, Jupiter Fund Management PLC (JUP.L) stock was 1.76 GBP (−1.57% on the day), with market capitalisation 920.3 m GBP, P/E 9.8 on diluted EPS of 0.18 GBP over the last 12 months, dividend yield 2.42%, beta 0.92, 52-week range 1.40–1.95 GBP.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
920.3 m GBP
shares as of 31 Dec 2025
P/E (TTM)
9.8
Diluted EPS TTM 0.18 · TTM to 31 Dec 2025
E/P (TTM)
10.17%
TTM to 31 Dec 2025
Dividend yield
2.42%
DPS 12m 0.04
Beta (2y)
0.92
Volatility (1y) 30%
52-week range
1.401.95

Price history

Loading chart…

Technical reading

RSI (14)
56.4
strong (55–70)
Bollinger (20, 2)
1.70 – 1.79
in the upper half of the band · %B 0.69 · band width 5.0%
SMA 50 / 200
1.69 / 1.70
mixed trend
MACD (12, 26, 9)
0.02 / 0.02
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+2.9%−0.6%+3.6 pp—
3 months+8.5%−4.2%+12.7 pp—
6 months+10.4%+4.3%+6.1 pp—
Year to date+11.0%+7.5%+3.5 pp—
1 year+14.1%+9.9%+4.2 pp+5.8%
3 years+116.7%+49.8%+66.9 pp+26.3%
5 years−32.7%+42.8%−75.5 pp—
Max drawdown (1y)
−22.2%
10 Feb 2026 → 01 May 2026
Max drawdown (5y)
−74.4%
04 Jan 2022 → 07 Apr 2025
Compound annual growth (5y)
−7.6%
EURO STOXX 50 +7.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 2-quarter history (min 7.1, median 8.0, max 8.9; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue405.6 m402.5 m465.7 m
Revenue YoYunavailable−0.8%+15.7%
Net income-12.9 m65.2 m100.4 m
Net income YoYunavailableunavailable+54.0%
Diluted EPS-0.030.120.18
Diluted EPS YoYunavailableunavailable+46.7%
net %-3.2%16.2%21.6%
Free cash flow87.4 m72.5 m58.8 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
318.7 m GBP
Financial debt
0 GBP
Net debt
-318.7 m GBP
Equity
906.1 m GBP
Total assets
1.2 bn GBP
Debt / equity
0.00x
Current ratio
2.46x
ROE
11.5%
ROA
8.0%
FCF margin
12.6%

Financial statements (source on every figure)

Revenue and net income (GBP)

