The value of
active minds
Annual Report and Accounts 2024
Financial KPIs
Net management fees
£331.3m
2023: £354.0m
Cost:income ratio
78%
2023: 73%
Underlying earnings per share
13.4p
2023: 14.8p
Assets under management
£45.3bn
2023: £52.2bn
Employee engagement
79%
2023: 78%
Total shareholder return
+1%
2023: (25)%
Non-financial KPIs Outcome KPI
Investment performance
61%
2023: 59%
Net flows
£(10.3)bn
2023: £(2.2)bn
The value of
active minds
Key achievements
2024 was a challenging year for active asset managers, characterised by narrow markets and limited
client demand for risk assets. At Jupiter, we remain focused on those areas that we can control as we
make progress on each of our four key strategic objectives of increasing scale, decreasing undue
complexity, broadening appeal to clients and deepening relationships with all stakeholders.
We believe that generating sustainable long-term
outperformance for our clients, in a complex and challenging
world, requires diversity of thought in all its aspects. The ability
to be agile, entrepreneurial and adaptable to solve problems
is a human quality.
This is why our approach fosters accountability, collaboration and a willingness to be
challenged. We seek to be flexible and change as circumstances and our environment
evolve around us.
We believe that a combination of experience and creativity, as well as a commitment to
keep listening and learning across our business, enables us to deliver positive outcomes
for our clients. We call this advantage the value of active minds.
More details on the Group’s KPIs can be found from page 20. More details on the
Group’s use of Alternative Performance Measures (APMs) can be found on page 201.
Strategic report
2 At a glance
4 Our purpose and culture
6 Strategic overview
8 Our strategic objectives
12 Chair’s statement
14 Chief Executive Officer’s review
18 Market trends
20 Key performance indicators
22 Our business model
24 Financial review
32 Investment management
34 Client solutions and experience
36 People and culture
46 Sustainability
53 Non-financial and sustainability
information statement
56 Engaging with our stakeholders
60 Risk management
Governance
68
Chair’s statement
70
Board of Directors
76
Governance at a glance
78
Governance framework
80
Board activities
84
Considering stakeholders in
decision making
86
How the Board operates
90
Nomination Committee report
94
Audit and Risk Committee report
104
Remuneration Committee report
108
Annual report on remuneration
136
Directors’ report
142
Directors’ responsibility and
compliance statements
Financial statements
143 Group financial statements
147 Notes to the Group
financial statements
182 Company financial statements
183 Notes to the Company financial
statements
190 Independent auditor’s report
Other information
200 Historical summary (unaudited)
201 The use of Alternative Performance
Measures
204 Shareholder information
205 Glossary of terms
Sustainability
Report 2024
Including Group-level TCFD and Transition Plan disclosures
March 2025
Stewardship
Report 2024
The value of active minds
Jupiter Asset Management plc
Pay Gap
Report 2024
The value of active minds
Jupiter Asset Management plc
More from our reporting suite
Our new Sustainability Report
contains more information on
TCFD & Transition Plans
1Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
At 31 December 2024, our clients entrusted us to manage £45.3bn of their assets.
This was invested across a range of asset classes and investment capabilities
and on behalf of retail, wholesale and institutional clients.
Asset classes
We offer a number of investment strategies within four core
asset classes:
• Equities
• Fixed Income
• Multi-Asset
• Alternatives
Our investment teams are unconstrained by a house view, but
are supported by specialists in sustainability and stewardship
matters and data science, within a rigorous risk oversight
framework.
AUM by asset class
Equities
Fixed Income
Multi-Asset
Alternatives
58%
18%
16%
8%
Client channels
We offer a range of actively managed investment strategies
through two principal client channels:
• Retail, wholesale & investment trusts
• Institutional
We earn revenues by charging fees to our clients for the
provision of investment management services, typically based
on a percentage of assets under management (AUM).
AUM by client channel
Retail, wholesale & investment trusts
86%
Institutional
14%
AUM by investment capability Investment capability
We provide investment expertise across a broad range
of capabilities:
• UK equities
• European equities
• Global equities
• Systematic equities
• Asian and Emerging Market equities
• Multi-manager
• Fixed Income
13%
7%
10%
22%
15%
14%
19%
UK equities
European equities
Global equities
Systematic equities
Asian and Emerging Market equities
Multi-manager
Fixed Income
At a glance
Our business
2
Talented individuals
delivering with conviction
We enable talented individuals to pursue
their own investment styles. Without the
constraints of a house view, our
investment managers can follow their
convictions to deliver the best outcomes
for clients.
Meeting our clients’ needs
through working together
We work together to innovate and deliver
the investment capabilities that help our
clients meet their objectives, striving to
deliver positive outcomes for our clients,
shareholders and all our stakeholders.
An efficient operating model
We have a single operating platform,
which we continue to develop to reduce
undue complexity and aid effective
collaboration. This allows us to adapt as
market conditions evolve, identify and
respond to emerging opportunities and
support growth.
Where our clients are and where we operate
What we do and who we are
Rest of world
4%
AUM
Asia
7%
AUM
16
Employees
EMEA
23%
AUM
38
Employees
UK
66%
AUM
438
Employees
Jupiter office Third-party Remote coverage
3Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our purpose and culture
Our purpose
We create a better future
for our clients with our
active investment
excellence
We put
clients first
We succeed
together
Our
clients
Our
employees
Our
communities
Our
shareholders
We challenge
ourselves
We value our
people
4
Our employees
We believe that our value is in our people, whatever their
role in the organisation. We encourage collaboration and
debate, and we celebrate different perspectives. Our
employees have the freedom and support they need to
perform at their best, to challenge themselves and be
open to challenge.
Our clients
At Jupiter, our clients are our focus and our priority. We
are dedicated to serving them and put their interests at
the centre of our business. We have deep relationships
that enable us to understand what our clients need from
us and we engage regularly with them to ensure we
deliver to their expectations.
Our shareholders
Through sustainable business growth and disciplined
management of our capital base, we target strong total
returns for shareholders. Our unwavering focus on
meeting the needs of our clients and delivering
investment performance will help us grow AUM from new
and existing clients and drive the growth of the business.
Our communities
We add value to society in our role as responsible
stewards of our clients’ assets, actively allocating capital
to protect and enhance the value of our clients’
investments, creating value for both shareholders and
wider society. We also actively support the communities
in which we operate through charitable giving and
volunteering opportunities.
We value our people
Independence of thought and individual accountability
define us. We believe that diversity and the freedom to
think and act differently set us apart. We actively look for
ways to bring diverse perspectives into our decision
making, creating the space for everyone to have a
positive impact.
We challenge ourselves
We thrive on open debate, feedback and continuous
improvement. We welcome constructive challenge and
are not afraid to say what we think. We are driven and
continually seek out innovative and different solutions to
improve what we do and how we do it.
We put clients first
A passionate focus on serving our clients and a
commitment to delivering superior performance after
fees is central to why we exist. We aim to put the client at
the core of all decisions. Our business is built on trust, and
we collaborate and develop strong relationships.
We succeed together
Only by working together as one team can we meet
our individual and business goals. We maximise our
collective impact by working and winning as a global
team. Together, we focus on our strategy and prioritise
everything we do accordingly.
Our cultural pillars
Our stakeholders
5Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our strategy
Strategic overview
Increase scale
…in select geographies and channels
Decrease undue complexity
…with costs managed carefully through a
relentless pursuit of efficiency
Progress in 2024
• A challenging year to increase scale, with outflows
primarily driven by departure of Value team.
• Robust gross flows of £14.1bn.
• Strong net flows into key areas of good performance
and strong client demand including our Asian
and Emerging Market equities and Systematic
equities capabilities.
• Key new hires in UK equity, strengthening our
investment expertise.
• Announced acquisition of team and institutional
assets of Origin, adding scale in Emerging Markets
equity and new expertise across other multi-regional
equity strategies since their arrival in early 2025.
• Announced new team in European equities, providing
the opportunity to re-establish leadership position
in the asset class through 2025.
Relevant KPIs
• Assets under management
• Net flows
• Net management fees
• Underlying earnings per share
• Cost:income ratio
• Total shareholder return
Relevant principal risks
• Market disruption
• Investment performance risk
• Regulatory risk
Progress in 2024
• Ongoing cost discipline and focus on removing
undue complexity.
• Total operating costs, excluding performance
fees, little changed from previous year, despite
inflationary environment.
• Investment in data and technology. Key focus on
automation and improved digital platform across
Investment Management and the Client Group.
• Review of middle office operating model, resulting
in outsourcing and the potential for consolidation.
• Continued investment in training and development
of employees towards process automation
and optimisation.
Relevant KPIs
• Underlying earnings per share
• Cost:income ratio
• Total shareholder return
Relevant principal risks
• Outsourcing and supplier risk
• Technology and information security risk
6
Deepen relationships with
all stakeholders
…with our purpose embedded in all we do
Broaden appeal to clients
…with a curated product offering,
while exploring new methods of delivery
Progress in 2024
• Ongoing curation of product range to ensure client
proposition remains distinct and differentiated.
• Broader range, and deeper strength, of investment
expertise with key new hires.
• Developing the Group’s first active Exchange Traded
Fund (ETF), which was launched in February 2025.
• Awarding of a Capital Market Services licence in
Singapore, allowing us to work with the mass affluent
segment in the region.
• Continued investment in seed and catalyst funding,
with £127m of capital deployed, already leading to
£180m of net client inflows.
Relevant KPIs
• Investment performance
• Assets under management
• Net flows
• Net management fees
• Underlying earnings per share
• Total shareholder return
Relevant principal risks
• Investment performance risk
• Regulatory risk
Progress in 2024
• Employee engagement score of 79%, one percentage
point ahead of the prior year and four ahead of the
financial services benchmark.
• Positive progress towards achieving diversity targets
across all monitored metrics.
• Introduced tiered pricing to UK fund ranges.
• Total shareholder return of +1%.
• Surplus capital deployed to total ordinary dividends of
5.4p per share. Announced a 3% share buyback
programme and the intention to repurchase £50m of
subordinated debt in 2025.
Relevant KPIs
• Employee engagement
• Underlying earnings per share
• Total shareholder return
Relevant principal risks
• People risk
• Regulatory risk
• Outsourcing and supplier risk
7Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Increasing scale…
…in select geographies and channels
Of our four strategic objectives,
increasing scale remains the most
important. We have consistently
proven our ability to carefully
manage costs within our business.
But we remain cognisant that within an industry of declining revenue
margins and increasing regulatory costs, it is absolutely crucial that we
drive top line revenue growth.