Margins

Income statement · GBP

Revenue
2023
405.6 m
2024
402.5 m
2025
465.7 m

esef· 24 Mar 2026verified

Gross profit
2023
368.8 m
2024
364.1 m
2025
431.0 m

esef· 24 Mar 2026verified

Operating income
2023
86.0 m
2024
86.4 m
2025
128.1 m

esef· 24 Mar 2026verified

Interest expense
2023
6.2 m
2024
6.1 m
2025
3.4 m

esef· 24 Mar 2026verified

Pre-tax income
2023
9.4 m
2024
88.3 m
2025
131.9 m

esef· 24 Mar 2026verified

Income tax
2023
22.3 m
2024
23.1 m
2025
31.5 m

esef· 24 Mar 2026verified

Net income
2023
-12.9 m
2024
65.2 m
2025
100.4 m

esef· 24 Mar 2026verified

Diluted EPS
2023
-0.03
2024
0.12
2025
0.18

esef· 24 Mar 2026verified

Dividend per share
2023
0.07
2024
0.07
2025
0.04

esef· 24 Mar 2026derived

Balance sheet · GBP

Cash
2023
268.2 m
2024
261.1 m
2025
318.7 m

esef· 24 Mar 2026verified

Receivables
2023
137.6 m
2024
145.9 m
2025
216.9 m

esef· 24 Mar 2026verified

Current assets
2023
639.9 m
2024
697.2 m
2025
672.2 m

esef· 24 Mar 2026verified

Property, plant & equipment, net
2023
37.5 m
2024
34.8 m
2025
—

esef· 15 Apr 2025verified

Goodwill
2023
494.4 m
2024
494.4 m
2025
494.4 m

esef· 24 Mar 2026verified

Intangibles (excl. goodwill)
2023
17.5 m
2024
12.3 m
2025
11.7 m

esef· 24 Mar 2026verified

Total assets
2023
1.2 bn
2024
1.3 bn
2025
1.2 bn

esef· 24 Mar 2026verified

Accounts payable
2023
221.4 m
2024
201.1 m
2025
215.2 m

esef· 24 Mar 2026verified

Long-term debt
2023
49.7 m
2024
49.9 m
2025
0

esef· 24 Mar 2026verified

Current liabilities
2023
306.4 m
2024
311.1 m
2025
273.4 m

esef· 24 Mar 2026verified

Total liabilities
2023
418.1 m
2024
422.5 m
2025
336.5 m

esef· 24 Mar 2026verified

Equity
2023
789.5 m
2024
834.0 m
2025
906.1 m

esef· 24 Mar 2026verified

Shares outstanding at year end
2023
516.0 m
2024
521.6 m
2025
522.9 m

esef· 24 Mar 2026derived

Cash flow · GBP

Operating cash flow
2023
88.0 m
2024
73.9 m
2025
59.3 m

esef· 24 Mar 2026verified

Capex
2023
600.0 k
2024
1.4 m
2025
500.0 k

esef· 24 Mar 2026verified

Free cash flow
2023
87.4 m ≈
2024
72.5 m ≈
2025
58.8 m ≈

esef· 24 Mar 2026derived

Investing cash flow
2023
-56.6 m
2024
-182.2 m
2025
88.3 m

esef· 24 Mar 2026verified

Dividends paid
2023
35.2 m
2024
34.2 m
2025
22.3 m

esef· 24 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
15.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
48.3%
computed by olivLawFY 2025
Net income growth (YoY)
54.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
46.7%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-18.9%
computed by olivLawFY 2025

Profitability

Gross margin
92.5%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
27.5%
computed by olivLawFY 2025
Net margin
21.6%
computed by olivLawFY 2025
FCF margin
12.6%
computed by olivLawFY 2025

Returns

ROE
11.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
8.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
16.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
13.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
23.8%
computed by olivLawFY 2025
Payout ratio (FCF)
37.9%
computed by olivLawFY 2025

Balance sheet

Net debt
-318.7 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
37.7x
computed by olivLawFY 2025

Liquidity

Current ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
1.2x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
59.3 m GBP
computed by olivLawFY 2025
Capital expenditure
500.0 k GBP
computed by olivLawFY 2025
Free cash flow
58.8 m GBP
computed by olivLawFY 2025
FCF conversion
58.6%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
142 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
920.3 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
601.6 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
9.2x
computed by olivLawFY 2025
P/E (TTM)
9.8x
computed by olivLawFY 2025
Earnings yield
10.2%
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
2.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
4.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
15.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
6.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
2.4%
computed by olivLawFY 2025
Shareholder yield (distributions)
2.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Attractive profile

Score: 73 / 100

A scoring methodology on indicators and valuation, not investment advice.

score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']

Closing price

1.76 GBP

05 Nov 2026Source: olivLaw, closing series

Market cap: 920.3 m GBP

Key indicators

Market capitalisation
920.3 m GBP
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
9.8x
computed by olivLawFY 2025
P/B
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
11.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
21.6%
computed by olivLawFY 2025
Revenue growth (YoY)
15.7%
computed by olivLawFY 2025
Dividend yield
2.4%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 24 Mar 2026
verified 79derived 6

Score by group

  • Quality60
  • Balance sheet100
  • Valuation82
  • Returns61

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Attractive profile · Score 73/100

    FactorValueScoreWeight used
    ROIC · Quality16.1%63 (vs peers)17%
    Net margin · Quality21.6%74 (vs peers)10%
    FCF conversion · Quality58.6%41 (on a fixed band)10%
    Revenue CAGR 3Y · Growthunavailableunavailable—
    EPS CAGR 3Y · Growthunavailableunavailable—
    Net debt / EBITDA · Balance sheetunavailableunavailable—
    Interest coverage · Balance sheet37.7x100 (on a fixed band)10%
    Current ratio · Balance sheet2.5x100 (on a fixed band)7%
    P/E (TTM) · Valuation9.8x83 (vs peers)17%
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuation6.4%80 (on a fixed band)13%
    Shareholder yield (distributions) · Returns2.4%35 (on a fixed band)10%
    Payout ratio (FCF) · Returns37.9%100 (on a fixed band)7%