Achieving scale is, of course, not only achieved in an absolute sense,
but relative to the effective leveraging of a tightly controlled cost base
and an efficient operating model.
Our overall AUM has decreased this year. This was primarily as a
result of one team’s departure, but also due to both actions we have
taken to rationalise our fund range and ongoing negative
sentiment, particularly within the retail client channel, towards
allocating to risk assets.
Despite this, there are areas of our business which have seen
significant increases in scale, most notably our Asian and
Emerging Markets equities capability. Our Indian Equity
strategies’ strong performance have continued to attract client
assets. They now have £2.7bn of AUM, a near 300% increase in
just two years. Our Asian Income strategy also generated strong
net flows of over £500m and now manage £2.1bn of AUM.
Our Systematic equities capability saw ongoing momentum
and attracted gross flows of over £3bn in the year, with net
inflows of over £500m into the Global Equity Absolute Return
fund (GEAR).
Within Fixed Income, strong performance of our Global High
Yield strategy led to a near fivefold increase in AUM to over
£350m, while our Monthly Income bond fund grew more than
50% to over £300m.
In terms of client channels, we remain focused on building scale
with Institutional clients. Although our AUM of £6.4bn is lower
than at the start of the year, primarily as a result of the
departure of the Value team, we have ended the year with
deeper client relationships across a broader range of
investment strategies, including the investment team hires
joining during 2024 and 2025.
From a regional perspective, although European markets were
challenging, we saw continued momentum elsewhere, with our
Latin American business reaching £1.8bn of AUM. We have also
recently been awarded a Capital Markets Services licence in
Singapore, allowing us to offer our investment strategies to a wider
range of clients in the region, including the mass affluent segment.
Asia & Emerging Market equities net inflows
£1.4bn
Systematic equities net inflows
£0.3bn
Our strategic objectives
AUM by investment capability
13%
7%
10%
22%
15%
14%
19%
UK equities
European equities
Global equities
Systematic equities
Asian and Emerging Market equities
Multi-manager
Fixed Income
8
Decrease undue complexity…
…with costs carefully managed through a relentless pursuit of efficiency
Total operating costs
£260m
Excluding performance fee-related costs
Fund closures and mergers
11
With rising regulatory costs and
decreasing revenue margins,
it remains crucial that we
maintain our relentless focus on
efficiency and on decreasing
undue complexity across the
business.
We apply a zero-based budgeting mindset to ensure we are investing
appropriately and challenge ourselves to ensure we are achieving
value for money for required expenditure.
This rigorous focus on cost discipline and decreasing complexity has
led to ongoing progress in controlling costs. We reported non-
compensation costs for 2024 of £109.5m and fixed staff costs of £79.1m,
little changed from the prior year, despite the backdrop of elevated
inflation and regulatory costs. Our headcount finished the year at 492,
the lowest level since 2016.
We have also continued to review our operating model with
a view to optimising our use of external suppliers and consider
outsourcing opportunities. We announced early in 2025 that
we had selected Bank of New York Mellon Corporation (BNY) as
our strategic partner for outsourced middle office. This decision
best positions us to support clients across multiple time zones,
to increase speed to market for new initiatives, as well as
to support an ever-evolving regulatory landscape and
client demands.
This resolute focus on efficiency and cost discipline also allows
us to invest in the future growth of Jupiter, which in 2024 has
included a focus on data and automation through the firm.
We have made material progress this year in modernising
and simplifying our data infrastructure and improving how
we manage and use data across the Group.
We have also continued to explore the use of artificial
intelligence across the business, focusing on practical
applications and fostering innovation, while ensuring robust
governance and risk management. The Client Group has been
a key focus for data-driven innovation, including the launch of
newly designed websites and the automation of regularly
updated presentations.
9Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Broaden our appeal to clients…
…with a curated product offering while exploring new methods of delivery
As we look to grow the business
sustainably, it is critical that
we remain an attractive and
committed partner to a broad
range of clients.
Firstly, that means delivering consistent investment performance
through our truly active, high-conviction strategies. Our aggregate
investment performance improved this year, with 61% of our mutual
fund assets outperforming their peer group median to end
December over a three-year period. The majority of our larger funds
are performing well, but there are specific challenges, most notably
around our unconstrained fixed income strategies and European
equities. More details on our performance can be found from page 32.
Broadening appeal to clients also means deepening our investment
expertise and broadening our product offering into areas of high
client demand where we can be differentiated – both of which
will ultimately also increase scale.
This year, we have made a number of key hires of talented
investors. With highly-regarded teams having assumed
responsibility for our UK Income and UK Value strategies, we
believe we now have the strongest UK equity line up today in
Jupiter’s history and one of the broadest and highest quality
teams across the industry. We have also announced the hiring
a well-regarded and highly successful European equities team,
which puts us in a strong place to re-establish our position as a
market leader in the asset class when they join in 2025. Finally,
we announced the acquisition of the team and assets of Origin,
who bring scale in the Institutional channel and Emerging
Markets, as well as broadening our expertise in other multi-
regional equity strategies.
We continued to explore new methods of delivery and in
February 2025 launched our first actively managed ETF, which is
a government bond strategy. As we work with our clients to help
satisfy their evolving needs in this area, this could be the first in
a range of active ETFs.
We have used our own capital to broaden our appeal to clients,
providing seed and catalyst funding to a range of strategies.
This has proved successful in a number of areas, including the
Global High Yield bond fund, which with just over £30m of
catalyst funding, has now grown to over £350m of AUM.
We have continued to carefully curate our client proposition,
ensuring that it remains differentiated. In aggregate, we have
closed or merged 11 funds this year with a continued focus on
sub-scale products.
Investment outperformance
61%
Seed capital deployed
£127m
We have also continued to invest in our Client Group, making
significant progress in improving our client experiences. Along
with a Group-wide focus on data and automation across our
processes, the Client Group has also found opportunities to
better use technology in how we source, on-board, service and
support our clients. Their needs are rapidly changing and the
way in which we interact with them is evolving aligned to their
needs. This work has been reflected in an overall satisfaction
score from our client survey of 7.8, little changed from last
year’s 8.1 despite some performance challenges in some
key products.
Our strategic objectives continued
10
Deepen relationships
with all stakeholders…
…with our purpose embedded in all we do
Our fourth strategic objective
is to build, maintain and
strengthen deep relationships
across all our stakeholder
groups, including our clients,
our people, our shareholders,
our regulators and the society
in which we operate.
Ultimately, the ongoing success of Jupiter relies upon the hard
work and dedication of our talented people. We strive to build and
maintain a diverse and inclusive culture where everyone can thrive
to reach their full potential. More details on our approach to our
people and our culture can be found on page 36.
On a number of occasions throughout the year, we conduct ‘pulse’
surveys of all our people. We were delighted to see that our overall
engagement score increased this year to 79%, four percentage
points above the financial services benchmark.
81% of our people are proud to say that they work at Jupiter, 89%
understand how their work contributes to our overall objectives
and 86% believe they can be their authentic selves at work.
While there is work to do in a number of areas, we are proud of
this inclusive, supportive culture.
In 2024, we established new targets for representation of
women and individuals from an ethnic minority background in
senior management positions, and have progressed in line with
our expectations towards meeting these targets.
Our clients are of course a key stakeholder group. As well as
through delivering positive investment outcomes, our Client
Group works to form deeper, more meaningful relationships with
all of our clients. We also introduced tiered pricing on our UK
fund ranges this year, allowing us share the benefits of scale as
a fund grows with our clients.
Our shareholders also remain an important stakeholder group.
In addition to a total of 5.4p per share of ordinary dividends
announced this year, we have looked to deploy additional
capital elsewhere, including a 3% buyback and the intention to
repurchase our subordinated debt later this year.
79%
Total engagement score
81%
proud to say that they work at Jupiter
89%
understand how they contribute to our
strategic objectives
86%
can be their authentic selves at work
11Jupiter Fund Management plc Annual Report and Accounts 2024
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Governance Financial Statements Other Information
Oversight to support and
challenge the business
Chair’s statement
“As an active manager,
investment performance is a key
factor for our continued success.
It remains our first priority to
serve clients.”
David Cruickshank
Chair
I am pleased to introduce Jupiter’s 2024 Annual Report
and Accounts. This statement, and the review that follows from
Matthew Beesley, our Chief Executive Officer, introduce the key
highlights from 2024 to provide an overview of our activities and
our financial position. I hope these sections signpost you to read
the more detailed information contained in the remainder of the
Annual Report.
The Board’s role is to provide independent challenge
and support to the business. Across 2024 we have done
this in equal measure.
The Board holds management accountable where we need
to do more for our clients and other stakeholders. We keep
management focused on delivering positive investment
performance and good client outcomes, alongside our strategic
ambitions around scale and developing client relationships.
We have had open conversations as a Board where
our ambitions have not yet been reached.
We also support management, using our collective experience
to provide guidance and counsel. We are pleased with how Matt
and his team have faced into macroeconomic headwinds for
the industry, and challenges particular to Jupiter.
We believe that we have capitalised on opportunities through
2024 in a meaningful way, but we acknowledge that our total
shareholder return at 1% over one year is not yet where we would
like it to be.
Monitoring performance
As an active manager, investment performance is a key factor
for our continued success. It remains our first priority to serve
client interests. At the end of 2024, 61% of our mutual fund AUM
outperformed their peer group over three years. We experienced
total net outflows across the Group in 2024 of £10.3bn (2023:
£2.2bn), more than half of which came through in the last
quarter of the year.
The primary driver of the outflows was the departure of the
Value team, which resulted in outflows of £6.2bn, which was
in line with our expectations. When we exclude both this and
the change of management of the Chrysalis investment
trust which we supported, then we see total underlying net
outflows of £3.3bn.
At the year end, AUM had decreased to £45.3bn (2023: £52.2bn),
driven by the outflows described above and partly offset
by positive market performance and investment performance.
Our net revenue was relatively stable at £364.1m, although net
management fees fell 6%, primarily due to declining net
management fee margin.
We continued to have a rigorous focus on cost discipline, with
fixed staff costs and non-compensation costs experiencing little
change from the prior year, despite the inflationary environment.
Our cost:income ratio increased from 73% to 78% driven
principally by lower revenue.
Accordingly, our underlying profit before tax (PBT) for 2024
decreased to £97.5m from £105.2m in 2023. Statutory profit
before tax was £88.3m.
During 2024, we achieved a +1% total return for our shareholders,
with 5.4 pence per share of total dividend offsetting a 7% fall
in the share price.
While some of these outcomes, particularly with regards
to our net flows position, are clearly disappointing, there is an
exceptional nature to some of them and the Board is confident
that our strategies to acquire and build investment strategies
are the right ones to build our AUM in the future.
Further information can be found in our Financial Review
on page 24.
12
Capital
The Group has a robust balance sheet with a regulatory capital
surplus, as at 31 December 2024, of £220m. The Board is
supportive of the firm’s growth strategy, and we view some
portion of our capital strength to be reserved for further
investment in the business, including potential inorganic
opportunities in the future.
For 2024, we have made returns of 5.4p through the 3.2p interim
dividend paid in September 2024 and the final year dividend
of 2.2p, that we have declared subject to AGM approval. The
Board has also announced a buyback of c. 16m shares. These
activities together support appropriate returns being made
to shareholders.
We remain committed to our capital policy to return 50%
of pre-performance fee underlying earnings per share (EPS)
to shareholders, and to consider additional returns on an
ad hoc basis.
Further information can be found in our Financial Review
on page 24.
Strategy
In 2024 we continued our focus on our four strategic objectives:
increase scale; decrease undue complexity; broaden appeal
to clients and deepen relationships with all stakeholders.
Increasing scale has been challenging in the backdrop of 2024,
but we have continued to innovate and invest for growth:
investment in key strategies attractive to institutional investors;
focusing our resources on a discrete number of markets for the
greatest opportunities; obtaining a Capital Market Services
licence in Singapore and additional client support infrastructure.
We have also made good progress in widening our appeal to
clients through talent acquisition in 2024. The Board believes
that decreasing undue complexity has been well evidenced in
our management of costs and delivery of automation in 2024.
Relationships with stakeholders have also had positive feedback,
particularly through employee engagement scores.
More detail is available in the Strategic Report, which starts on
page 2, and in the People and Culture Report on page 36.
Investment and Board skills
During the year there have been two appointments to the
Board: Siobhan Boylan in March 2024 and James Macpherson
in September 2024. Siobhan steps into the role of Audit and Risk
Committee Chair and brings the recent and relevant financial
acumen required for that role, as well as a focus on investment
matters through her executive career to date. James brings a
wealth of asset management knowledge from his 30 years in
the industry and a strategic mindset to ensure the Board
remains focused on investment excellence.
These appointments were made as part of the succession
planning for Karl Sternberg who stepped down from the Board
in January 2025 after serving nearly nine years. I would like to
extend our gratitude to Karl. He has been a dedicated Board
member through a number of challenging periods and took on
the significant role of Audit and Risk Committee Chair on
an interim basis in his final year with us.
Throughout, Karl has provided the constructive challenge
needed to hold management to account and been generous
with his guidance and support, drawing on his long investment
experience. We wish Karl well.
As well as new appointments, we took the decision to appoint
a new Senior Independent Director (SID) from our incumbent
Board members. Suzy Neubert took on this role from January
2025 and I look forward to working closely with Suzy and
leveraging her experience from her executive career in
investment management and her wide non-executive portfolio.
Roger Yates remains a Board member and I give sincere thanks
for his service as SID between 2021 and 2024.
Matt has been working throughout 2024 to strengthen our
investment talent to best serve our clients. The Board has taken
an active role in monitoring and challenging this and we see it
as very positive that Jupiter is able to attract high quality talent
in the industry.
Through 2024, we strengthened our UK equities capability with
key hires across Income and Value strategies. We also took
decisive action to change the leadership of our European
equities capability, with a highly-regarded team with a strong
track record joining through 2025. We announced the
acquisition of the team and institutional assets of Origin Asset
Management, who joined in January 2025.
2025 priorities
With our existing talent pool, recent hires in our investment team
and a solid succession plan across the wider business we are
well placed to deliver for our clients and to build scale in 2025
and beyond.
However, we cannot stand still in a competitive and
consolidating market: we continue to explore growth
opportunities for our business and ways to make it more
efficient in the delivery of services. The Board looks forward to
supporting Matt and his team in capitalising on opportunities
in 2025.
I would like to close by thanking our stakeholders, particularly
our clients, who trust us to help them achieve their investment
objectives, our employees who work tirelessly to deliver for our
clients and our shareholders for their support and patience.
David Cruickshank
Chair
“The Board has taken an active role in
monitoring and challenging progress
on acquiring new investment
capabilities. We see it as very positive
that Jupiter is able to attract the best
talent in the industry.”
13Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Making steady progress
Chief Executive Officer’s review
“The operating environment for
all active asset managers has
been extremely challenging
through 2024.
However, because of our actions,
I believe our business is
significantly better placed today
to face these challenges, and
also to take advantage of the
opportunities that we see.”
Matthew Beesley
Chief Executive Officer
It has been my privilege to serve as Chief Executive Officer
of our company since October 2022. With the share price little
changed in that time, on the surface it might suggest that
limited strategic progress has been made during this period.
I do not believe this to be the case.
While the operating environment for all active public market
managers has been extremely challenging, because of our
actions, I believe our business is significantly better placed
today than it was to face these challenges, but also to take
advantage of the opportunities that we see ahead. Certainly,
there are parts of our strategy where we are yet to make the
advances that we would have liked, but equally there is much
to be proud of and encouraged by as we reflect on our
achievements in 2024 and consider the year ahead.
Macroeconomic challenges have persisted
This time last year many market participants and observers
looked to 2024 with a feeling of optimism, even if only relative
to what had been a very challenging prior two years. In my last
review I suggested that “heightened levels of inflation…may be
behind us”. As such there was a widespread belief that interest
rates had peaked, and with that, an expectation of significant
rate cuts by central banks, leading to “a pick-up in clients’ risk
appetite”. Inflation did indeed fall in most large economies in
2024 and some interest rate cuts followed. However, with
inflation as measured by Consumer Price Indices still above 2%
in countries like the US, the UK, Germany and Japan, rate cuts
have been less plentiful than many had predicted.
As such, while investor sentiment towards risk assets is improved
on the lows of 2022-23, it remains muted. Indeed, with equity
markets having risen in 2024 by c.18% (as measured by the MSCI
All Countries World in sterling terms) and with geopolitical
tensions across the world elevated, many investors remain
unconvinced of the merits of moving money away from cash
or cash-like assets. In the UK, a market of particular importance
to Jupiter, actions by the newly elected government have in the
short term, served to only reinforce this sense of caution.
Addressing our own challenges
Beyond the macroeconomic headwinds that all industry
participants have had to address, we have had to face some
of our own particular challenges too.
In early January 2024, we announced the pending departure of
our Value team later in the year. We noted at the time that we
expected to see a significant loss of client assets as a result of
this change, especially from institutional clients much of whose
money we managed in segregated accounts. Our approach
was to be fully transparent with all stakeholders about this
process throughout the year, providing periodic updates as we
worked closely with our clients, to help them evaluate how they
wished to respond to the situation. As we expected, this change
has been the dominant factor in the change to our overall AUM
in 2024, with total AUM falling by just under £7bn to £45.3bn.
When we exclude both this and the change of management of
the Chrysalis investment trust which we supported, then we see
total underlying net outflows of £3.3bn. There were total net
outflows in the year of £10.3bn.
14
Overall, this is clearly a disappointing outcome. However, from
a client inflow perspective, there were a number of areas of
success in 2024 and where momentum remains strong as we
look to the year ahead. In Asian and Emerging Market equities
we saw net inflows of £1.4bn, driven by inflows into India and Asia
Income strategies. Our Systematic equities capability saw gross
flows of £3.1bn and net inflows of £0.3bn, and although one
institutional client rebalanced their portfolio right at the end of
the year, the long-short Global Equity Absolute Return fund
(GEAR) saw net inflows of over £0.5bn. Lastly, while overall we
saw assets fall in Fixed Income, we saw growth in a number of
individual strategies, including Global High Yield, where assets
increased by some 350% in 2024.
So overall, while the macroeconomic environment was less
supportive than we and other active managers had expected
in 2024, and while we also had to face some specific challenges,
our focus on our strategy has allowed us to move forward on
a number of fronts and capitalise on opportunities that have
been available for us.
We have announced the hiring of a number of new investment
teams through 2024, underlining the attractiveness of Jupiter as
a pre-eminent home for truly differentiated active management
talent. We have invested significantly into our Client Group,
thinking carefully about how to enhance client experience,
which we believe can be a differentiating factor that will help
build and preserve relationships with key clients. We have also
transformed our approach towards data and automation
across the Group, improving efficiency and increasing our
agility, again with significant benefits for our clients.
Taken together, against a challenging backdrop, we have
produced a robust set of financial results, with underlying
profit before tax of £97.5m (2023: £105.2m). More details on
our financial results can be found from page 24. Importantly,
because of our actions in 2024, there are reasons for optimism
as we look forwards.
Every decision that the management team and I take is
considered relative to our four key strategic objectives and I am
pleased to report that we have continued to make progress
against each objective, despite the challenges we have faced.
Our progress has not necessarily been linear or at the same
pace for every objective and certainly there remains work to be
done across all of them, but the business is better positioned as
we enter 2025 than it was when I became CEO in 2022.
Increase scale
The focus on increasing scale remains paramount. As a
management team, we pride ourselves on our ability to
carefully and judiciously manage costs, and similarly to be
thoughtful and disciplined in capital allocation. However, we
also know that the key to the future and ongoing success of
Jupiter, is our ability to grow revenues as a result of managing
more client assets – and doing this while effectively leveraging
our tightly controlled cost base. This is what increasing scale
means to us and what we are aiming to do.
Unfortunately, our AUM was lower at the end of the year than at
the start. This was primarily as a result of the Value team
departure, but also because of some actions taken by us to
rationalise investment capabilities and additionally in some part
because of the ongoing cautious approach of clients towards
actively managed risk assets.
“Every decision that the management
team and I take is considered
relative to our four key strategic
objectives, which are listed below.
We are pleased to report that we
have continued to make progress
against each objective, despite the
challenges we have faced.
Progress has not always been at
the same pace for every objective
and there remains work to be
done across all of them, but the
business is better positioned
today. More details on each of our
strategic objectives can be found
from page 6.”