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet100/100 · 2/3 factors with a value
    • Growth· partialunavailable · 0/2 factors with a value
    • Quality60/100 · 3/3 factors with a value
    • Returns61/100 · 2/2 factors with a value
    • Valuation82/100 · 2/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    JUPITER FUND MANAGEMENT PLC (JUP.L). Latest full fiscal year: 2025; data up to 2025-12-31.

    Figures computed from the financial statements: revenue 465.7 m GBP in 2025; YoY growth 15.7%; net margin 21.6%; ROE 11.5%.

    The estimated value range is 2.04–2.83 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 2.42 GBP, the price of 1.76 GBP leaves a potential of 37.5% (value / price − 1) and a margin of safety of 27.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 73/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • Net margin: 21.6%
    • Interest coverage: 37.7x
    • Current ratio: 2.5x
    • P/E (TTM): 9.8x
    • FCF yield: 6.4%
    • Payout ratio (FCF): 37.9%
    • The price is below the estimated value range

    What contradicts it

    No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

    Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

    Versus the vertical median

    Listed companies from United Kingdom · same country · compared with 39 companies

    Multiples and returns vs the median

    P/E
    9.8x
    vertical median 15.3x
    below median (−35.9%)
    EV/EBITDA
    —
    vertical median —
    P/S
    2.0x
    vertical median 1.5x
    above median (+28.6%)
    P/B
    1.0x
    vertical median 2.2x
    below median (−53.0%)
    ROE
    11.5%
    vertical median 14.4%
    below median (−19.7%)
    Net margin
    21.6%
    vertical median 10.8%
    above median (+100.2%)
    EBIT margin
    27.5%
    vertical median 22.9%
    above median (+19.9%)
    Revenue YoY
    15.7%
    vertical median 7.9%
    above median (+99.2%)
    Net debt/EBITDA
    —
    vertical median —
    Dividend yield
    2.4%
    vertical median 2.9%
    below median (−15.3%)

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    BATS.LBritish American Tobacco P.L.C.104.3 bn13.516.5%30.3%−1.0%+7% / +88%
    ABF.LAssociated British Foods PLC14.7 bn14.39.2%5.3%−3.1%−5% / −15%
    0EV1.LCarnival PLC5.5 bn4.146.7%13.4%+6.4%unavailable / unavailable
    BAB.LBabcock International Group PLC5.1 bn24.734.7%4.1%+7.2%−10% / +158%
    AUTO.LAutotrader Group PLC4.8 bn16.460.2%47.1%+3.9%−13% / −23%
    BBY.LBalfour Beatty PLC4.2 bn16.323.2%2.8%+15.2%+20% / +160%
    ABDN.LAberdeen Group PLC4.1 bn10.88.0%28.9%−2.1%+11% / +41%
    BKG.LThe Berkeley Group Holdings PLC3.6 bn11.38.8%13.4%−4.2%−0% / −22%
    BME.LB&M European Value Retail PLC2.9 bn17.421.2%2.8%+3.7%+68% / −51%
    AJB.LAj Bell PLC2.4 bn22.849.9%33.1%+18.0%+8% / +128%
    ASHM.LAshmore Group PLC1.4 bn13.913.1%71.6%−0.1%+28% / +18%
    BCG.LBaltic Classifieds Group PLC1.2 bn23.215.8%57.6%+6.9%−99% / −99%
    JUP.LJupiter Fund Management PLC920.3 m9.811.5%21.6%+15.7%+20% / +114%
    APN.LApplied Nutrition PLC763.6 m36.241.2%19.7%+24.2%+71% / unavailable
    BAG.LA.G. Barr P.L.C.671.9 m14.414.4%10.8%+4.0%−7% / +26%
    ASC.LAsos PLC494.5 m—-81.3%-12.0%−14.7%+71% / +8%
    ALFA.LAlfa Financial Software Holdings PLC486.8 m16.361.5%23.8%+15.3%−28% / +10%
    AML.LAston Martin Lagonda Global Holdings PLC344.3 m—-93.4%-39.2%−20.6%−45% / −85%
    APTD.LAptitude Software Group PLC111.3 m28.57.2%6.2%−7.3%−30% / −23%
    AMGO.LAmigo Holdings PLC9.9 m———−81.9%+325% / +844%
    ASBE.LAssociated British Engineering PLC605.3 k—-19.1%—unavailableunavailable / unavailable
    AMIF.LAmicorp Fs (uk) PLC221.6 k0.127.5%9.1%+8.1%unavailable / unavailable
    AAF.LAirtel Africa PLC——24.1%10.6%+29.5%−7% / +164%
    AAL.LAnglo American PLC——-19.3%-20.2%+4.5%+30% / +76%
    ACG.LAcg Metals Limited——-80.3%-32.0%+134.8%+60% / +63%