Increase
scale
Broaden appeal
to clients
Decrease undue
complexity
Deepen
relationships with
all stakeholders
15Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Chief Executive Officer’s review continued
Given the quantum of institutional client assets previously
managed by the Value team, this key client channel has
declined in size over the year. However, it remains no less
important to ensure that we can support some of the world’s
most sophisticated asset owners and allocators, who want to
invest in our top quality investment management strategies. We
continue to see tremendous opportunities with these clients in a
range of geographies, with interest particularly notable in our
Systematic Equities capabilities, where we have seen gross
inflows of £3.1bn in 2024. Encouragingly, the momentum has
continued into 2025, with further inflows giving us confidence
that we are doing many of the right things to help build out our
presence in this important channel.
While institutional clients typically pay lower fees, the pools
of assets that they often allocate are larger and their longevity
as a client is usually greater. We believe therefore that this
business is both standalone attractive, but also a helpful
diversifying revenue stream relative to our retail and
wholesale client channel.
We have also been concentrating on increasing scale via
growth in our business outside of the UK. There has been some
progress here in 2024 – but not enough – and as such this is an
area where we will further increase focus and attention as we
look forwards. We have been prioritising central resources to
focus on a discrete number of markets and indeed, where we
see the greatest opportunities, have at the margin added in
new resources to support these key geographies. For example,
to support our ambitions in Singapore where we now have
a licence to work with the mass affluent segment in the region,
we have added in additional client support infrastructure to help
us accelerate growth and service new client opportunities.
We have been frustrated with the lack of growth in some core
European markets in 2024 but this has been offset by some very
strong overall progress in our Latin American business which
reached £1.8bn of assets in 2024. As we move into 2025, we are
well positioned to build further scale.
We have significantly deepened our investment expertise this
year in strategically important areas, many of which will help us
in our growth ambitions within the institutional and international
markets but all of which will help us further reinforce our
presence in our largest market, the UK, where we are a leading
player and already have significant scale and presence.
Adrian Gosden and Chris Morrison joined at the start of the year
and took over the management of the UK Income strategies in
April 2024. Having joined Jupiter with a strong investment track
record, they have continued that with first quartile performance
returning almost 13% this year, 3% above the benchmark. Alex
Savvides, along with his team, also joined Jupiter this year and
assumed responsibility for the UK Value strategies. Alex has an
excellent long-term track record, a very distinct investment style
and client-centric approach which positions him and his team
as one of the leading investment teams in their category.
Together with our existing managers, we now believe we have
one of the leading UK equity line ups in the market, and the
strongest that Jupiter has ever had. We are positioned very well
for any change in sentiment towards the UK and we believe we
will ultimately grow AUM in what has been a difficult sector for
some years.
Towards the end of the year, we announced that Niall Gallagher
and his team will be joining Jupiter in 2025 to lead our European
equities capability. Niall brings a strong record of both
investment performance and gathering assets, seeing net
inflows over the last five years when the active asset class has
seen cumulative net outflows of over £100bn. We are excited
about the opportunity to recapture and build upon our
reputation as a leading manager in European equities.
Finally, we announced the acquisition of the assets and
investment team of Origin Asset Management, a London-based,
global investment boutique. The team joined us in January
2025 and brought with them over £700m of mostly institutional
assets. They will provide scale in Global Emerging Markets
and new investment expertise in a range of multi-regional
equity strategies.
Decrease undue complexity
Another key focus is to reduce the undue complexity in our
business. In an environment of greater regulatory oversight,
and with that higher operating costs and therefore declining
revenue margins, it remains essential that we work relentlessly
to find efficiencies across the Group. While we are proud of the
progress we have made in managing costs in recent years,
I have continued to challenge the business to find new
opportunities to improve productivity. We continue to adopt
a zero-based budget mindset to all aspects of our business,
with this disciplined approach particularly evident as relates
how we manage our headcount. We ended the year with
headcount below 500 for the first time since 2016.
We reported total administrative expenses excluding
performance fees of £260m, little changed from 2023 despite
the inflationary environment. Last year I wrote about how our
fund rationalisation process, which was designed to remove
sub-scale funds that were in limited areas of current client
demand, was largely complete. That said, our ongoing efforts
to continue to carefully curate the product range, further
simplifying and clarifying our client proposition have resulted
in another 11 fund closures or mergers during the year.
“Throughout 2024, we have remained
resolutely focused on things that we
can control and on the execution of
our strategy and this won’t change as
we look to 2025.
When we do see a shift in client
sentiment, we will be well placed to
benefit with the strongest line up of
investment talent and the deepest
and broadest array of client
relationships that I have seen in my
time at Jupiter.”
16
This ongoing focus on cost discipline and efficiency has
provided us with both the capital and management bandwidth
to invest in key areas. How we use data and technology has
been a significant focus for the business, with increasing levels
of automation being embedded across the organisation
as relates a range of day-to-day activities. Much of this is not
glamorous or individually transformative, but in aggregate,
it is freeing up our people to spend more time on more value-
added areas that benefit our clients.
As part of this objective, we have continued to review our
whole operating model, assessing whether we can drive
further efficiencies from consolidating suppliers or shifting
parts of our operations towards more outsourcing. In January
2025, we announced that we had selected BNY as a strategic
partner to Jupiter for the provision of outsourced middle
office services. Through this partnership we see opportunities
to deliver an improved client experience to clients across
the globe, to increase speed to market for new initiatives,
as well as simplifying the implementation of change and
regulatory initiatives.
Broaden our appeal to clients
As well as the hiring and acquisition of the new investment
teams previously mentioned, we have also been exploring new
ways in which we can deliver our investment expertise to a
broader range of clients. In February 2025, we launched our first
active ETF, which is a government bond strategy and could be
the first in a range of active ETFs as we work with our clients to
satisfy their evolving needs and preferences in this area.
More widely in what has been its first full year as the newly
established Client Group, we have continued to invest in
improving our client experience. Building on the organisational
focus on better embedding data and automation across all
aspects of our day-to-day processes, we have similarly sought
out opportunities to transform how we use technology to
identify, on-board, report, service and support our clients. As we
build breadth in the types of clients we work with, so we want to
consider the different customer journeys through Jupiter and
how we can provide bespoke, more personalised and also more
timely client service – all with the aim of building client loyalty
and longevity.
Deepen relationships with all stakeholders
As Chief Executive, I believe that my primary role is to allocate
and manage capital – that is, both physical capital but also
human capital. Our people are a key stakeholder and all the
progress we have made this year has only been possible as
a result of their hard work and dedication. For this, I thank each
and every one of our employees.
I am proud to be Chief Executive but equally delighted that as
per our latest staff survey, 81% of our colleagues are proud to
say that they work at Jupiter. We survey our people multiple
times a year as just one way of promoting a full transparent and
communicative culture across the business, and in the last
survey of 2024, we reported an overall engagement score of
79%, which is up 1% from December 2023 and 4% above the
financial services benchmark.
I personally remain very focused on building a diverse workforce
believing that this will help us both better understand our clients,
but also produce better outcomes for clients as we seek to
harness divergent thinking. I chair our Diversity, Equity and
Inclusion forum and continue to strive to build a business where
each individual can be their authentic self. We have made
progress on this through 2024, improving our diversity in senior
management across both gender and ethnicity. We continue to
support hybrid working and according to our most recent staff
survey, 80% of our people think they balance their work and
home life appropriately.
More details on our approach towards our people and culture
can be found from page 36.
Our clients are of course at the core of everything we do; we
exist to build better futures for them. As well as significant
investment in improving client delivery and experience, this year
saw us introduce tiered pricing to our UK fund range to help
share the benefits of scale with these clients.
Shareholders, of course, are another key stakeholder group and
I thank them for support and patience. It has remained
challenging to be a Jupiter shareholder, with little movement in
the share price for several years, albeit with some volatility given
the less liquid nature of the stock. Total Shareholder Return, or
TSR, (+1%) has improved in 2024 and is net positive for the first
time in a number of years, but there is still work to be done here.
We have actively looked to put our capital to use, including a
5.4p total ordinary dividend, 3% share buyback, and increase in
seed capital to £127m and the announced redemption of £50m
of subordinated debt. We will continue to consider such
opportunities around capital deployment into 2025.
Outlook
Although some of our headline performance metrics have not
improved this year, this belies the progress we have made
towards our strategic objectives. We know that much of this
progress is not immediately visible in our reported results or
reflected in our share price. This is frustrating for all of us at
Jupiter as shareholders in the business. We do however believe
that via our actions, Jupiter is better placed today to take
advantage of the opportunities ahead than it was previously.
We believe that our long-term focus on our strategic priorities
will, over time, grow shareholder value.
Throughout 2024, we have remained resolutely focused on the
things that we can control and on the execution of our strategy.
This won’t change as we look to 2025. We can’t predict when
there will be a marked change in client sentiment towards
actively managed public assets, but when this does occur,
we will be well placed to benefit with the strongest line up
of investment talent and the deepest and broadest array
of client relationships that I have seen in my time at Jupiter.
I remain encouraged by the progress we are making and the
opportunities ahead.
Matthew Beesley
Chief Executive Officer
26 February 2025
17Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Market trends
1. Active management remains valuable
despite the growth of passive strategies
2. A client-centric approach is key to meet clients’
evolving needs
Context
The passive investment industry continues to grow. Data from
Bloomberg indicates that the total net assets held in global
passive funds exceeded those in actively managed funds for
the first time in 2023.
Meanwhile, figures published by Morningstar
1
found that in each
of the past nine years, investors have put more money into
passive than active funds.
Jupiter’s response
The rise in popularity of passive investment strategies shows
little sign of slowing down. But active approaches clearly still
have a hugely important role to play, as is evidenced by the
trillions of dollars of funds that are still managed on an
active basis.
Jupiter is a truly active investment manager. We typically take
high-conviction positions in our portfolios to deliver positive
investment outcomes for our clients regardless of the current
market conditions.
Through 2024, we have taken steps to ensure our investment
offering is suitable for our clients’ needs.
Context
Investors’ expectations of what an asset manager can or should
offer have become even more exacting in 2024. Levels of
understanding among clients of everything from
macroeconomic conditions to the relative merits of different
investment styles have never been higher, and this feeds
through into greater demand for technical communications
and analysis that are both detailed and timely.
The sophistication that has traditionally been associated with
institutional clients is now being widely seen across the
wholesale and even retail segments, creating new challenges
as well as opportunities for asset managers.
Jupiter’s response
Jupiter recognises that the future, sustainable success of our
business can only be built on deep, long-term relationships with
our clients. The days of investment managers acting solely as
product distributors are well behind us. Indeed, we view growing
client sophistication as a chance to increase engagement and
set ourselves apart from our competitors.
Investment in our Client Group, particularly through data and
technology, has helped focus our efforts on providing bespoke
services and an enhanced digital offering to our clients.
Meanwhile, we continue to search for ways to customise and
scale our investment capabilities to satisfy clients’ increasingly
specific needs. For example we have recently launched our first
actively managed ETF, meeting investors’ desire for greater
simplicity and liquidity.
More details on the work of our Client Group can be found
on page 34.
80%
of asset managers believe
that ’customisation for the
masses’ will be an important
investment strategy over the
next five years
79%
of asset managers are
exploring decentralised
finance products as part of
their changing product suite
M I
P T
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Passive Mutual Funds Passive ETFs
Active Mutual Funds Active ETFs
0%
35%
25%
30%
20%
15%
10%
5%
Source: Accenture – the future of asset management (2025)
Source: Bloomberg, January 2025
We have expanded and broadened our investment expertise
with key new hires across a number of capabilities and
we have curated our product range, closing or merging
11 sub-scale funds.
1. https://www.morningstar.com/business/insights/blog/funds/active-vs-
passive-investing
Actively managed products still a large part of the
global industry
18
4. Technology and automation drive
scale and improve client outcomes
3. Rate-cutting cycle set to provide
further market impetus into 2025
Context
Investors’ hopes of interest-rate cuts in the early months of 2024
were dashed by stubbornly high inflation readings in Europe and
the US. The European Central Bank eventually became the first
major Western central bank to reduce rates in June. The Bank of
England and the US Federal Reserve followed suit in August and
September, respectively. All three institutions made further cuts
as the year progressed.
Jupiter’s response
Investors began 2024 expecting the rate-cutting cycle in the US,
the UK and Europe to have largely concluded by the end of the
year. However, the slow downward trajectory of inflation meant
that monetary policy remained tight until the summer. As a
result, at the start of 2025 there is still considerable scope for
central banks to make further cuts.
Any further loosening of monetary policy is likely to provide a
significant additional tailwind, not just for world equity and bond
markets, but also for active investment managers like Jupiter, as
client sentiment towards risk assets is likely to improve.
Context
Artificial intelligence (AI) has remained one of the most
important investment themes in 2024, with the companies
responsible for the infrastructure, microchips and software
needed to facilitate the hoped-for AI revolution continuing to
make headlines, although the likes of China’s DeepSeek have
shown this sector is still fertile ground for disruption.
While AI dominates the news, it is just one aspect of a
technology and automation trend that all industries are
grappling with in their own ways as they seek to realise the
potential efficiencies and scalability benefits.
Jupiter’s response
Jupiter has long recognised the importance of embracing
technology, in order to remove undue complexity, drive
efficiencies and improve outcomes for our clients.
We have implemented technological solutions across the Group
to streamline and automate repeatable processes. We have
transformed the way in which we use data across a now
digitally enabled Client Group, allowing us to better understand
our clients’ evolving needs and provide them with more a more
bespoke client experience.
We have also continued to explore the use of AI, with a focus on
practical applications and fostering innovation, while ensuring
robust governance and risk management.
Planned investment into data analytics and
digital capabilities by asset management firms
P R
Relevant principal risks
Market
disruption
Regulatory
risk
People
risk
Investment
performance risk
Outsourcing and
supplier risk
Technology and information
security risk
M I
O
P R T
Consensus expectations for US interest rates movements
Sept 26Current Jun 25 Oct 25 Mar 26 Jul 26
0
0.5
1.0
1.5
2.0
2.5
O R T
Source: Bloomberg, 4 February 2025
Source: BNY Mellon – the future of asset management (2024)
Portfolio management
Front office risk management
Research
Corporate functions
Unlock back office operational efficiencies
72%
68%
66%
66%
59%
Increase scale Decrease undue complexity Broaden our appeal to clients
Deepen relationships with
all stakeholders
Relevant strategic objectives
That said, we understand there is still a high level of
uncertainty around the global economic and geopolitical
outlook. As such, we remain prepared for a range of possible
market environments.
The market continues to price in
further rate cuts
19Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our performance
Key performance indicators
Assets under management (£bn)
£45.3bn
Investment performance (%)
61%
Employee engagement (%)
79%
Net flows (£bn)
£(10.3)bn
Percentage of our mutual fund AUM above their median over
three years after all fees.
61% of mutual fund AUM outperformed their peer group over
three years (2023: 59%). 50% of mutual fund AUM is first quartile
over three years and 30% is top decile. Of 13 funds over £1bn in
AUM, there are nine funds outperforming their peer group
median and eight in the top quartile, over both three and five
year periods. Over one year, 42% of AUM outperformed while
over five years, the figure was 58%.
Why this is important: Investment performance is the lead
indicator for our continued success and demonstrates our
competitive advantage in delivering investment excellence
for clients.
Net inflows are the gross inflows to our investment strategies
less redemptions during the year.
Gross flows were robust this year at £14.1bn (2023: £13.2bn).
There were total net outflows of £10.3bn. Of these, £6.2bn were
from strategies formerly managed by the Value team, which
was in line with our expectations. More than half of all total
outflows came through in the final quarter of the year.
There were underlying net outflows of £3.3bn, excluding those
related to the Value team and the management change at
Chrysalis, almost all of which occurred in the fourth quarter.
Why this is important: Net flows are a lagging indicator of
investment success, reflecting our ability to deliver investment
performance that attracts client funds, and to grow our AUM.
More details on the Group’s use of APMs can be found on page 201.
The total value of assets which we manage on behalf of
our clients.
Total AUM decreased by 13%, ending the year at £45.3bn. Total
net outflows of £10.3bn were partly offset by positive market
movements of £3.4bn. However, average AUM was broadly flat
through the year at £50.7bn (2023: £50.9bn).
Why this is important: AUM is the basis on which we earn
management fees and how we generate the majority of our
revenue. Growing AUM through investment performance and
positive net flows demonstrates our ability to deliver positive
investment outcomes and to attract and retain clients.
The combined score from a number of key questions in our
employee engagement survey.
Our overall engagement score was 79%, one percentage
point ahead of 2023 and four points ahead of the financial
services benchmark.
In addition, our most recent survey told us that 81% of our people
are proud to say that they work at Jupiter, 89% understand how
their work contributes to our overall objectives and 86% believe
they can be their authentic selves at work.
We currently only have four years’ data for this KPI, but we have
seen an increase in our engagement score in each year that we
have conducted surveys. More details can be found on page 36.
Why this is important: The overall engagement score is a key
metric for monitoring employee sentiment and demonstrates
our ability to attract and retain talented employees.
Non-financial KPIs
23
24
22
21
20
61
59
51
58
68
23
24
22
21
20
45.3
52.2
50.2
60
59
23
24
22
21
20
(10.3)
(2.2)
(3.5)
(3.8)
(4)
23
24
22
21
79
78
71
70
20
Net management fees (£m)
£331.3m
Underlying earnings per share (p)
13.4p
Cost:income ratio (%)
78%
Total shareholder return
1%
Fees earned from managing our funds, net of payments to our
distribution partners.
Net management fees decreased by 6% in 2024. Although
closing AUM declined, average AUM was broadly stable, so the
decrease in management fees was primarily due to a fall in the
net management fee margin due to both changes in the mix
of business and the introduction of tiered pricing on our UK
fund ranges.
We also generated £31.2m of performance fees.
Why this is important: Net management fees are the largest
component of our revenue and demonstrate our ability to earn
attractive fees by designing and successfully distributing
products that deliver value to clients.
The ratio of total operating costs divided by net revenue,
excluding exceptional items and the impact of performance fees.
The cost:income ratio increased by five percentage points this
year to 78%. Our focus on cost discipline has again been
resolute and our expenses have been carefully managed.
However, net management fee revenue has been impacted by
a lower average fee margin, leading to an overall increase in
the cost:income ratio. We will seek to improve this KPI through
ongoing cost discipline and increasing scale.
Why this is important: The management of the cost:income
ratio demonstrates our ability to manage costs and to drive
growth, within the context of inflationary pressures and falling
fee margins.
The total return experienced by our shareholders through a
combination of share price movements and capital returned
to shareholders.
We achieved a marginally positive TSR of 1%, the first positive TSR
since 2019. The share price fell 7%, but this was offset by the
return of capital to shareholders through a total dividend of 5.4
pence per share.
Why this is important: Total shareholder return demonstrates
our ability to deliver a positive return to shareholders, through
both share price performance and the distribution of
additional capital.
Underlying profit after tax divided by issued share capital
Underlying EPS decreased by 9% in 2024, broadly in line with the
decrease in underlying profit before tax.
Why this is important: EPS measures the overall effectiveness
of our business model and drives both our dividend policy and
the value generated for shareholders.
Outcome KPI
Financial KPIs
23
24
22
21
20
331.3
354.0
384.8
453.7
384.0
23
24
22
21
20
13.4
14.8
11.3
31.7
28.7
23
24
22
21
20
78
73
69
61
62
23
24
22
21
20
1
(25)
(26)
(42)
(2)
21Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our business model
Who we are
The value we create
Jupiter is a specialist, high-conviction, active asset
manager. We create a better future for our clients with
our active investment excellence.
Our clients
Investment
performance
after all fees
We help our clients to meet
their long-term investment
goals, by delivering
investment outperformance
after fees.
Our employees
Individual engagement
We have a culture
that attracts and develops
talent. We support and
challenge our people to
continuously develop.
Our shareholders
Total returns
We balance investment
for growth of the business
with making returns
to shareholders.
Our communities
Stewardship
We actively engage with the
companies in which we
invest and are focused on
the sustainability of both
investee companies and
our own business.
5.4p
Total dividend
79%
Employee engagement
61%
Mutual fund
investment performance
534
Shareholder resolutions on
Environmental, Social and
Governance (ESG) issues
Truly active, high-conviction
investment management
Client-led philosophy,
focused on exemplary client
delivery and experience
Industry-leading
talent in a culture where
everyone can thrive
22
How we do it
We are fundamentally a people business. We seek to build a diverse employee base
and an inclusive culture where everyone can thrive and achieve their full potential.
What we do
Tailor our
investment
expertise
to meet our
clients’ needs
Page 32
Build deep
relationships
with our clients
Page 34
Actively manage
investments to
deliver sustainable
performance
to clients
Page 32
Scalable technology
platform
We continue to invest in technology
and data, with a focus on
automation, across the Group to
better support the delivery of an
exemplary client experience.
Governance
and control environment
We have a robust governance and
control environment, which helps us
to manage risk effectively and
maintain operational resilience
and efficiency.