    1- and 3-year price returns: for JUP.L from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

    Bear
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Base
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Bull
    Allowed range: -50 … 50%
    Allowed range: -100 … 100%
    Allowed range: 0 … 100
    Allowed range: -10 … 20%
    Allowed range: 0 … 100%
    Nothing is saved.

    Estimated price (GBP)

    Estimated priceBearBaseBull
    1 years
    1.23
    Total return -28% · Per year -28%
    2.17
    Total return 26% · Per year 26%
    3.26
    Total return 89% · Per year 89%
    3 years
    1.46
    Total return -9% · Per year -3%
    2.87
    Total return 74% · Per year 20%
    4.69
    Total return 179% · Per year 41%
    5 years
    1.74
    Total return 12% · Per year 2%
    3.80
    Total return 136% · Per year 19%
    6.75
    Total return 310% · Per year 33%
    What moves the 3-year price the most
    • Exit P/E± 0.72
    • Net margin± 0.50
    • Annual revenue growth± 0.37
    • Annual dilution± 0.04

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Jupiter Fund Management is a UK active asset manager that grew assets in 2025 after several years of outflows and completed the CCLA acquisition, which extends its scale in its home market. Assets under management rose 19% in 2025 to £54bn 1, and after completion the combined group manages over £70bn 1.

    SWOT

    Strengths

    • The company returned to positive net flows in 2025, its first in several years, and investment performance improved over several time horizons 1.
    • The CCLA acquisition brought a strong position in the non-profit market and greater diversification for the group 1.
    • A disciplined focus on costs, with continued headcount and non-compensation cost reductions, supports margins 1.

    Weaknesses

    • Revenue depends on the level of assets under management, which suffered outflows in earlier years before the 2025 recovery 1.
    • The medium-term cost:income target has not yet been reached, so efficiency remains a work in progress 1.
    • Dependence on the UK market, where most assets are sourced, exposes the company to one economy 1.

    Opportunities

    • If investors keep diversifying away from US equities, the company's active strategies could attract additional flows 1.
    • Integrating CCLA could bring cost savings and a more stable client base if synergies are delivered 1.
    • The active ETF range and new platforms could extend access to clients not previously served 1.

    Threats

    • Continued fee and margin pressure could reduce long-term revenue 1.
    • Growth in lower-cost passive products could limit the share of active management 1.
    • Integrating a large acquisition could create difficulties for clients or operational efficiency 1.

    Risks

    • Dependence on asset volumeshigh

      Fee revenue depends on assets under management, so a market decline could directly reduce revenue 1.

    • Fee pressurehigh

      Industry fee compression could reduce margins, especially if clients demand lower prices 1.

    • CCLA integrationmedium

      Integrating an acquisition of this scale could delay synergies or disrupt clients 1.

    • Geographic concentrationmedium

      Most assets come from UK clients, exposing the company to one economy 1.

    • Investment performancemedium

      If fund performance deteriorates, client flows could return to outflows 1.

    Investment thesis

    What would need to be true (bull case)

    • The company returned to positive net flows and grew assets significantly in one year, suggesting its recovery strategy is working 1.
    • The CCLA acquisition adds scale and a new channel, and cost synergies could improve margins if delivered as planned 1.
    • Cost discipline and AI adoption could support efficiency as revenue grows 1.