Efficient operating
model
We are focused on driving efficiency
through a single operating platform,
which we continue to develop to
remove undue complexity and to
adapt as market conditions evolve.
We create a
better future for
our clients with
our active
investment
excellence
23Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Delivering on short-term targets
to drive long-term growth
Although there had been some cautious signs of improvement
in clients’ risk appetite through 2024, the ongoing backdrop of
market and geopolitical uncertainty continues to weigh on both
investment returns and client sentiment.
Alongside this, the ongoing and well-publicised themes
impacting the active management industry continue to present
challenges that require careful navigation.
Whilst cautious client demand, market volatility and changes to
our business have impacted us in the short term, we have a
clear strategic vision that aligns our actions towards growth in
the longer term. Our focus remains resolutely on building scale
across our investment capabilities, with carefully considered
strategic investments in targeted areas of growth, underpinned
by efficient allocation of capital. Our relentless focus on strict
cost discipline enables us to manage total costs while providing
capacity to fund strategic investment.
In 2024, there have been reasons for cautious market optimism,
with investors encouraged by improving corporate earnings
and an easing of concerns about inflation. However, with
interest rates still high, appetite for risk assets remained muted
as some clients continued to favour areas of low risk, such as
money market funds, or diversified products such as global
index trackers.
Financial review
“We have further strengthened
our platform and delivered a
broader range of growth
opportunities through changes
we have made.”
Wayne Mepham
Chief Financial & Operating Officer
Against this backdrop, we have also faced our own challenges,
principally driven by certain changes to our Investment
Management teams, as Matt sets out on page 14. Despite
these challenges, I am encouraged by the resilience of our
underlying business. We have further strengthened our platform
and delivered a broader range of growth opportunities through
changes we have made in the year and seen strong progress in
specific areas of longer-term opportunity, such as our Global
High Yield fund.
Our focus on cost discipline remains resolute. We have invested
judiciously in order to target areas where we see opportunities
for growth, drive efficiencies, and deliver value for money. I have
been impressed with the progress our teams have made in the
year across a range of strategically important areas. This
positions us well to deliver both exemplary service to our clients,
and to realise the returns we believe this business has the
capability to deliver in the longer term.
Our statutory profit before tax for the year was £88.3m, an
increase of £78.9m, driven by exceptional item costs in the prior
year. Underlying profit before tax for the year, was £97.5m, a
decrease of 7% on 2023 (for more information on APMs, see
page 201). Excluding the impact of performance fees and
exceptional items, there was a decrease in underlying profits of
£19.4m to £79.0m, reflecting lower management fee revenues,
offset by gains on our seed portfolio and interest earned on
cash balances. Administrative expenses excluding costs relating
to performance fees were largely flat year-on-year, despite the
inflationary environment and targeted investments we made.
Performance fees of £31.2m, primarily driven by GEAR, which had
another year of strong performance, delivered profits of £18.5m,
an increase of £11.7m compared to the prior year.
24
We present separately the impact of exceptional costs on the
Group’s underlying profitability. In 2023, this comprised an
impairment charge related to balance sheet goodwill from
acquisitions in 2007 and 2020, and the amortisation of intangible
assets relating to the 2020 acquisition. In 2024, our assessment
of goodwill indicates that no impairment charge is required, and
we have only incurred a partial year of amortisation as this
asset is now fully amortised.
We have also continued to disclose a view of our underlying
results excluding the impact of performance fees due to the
mismatch that results from accounting for the fee income and
costs associated with that income in different time periods. The
additional disclosure is intended to help users better understand
our financial performance, including profits from management
fees and similar income.
Underlying EPS, defined as underlying profit after tax divided by
the weighted average number of shares in issue, was down 9%
to 13.4p (2023: 14.8p). Basic statutory EPS increased from a loss of
2.5p to a profit of 12.5p.
AUM at 31 December 2024 was £45.3bn, a 13% decline over the
year. This was predominantly driven by anticipated outflows
from the strategies managed by our Value team, along with the
change of management of the Chrysalis Investment Trust,
which together represented £7.0bn of total outflows of £10.3bn.
Excluding the impact from these two factors, there were
underlying net outflows of £3.3bn, most of which came through
in the final quarter of the year. Outflows during the year were
partly offset by positive investment returns generated for clients
of £3.4bn. Gross flows remained robust and ended the year at
£14.1bn, which is up £0.9bn compared to 2023.
There was strong client demand in a number of our investment
capabilities, particularly in Asian and Emerging Market equities
and our Systematic equities capability, as well as growing
demand for some of our nascent fixed income strategies,
particularly Global High Yield.
Net institutional outflows were £4.5bn (2023: net inflows of
£1.8bn) mainly arising from the loss of mandates managed by
the departing Value team.
Retail, wholesale and investment trust net outflows of £5.8bn
(2023: net outflows of £4.0bn) were also principally impacted by
the anticipated departure of the Value team as well as the
change of management of the Chrysalis Investment Trust.
Further announced changes to investment managers have also
impacted net outflows in the short term. However, the new hires
set out by Matt on page 16 provide greater longer-term
opportunities for growth.
Over three years, 61% of our AUM in mutual funds outperformed
their peer group median after all fees, up from 59% in 2023. Over
five years, outperformance was 58% compared to 66% in 2023.
The one year figure is always more volatile and was 42% at
year-end, compared with 65% in 2023. This disappointing
decrease was driven mainly by three of our largest funds,
Dynamic Bond, European and Strategic Bond, falling below
median in their respective sectors.
The majority of our larger funds continue to perform well over
longer-term time periods. We have 13 funds with at least £1bn
in AUM. Over both three and five year periods, there are nine
funds outperforming their peer group median and eight in the
top quartile.
As a high-conviction, truly active asset manager without a
house view, we accept that our investment managers will often
have views that differ from consensus, and that this can lead to
periods of underperformance. However, we know that delivering
positive investment outcomes to our clients is critical to our
ongoing success. Where there is sustained underperformance, it
may be appropriate to make changes to our investment
management teams, as was the case in 2024.
2024 2023
Before
performance
fees
£m
Performance
fee profits
£m
Total
£m
Before
performance
fees
£m
Performance
fee profits
£m
Total
£m
Net revenue 332.9 31.2 364.1 355.6 13.2 368.8
Fixed staff costs (79.1) – (79.1) (78.1) – (78.1)
Variable staff costs
1, 2
(71.9) (12.7) (84.6) (72.8) (6.4) (79.2)
Non-compensation costs (109.5) – (109.5) (107.3) – (107.3)
Administrative expenses
2
(260.5) (12.7) (273.2) (258.2) (6.4) (264.6)
Other gains 6.9 – 6.9 3.2 – 3.2
Amortisation of intangible assets
3
(2.2) – (2.2) (1.8) – (1.8)
Operating profit before exceptional items 77.1 18.5 95.6 98.8 6.8 105.6
Net finance income/(costs) 1.9 – 1.9 (0.4) – (0.4)
Profit before taxation and exceptional items 79.0 18.5 97.5 98.4 6.8 105.2
Exceptional items (9.2) – (9.2) (95.8) – (95.8)
Statutory profit before tax 69.8 18.5 88.3 2.6 6.8 9.4
1. Variable costs in respect of performance fee profits in 2024 mainly relate to the accounting charge for deferred bonus awards made in respect of 2024
performance fee revenues (2023: mainly in respect of 2023 performance fee revenues).
2. Variable staff costs and Administrative expenses exclude £nil classified as exceptional (2023: £0.8m).
3. Amortisation of intangible assets excludes £9.2m classified as exceptional (2023: £18.8m).
25Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Financial review continued
Underlying outflows, excluding the impact of the departure of
the Value team and the change in management of the
Chrysalis Investment Trust, were £3.3bn. Almost all of these
underlying outflows came through in the final quarter.
In the Institutional channel, we saw total net outflows of £4.5bn
and underlying net outflows of £1.5bn. Underlying outflows were
predominantly driven by one client rebalancing their portfolio
towards the end of the year, despite very strong performance. In
early Q1 2025, we have seen the same client fund a new
mandate in the same investment capability. We have always
said that success in this area would not be linear. Our pipeline
remains very robust, covering a breadth of investment
capabilities, geographical regions and channels, some of it
direct and some consultant advised. While we have seen
outflows in the near term, our deeper relationships with these
clients, combined with strong investment performance over the
long term, is expected to lead to net inflows in the future and
continued growth in AUM.
In Retail, wholesale and investment trusts, client redemptions
were spread across multiple strategies, reflecting the ongoing
risk-off investor sentiment in the UK retail market, despite signs
of recovery earlier in the year. There were total net outflows of
£5.8bn, again predominantly from the Value strategies and the
Chrysalis Investment Trust. There were underlying outflows from
retail clients of £1.8bn.
Despite these outflows, there were areas of strong growth, with
high-performing investment capabilities in areas of persistent
client demand. We generated £1.2bn of net inflows into our
Indian equity strategies, having achieved top decile
performance across one, three and five years. AUM across this
strategy reached £2.7bn at the end of 2024. Our Asian Income
strategy saw £0.5bn of net inflows, and the UK Unit Trust vehicle
was the highest-ranked fund in its sector over three years. We
also generated notable inflows of £0.5bn into our Systematic
long-short fund, GEAR.
With the continuing availability of attractive rates of interest on
cash and the continuing high volatility in fixed income markets,
our fixed income desks saw net outflows of £1.1bn, despite strong
demand for some of our nascent funds including Global High
Yield and Monthly Income Bond.
There were outflows in a number of areas where we had seen
management changes, including UK equities, Emerging Market
Debt and European Equities. However, with the new investment
expertise joining the firm, we believe we are better placed to
attract new client flows in the medium term, despite the
shorter-term challenges.
As we continue to target long-term growth in challenging
market conditions, we have maintained our focus on both the
aspects of the business that we can control and on the
execution of our strategy aligned to our strategic objectives, as
set out from page 6.
The Group continues to hold healthy levels of liquid assets and
capital. The Group’s policy of distributing 50% of our underlying
earnings excluding performance fees as ordinary dividends is
unchanged. We have also retained our commitment to make
additional returns of capital on a periodic basis, determined by
the capital needs of the business.
The macroeconomic environment continues to be challenging,
but our focus will continue to be on those aspects of our
business that we can control and on building positive
momentum to grow the business.
Movement in AUM by
product (£bn) 31-Dec-24 Net flows
Market
and other
movements 31-Dec-23
Retail, wholesale and
investment trusts 38.9 (5.8) 2.5 42.2
Institutional 6.4 (4.5) 0.9 10.0
Total 45.3 (10.3) 3.4 52.2
of which is invested
in mutual funds 37.2 (3.0) 2.1 38.1
Assets under management
Total AUM decreased by 13% to end the year at £45.3bn (2023:
£52.2bn), although average AUM over the year was £50.7bn, just
£0.2bn lower than in 2023.
Gross flows remained robust at £14.1bn, an increase of £0.9bn.
There were total net outflows of £10.3bn (2023: outflows of
£2.2bn). These were predominantly driven by £6.2bn of outflows
from strategies formerly managed by the Value team, whose
departure was announced early in the year. These outflows
were in line with our expectations and included £4.8bn from
segregated mandates and £1.4bn from mutual funds.
“We are maintaining our focus on all
the controllable aspects of our
business and advancing the execution
of our strategy... to increase scale,
reduce undue complexity, broaden our
appeal to clients, and deepen
relationships with our stakeholders.”
26
A number of external agencies assess the Group’s ESG risk.
We retained our listing on the FTSE4Good Index Series, and
achieved an AAA score from Moody’s/MSCI and a low risk
rating of 14.5 from Morningstar/Sustainalytics. The full set
of ESG ratings we are aware of for 2024 can be found
in the Group’s 2024 Sustainability Report, available from our
website at www.jupiteram.com. Two of our funds adopted
sustainability labels under the FCA’s new Sustainability
Disclosure Requirements Regime (SDR). The Ecology Fund
adopted the Sustainability Focus label and was on the one
the first funds to be awarded this label.
Net revenue
Markets were changeable during the year, with a clear upward
trend in the first two quarters, followed by broadly flat
performance from indices in the second half. Net flows were
partially offset by market movements, but outflows gathered
pace in the final quarter. Average AUM was almost unchanged
at £50.7bn (2023: £50.9bn). Despite this, revenues were down on
2023 levels, reflecting lower average fee rates from a change in
business mix and the tiered pricing structure introduced for our
UK-domiciled fund range in February 2024.
Revenue in the year was £402.5m (2023: £405.6m), with net
revenue of £364.1m (2023: £368.8m), of which performance fees
contributed £31.2m (2023: £13.2m). Net revenue comprises
revenue less fees and commissions payable to third parties.
Net revenue (£m) 2024 2023
Net management fees 331.3 354.0
Net initial charges 1.6 1.6
Performance fees 31.2 13.2
Net revenue 364.1 368.8
Revenue 402.5 405.6
Net management fees, comprising management fees less fees
and commissions payable to third parties, decreased by £22.7m
to £331.3m.
Our average net management fee margin reduced from 70bps
in 2023 to 65bps for 2024. This reduction was driven by an
increase in the proportion of AUM in lower-margin business,
particularly success in the Institutional channel before the
impact of the Value team. In 2024 the fee margin also reduced
due to continued changes in our business mix, in addition to the
tiered pricing structure that we introduced across our UK-
domiciled fund range. This pricing structure enables clients to
benefit from economies of scale as assets within a fund grow.
As the Group continues its transition to a greater weighting
towards Institutional business, we expect the fee margin will
continue to decrease over the long term.
We were pleased to see significant performance fee earnings in
the year of £31.2m (2023: £13.2m), largely driven by GEAR, a fund
with top quartile performance across one-, three- and five-year
periods. GEAR has delivered close to 10% returns per annum for
each of the last three years, generating performance fees in
each of those periods. In addition, we have eight funds which
have the potential to generate performance fees, along with a
number of segregated mandates, some of which delivered
performance fees in the year.
Administrative expenses
We have consistently delivered on cost management over
recent years with a relentless focus on driving efficiencies.
Total administrative expenses (excluding exceptional items)
were £273.2m, up 3% from £264.6m in 2023, of which £12.7m
related to performance fees (2023: £6.4m). Excluding the impact
of performance fees, administrative expenses increased by only
£2.3m, or 1%, as cost savings offset inflationary impacts and
investment in core areas of client experience, automation and
data. We also invested in delivering changes to our operating
model which, aligned to our strategic priorities, will see the
outsourcing of middle office activities. Whilst our key focus is
ultimately on improving the client experience, we also anticipate
delivering long-term cost savings through a package of
initiatives linked to this change.
As in previous years, we have separately presented certain
administrative expenses as exceptional items. These are
covered in more detail on page 28.
Revenue
£402.5m
2023: £405.6m
Net revenue
£364.1m
2023: £368.8m
27Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Financial review continued
Variable staff costs before performance fee-related costs and
exceptional items decreased from £72.8m to £71.9m. The net
decrease reflected some accounting impacts of investment
management personnel changes towards the end of the year.
This decrease in costs was partially offset by an additional
charge from the forthcoming introduction of higher national
insurance charges in the UK, which, although it comes into effect
from April 2025, impacts the current year accounting charge for
deferred awards. Of the current year performance fee charge of
£12.7m, £2.6m relates to prior year awards.
The Group’s total compensation ratio before performance fees
and exceptional items increased from 42% to 45%. The Group’s
total compensation ratio including all performance fee-related
compensation increased from 43% to 45%, mainly reflecting the
impact of lower net revenue earned in the year.
Other expenses were largely flat, up £2.2m to £109.5m, due
principally to additional investment in a range of projects
aligned to our strategic priorities, with a particular focus on
decreasing undue complexity, driving efficiency and on
improving the client experience. Ongoing inflationary and
regulatory impacts were partially offset by management
actions to control costs.
The Group’s cost:income ratio increased from 73% to 78%. This
was largely driven by lower management fees.
Exceptional items
Exceptional items are items of income or expenditure that are
significant in size and which are not expected to repeat over the
short to medium term. Such items have been separately
presented to enable a better understanding of the Group’s
financial performance. Where appropriate, such items may be
recognised over multiple accounting periods.
In 2024, exceptional items were £9.2m (2023: £95.8m),
representing the final amortisation charge relating to the
intangible asset acquired as part of the Merian acquisition in
2020. Exceptional items in 2023 mainly comprised £76.2m
related to a goodwill impairment charge.
Costs by category (£m) 2024 2023
Fixed staff costs
1
79.1 78.1
Variable staff costs before net performance
fee-related costs
1
71.9 72.8
Other expenses
1
109.5 107.3
Administrative expenses before performance
fee-related costs
1
260.5 258.2
Performance fee-related variable staff costs 12.7 6.4
Administrative expenses
2
273.2 264.6
Exceptional items – 0.8
Administrative expenses 273.2 265.4
Total compensation ratio before
performance fees
1
45% 42%
Total compensation ratio
2
45% 43%
Cost:income ratio
1
78% 73%
1. Stated before exceptional items and performance fees (see APMs on
page 201).
2. Stated before exceptional items (see APMs on page 201).
Before performance fee-related variable staff costs and
exceptional items, administrative expenses were £260.5m
(2023: £258.2m), 1% higher than in 2023.
Our fixed staff costs marginally increased to £79.1m in 2024
(2023: £78.1m) This was in line with our expectations, and was as
a result of salary inflation offset by ongoing rigorous focus on
cost control. Total headcount engaged in our business has
decreased from 503 to 492 at 31 December 2024 on a full-time
equivalent basis excluding employees on maternity and
long-term sick leave. We are refocusing our core operating
model to best leverage key partnerships, consistent with the
shift within the Client Group towards deeper, holistic
relationships with our clients. We invested in our core UK equities
capability with new hires which, alongside our existing
investment talent, enable us to offer what we believe to be the
strongest line-up we have had in our UK equity capabilities.
Operational agility remains at the centre of our approach to
cost management, as well as ensuring we attract and retain
talented people and have a robust control environment.
Variable staff costs (£m) 2024 2023
Variable staff costs before performance
fee-related costs and exceptional items 71.9 72.8
Performance fee-related variable staff costs 12.7 6.4
Variable staff costs before
exceptional items 84.6 79.2
Exceptional items – 0.8
Variable staff costs 84.6 80.0
28
Exceptional items (£m) 2024 2023
Amortisation of acquired intangible assets 9.2 18.8
Deferred compensation costs – 0.8
Impairment of goodwill – 76.2
Exceptional items 9.2 95.8
The acquired intangible asset of £75.0m relating to the Merian
acquisition in 2020 was amortised over four years, becoming
fully amortised in June 2024.
Other income statement movements
Other gains of £6.9m (2023: £3.2m) principally comprised
gains from alpha generated on seed investments in Jupiter-
managed funds.
Finance income and costs
Finance income of £8.0m (2023: £5.8m) principally related to
interest earned on AAA-rated money market fund investments.
Finance costs of £6.1m (2023: £6.2m) primarily comprised the
interest charge on the Group’s £50m subordinated debt issued
in April 2020 and the unwinding of discounted lease liabilities.
Profit before tax (PBT)
Statutory PBT for the year increased to £88.3m (2023: £9.4m),
principally as a result of the non-recurrence of the 2023 goodwill
impairment charge of £76.2m. Excluding exceptional items and
net performance fees, underlying PBT decreased by 20% to
£79.0m (2023: £98.4m) mainly due to lower levels of net revenue
partially offset by an increase in performance fees and gains
from seed investments.
Tax expense
The effective tax rate for 2024 on statutory PBT was 26.2% (2023:
237.2%), higher than the headline UK corporation tax rate of
25.0% (2023: 23.5%). The difference is due to movements in the
share price, prior period adjustments and differences in
overseas tax rates.
The Group has been awarded accreditation from the Fair Tax
Foundation for the third consecutive year. This is a testament to
our firm’s commitment to do the right thing in relation to our tax
conduct and how we seek transparency of our tax affairs for the
benefit of our clients and other stakeholders. Our published tax
strategy is available from our website at www.jupiteram.com.
Earnings per share
The Group’s basic and diluted statutory EPS measures were 12.5p
and 12.2p respectively in 2024, compared with losses of (2.5)p
under both measures in 2023. Underlying EPS was down 1.4p at
13.4p (2023: 14.8p).
Excluding performance fees, underlying EPS was down 2.9p at
10.9p (2023: 13.8p).