    What would break the thesis

    • Assets and revenue remain sensitive to markets, and a downturn could erase recent gains 1.
    • Continued fee pressure across the industry could limit margin expansion even if flows improve 1.
    • The CCLA integration could face unforeseen difficulties, and synergies could arrive more slowly than expected 1.

    What to watch

    • Quarterly net flows and AUM trend after the CCLA integrationQ1 2027
    • Realisation of CCLA cost synergies of at least £16m2027
    • Progress toward the 70% cost:income targetnext 10-K
    • Fee and margin trends as passive competition intensifies2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Jupiter is a UK-based active asset manager offering mutual funds, active ETFs and institutional mandates to retail, wholesale and institutional clients. At end 2025 assets under management stood at £54bn 1, and the group focuses on differentiated investment capabilities. Its strategy rests on four objectives: increasing scale, decreasing complexity, broadening appeal to clients and deepening relationships with all stakeholders 1.

    In 2025 the company recorded its first positive calendar year of flows since 2017, with net inflows of £1.3bn 1. Costs were reduced and headcount fell to 442 at 31 December 2025 1. The CCLA acquisition, completed in February 2026, adds a non-profit client channel with no client overlap 1.

    The company keeps a policy of distributing surplus capital and part of its performance fee revenue. For 2025 the board announced a return of 50% of performance fee-related revenue through a special dividend and a buyback of up to £30m 1.

    Segments

    Active investment management

    The core segment covers mutual funds, institutional mandates and active ETFs. Five of seven investment capabilities grew their AUM in 2025, with the largest inflows into systematic equities at over £4.0bn 1.

    CCLA (non-profit)

    CCLA is the largest UK asset manager focused on the non-profit sector, managing more than £15bn 1. Its acquisition, completed in February 2026, opens the charity, religious and local authority channels, and the combined group manages over £70bn 1.

    New distribution channels

    The company launched active ETFs, including a global sovereign bond mandate in May 2025 and a global smaller companies product in December 2025, plus its first fund on the Cayman platform 1.

    Market context

    The UK active management market faces fee and margin pressure, and investors reduced US equity exposure in 2025 with outflows of around £20bn 1. Jupiter believes this diversification and greater dispersion across regions could favour active management 1.

    The structural shift toward passive investing and ETFs continues, and listed asset managers trade at a discount to other financials, reflecting doubts about long-term margin resilience 1. Many firms have responded by rationalising product ranges and accelerating operational efficiency 1.

    Trends

    • Diversification away from US equitiestailwind

      Investors reduced exposure to US equities, and a more dispersed environment across regions could favour active strategies, a tailwind for Jupiter 1.

    • Fee compressionheadwind

      Clients are increasingly discerning and expect competitive pricing, which compresses revenue for UK asset managers 1.

    • Growth of passive and active ETFsmixed

      The shift to passive ETFs has been constant, but active ETFs have also gained ground, giving Jupiter a new distribution channel 1.

    • Efficiency through technology and AItailwind

      The company uses AI and automation, with over 330 ChatGPT users reporting time savings, which supports cost control 1.

    Competitive position

    Jupiter competes with UK and European active managers across mutual funds, institutional mandates and active ETFs. Competitive pressure also comes from passive products, which keep gaining market share 1.

    The CCLA acquisition gives it an advantage in the non-profit sector, where it had no prior presence, and in local authority relationships where it had long-standing ties 1. Jupiter presents itself as one of the leading active managers in the UK 1.

    • Other UK and European active managers

      Compete on mutual funds and active mandates; the sources name no US-listed competitors.

    • Passive funds and ETFs

      Compete on lower costs, and passive ETFs have grown steadily as a share of the market.

    • Active managers listed outside the UK

      Compete in international active funds and global distribution channels.

    • Specialist non-profit asset managers

      Compete for charity and religious clients, a segment where CCLA was the leader before the acquisition.

    News & filings

    In the press

    Annual reports (ESEF)

    Sources

    1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Jupiter Fund Management PLC · 31 Dec 2025

    Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.