(£m) 2024 2023
Statutory profit before tax 88.3 9.4
Exceptional items 9.2 95.8
Performance fee profits (18.5) (6.8)
Underlying profit before tax before
performance fee profits 79.0 98.4
Tax at average statutory rate of 25.0%/23.5% (19.8) (23.1)
Underlying profit after tax before
performance fee profits 59.2 75.3
Statutory profit before tax 88.3 9.4
Exceptional items 9.2 95.8
Underlying profit before tax 97.5 105.2
Tax at average statutory rate of 25.0%/23.5% (24.4) (24.7)
Underlying profit after tax 73.1 80.5
Weighted average issued share capital 545.0 545.0
Underlying EPS before performance fee
profits 10.9p 13.8p
Underlying EPS 13.4p 14.8p
Basic EPS 12.5p (2.5)p
“Jupiter has been awarded
accreditation from the Fair Tax
Foundation for the third year. It is
a testament to our firm’s
commitment to do the right thing in
relation to our tax conduct.”
29Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Financial review continued
Capital management
The Group continues to maintain strong surpluses over its
regulatory capital requirements at both consolidated and
individual entity levels. In 2024, total dividends paid to
shareholders were £34.2m against £65.2m statutory profit
after tax.
The net movement in total shareholders’ equity was an increase
of £44.5m to £834.0m.
The parent company of the Group, Jupiter Fund Management
plc, has distributable profits of £256.3m (2023: £229.5m). The
payment of dividends by regulated entities within the Group
and by Jupiter Fund Management plc is limited by regulatory
capital and liquidity requirements.
The Group seeks to maintain a balance between providing
returns to shareholders and maintaining sufficient capital and
cash reserves to support its business activities. As well as
providing sufficient liquidity to be able to meet all its liabilities as
they fall due, the Group’s working capital provides funding for
seed investments to support both new and existing fund
products and strategies.
Dividends and returns of capital
The Group has an ordinary dividend policy of distributing 50% of
pre-performance fee underlying earnings. The Board’s capital
allocation policy is to make additional returns to shareholders
on a periodic basis, based on the capital needs of the business
for growth and maintaining a healthy regulatory surplus. This
policy, as part of the Group’s overall capital allocation
framework, allows us to return capital to shareholders on a clear
and sustainable basis.
In line with this policy, the Board has proposed a final ordinary
dividend of 2.2p, taking full-year ordinary dividends for 2024 to
5.4p. The Board seeks approval for the final dividend at the AGM
on 8 May 2025. The Board has also announced the use of the
shareholder approved right to acquire up to 3% of shares into
Treasury, commencing in March 2025.
We continue to maintain a strong balance sheet which will
enable us to support investment in growth areas or be returned
to shareholders. In line with our capital allocation framework, we
will continue to keep the capital needs of the business under
review and make periodic additional returns of capital when we
deem this to be appropriate.
Cash flow
The Group generated positive operating cash flows after tax in
2024 of £73.9m (2023: £88.0m). This represents 86% of operating
profit, broadly in line with previous years. Net outflows from
investing activities of £182.2m (2023: net outflows of £56.6m)
principally comprise net purchases of financial instruments to
hedge fund awards and net acquisitions of investments by
consolidated funds. Net inflows from financing activities of
£101.9m (2023: net outflows of £42.4m) arose from net third-party
inflows into consolidated funds of £147.3m (2023: £28.9m),
partially offset by dividend payments of £34.2m (2023: £35.2m)
made to shareholders. The net decrease in cash in the period
was £6.4m (2023: £11.0m decrease).
Assets and liabilities
The Group’s cash position at the year-end date was £261.1m (31
December 2023: £268.2m) as a result of net cash receipts from
operations being offset by dividend payments to shareholders
and investments in seed.
The Group intends to redeem its issued subordinated debt of
£50m in April 2025. The revolving credit facility (RCF) of £40m
provides additional access to liquidity. The three-year facility
expires in April 2027. It remained undrawn in the year.
Seed investments
We deploy seed capital into funds to support their growth, to
ensure an effective launch and to accelerate the process of
raising assets over critical size thresholds. As at 31 December
2024, we had a total investment in Jupiter-managed funds of
£126.5m (31 December 2023: £87.5m) at fair value, which is
£113.6m (2023: £78.8m) at cost. We have a Board-approved limit
of up to £200m of seed capital funds (at cost).
“The Group seeks to maintain a balance
between providing returns to
shareholders and maintaining
sufficient capital and cash reserves to
support its business activities.”
30
Liquidity
The Group’s liquidity comprises cash available for use in the
business, supported by an undrawn RCF of up to £40m. The
current RCF expires in April 2027. The Group maintains a
consistent liquidity management model, with liquidity
requirements monitored carefully against the existing and
longer-term obligations of the Group.
Statement of viability
In accordance with provision 31 of the 2018 Corporate
Governance Code, the Directors have assessed the prospects of
the Group over a longer period than the minimum 12 months
required by the Going Concern provision.
The Directors confirm that they have a reasonable expectation
that the Group will continue to operate and meet its liabilities, as
they fall due, at least until 31 December 2027.
The Board’s viability assessment is based on information known
today, the Group’s current position and strategy, the Board’s risk
appetite, the Group’s financial plans and forecasts, and the
Group’s principal risks and how these are managed, as detailed
in the Risk management report starting on page 60.
The Group defines its long-term strategic planning objectives
over five years and this is underpinned by a rolling five-year
financial plan, the first year of which is the current year budget.
The further into the future the planning horizon is, the greater the
level of uncertainty in the financial projections. As a result, the
Group uses a three-year period in assessing viability because
it presents data with a sharper focus than the full five-year
rolling financial plan.
The rolling financial plan incorporates both the Group’s strategy
and principal risks and is reviewed by the Board at least
annually when the budget for the following year is approved.
In exceptional circumstances, the Board reviews and approves
structural changes to the budget intra-year. These formal
approval processes are underpinned by regular Board and
management committee discussions of strategy and risks, in
the normal course of business.
Details of the key risks faced by the Group, and the strategies in
place to mitigate exposure to them, can be found in Our
approach to risk management, beginning on page 60.
Throughout the year the Board assesses progress by reviewing
forecasts compared to the budget, performance and updated
financial plan. The current year forecast and longer-term
financial projections are regularly updated as appropriate and
consider the Group’s profitability, cash flows, dividend payments,
share purchases, seed investments and other key internal and
external variables. Scenario analysis is also performed as part of
both the Group’s financial planning process and within the
Group’s ICARA, which is approved by the Board. These scenarios
evaluate the potential impact of severe but plausible
occurrences, which reflect the Group’s risk profile and identify
and model appropriate and realistic management actions that
could be taken to mitigate the impact of the scenarios on
capital and liquidity.
In the most recent ICARA, approved by the Board in May 2024,
scenarios included:
• sustained market downturn arising from a geopolitical event
combined with an operational risk event and a significant loss
in the seed portfolio;
• sustained market downturn arising from a geopolitical
event combined with the departure of a key investment
manager; and
• the failure of internal policies, leading to a regulatory breach
and the departure of a key investment manager.
In line with the Task Force on Climate-related Financial
Disclosures (TCFD) framework, the Board has also conducted
climate-related scenario analyses to assess the resilience of the
Group's strategy against various climate-related risks and
opportunities.
Primary management actions to relieve stresses on the Group’s
ability to operate during these scenarios are reductions in
variable compensation costs, reducing returns to shareholders,
and disposal, where possible, of seed investments to provide
additional liquidity.
The Group also considers the correlation between different
levels of AUM and profitability, modelling the impact of and
sensitivity to market movements which directly affect the value
of AUM and therefore the Group’s revenues.
We believe that the statement of viability continues to reflect
our internal financial planning, budgeting, forecasting, review
and challenge processes which assess profitability, as well as
those through which we assess risk exposures arising from the
implementation of the Group’s operational strategy.
The Strategic report found on pages 2-67 has been duly
approved by the Board and signed on its behalf by:
Wayne Mepham
Chief Financial & Operating Officer
26 February 2025
31Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Delivering positive investment
outcomes for our clients
At Jupiter, we believe in truly active, high-conviction asset
management. Our purpose is to create better futures for our
clients with our active investment excellence and our
commitment to active management is at the heart of this.
We have a diverse and differentiated product offering for our
clients across seven investment capabilities, spanning a broad
range of investment styles, asset classes and investment
universes. We do not seek to provide waterfront coverage, but
rather focus only on those areas where we can offer
differentiated products and provide better outcomes for clients.
In order to ensure that this client proposition remains
differentiated, we have continued to rationalise our fund range
through 2024, merging or closing 11 sub-scale products. As we
work to grow scale in the Institutional channel, we have also
sought to ensure that our investment processes appeal to a
broader range of clients, with clear, repeatable and sustainable
processes delivering positive outcomes for our clients.
We do not have a house view at Jupiter and there is no CIO
office which dictates positions on any region, style or investment
opportunities. Instead, we empower our investment
professionals with a high degree of autonomy to follow their
convictions, within the confines of rigorous risk and operational
policies and processes.
A greater depth of investment expertise
As a result of this client-centric, truly active approach to
investment management, Jupiter has always been an attractive
home for differentiated, high-quality active management talent.
Throughout 2024, we have significantly deepened our
investment expertise in key areas of strategic growth.
Adrian Gosden and Chris Morrison joined Jupiter at the start of
the year and assumed responsibility for the UK Income
strategies in April. Having joined Jupiter with a strong investment
track record, they continued this in the year, delivering first
quartile performance and outperforming their benchmark
by over 3%.
Alex Savvides joined Jupiter later in the year and, along with his
team, took on the management of the UK Value strategies.
Alex and his team have a distinctive investment process and a
client-centric approach that has delivered strong historic
performance which positions them as one of the leading teams
in their sector.
“Throughout 2024, we have significantly
deepened our investment expertise in key
areas of strategic growth.”
Along with our existing investment managers, we believe that
these additions leave Jupiter with the strongest UK equity line up
that we have ever had and one of the best anywhere in the
industry. At such time that sentiment changes on the UK market,
we are very well positioned to benefit.
We also announced that Niall Gallagher and his team would be
joining Jupiter through 2025 to lead our European Equity
capability. Niall brings a strong track record of both investment
performance and net positive asset gathering, over a period in
which the asset class has seen significant net outflows. The
hiring of this exceptionally talented team provides us with the
opportunity to re-establish our position as one of the leading
managers in European equities.
Finally, we announced the acquisition of the assets and
investment team of Origin, a London-based investment
boutique. They joined Jupiter in January 2025 and brought with
them over £700m of largely institutional client assets. They will
provide both scale in our Emerging Markets equities capability
and new expertise in multi-regional equity strategies.
High-quality investment performance
As a high-conviction, truly active asset manager, delivering
positive investment outcomes for our clients is critical to our
ongoing success.
In 2024, we saw an improvement in aggregated investment
performance, with 61% of our mutual fund AUM outperforming
their peer group after all fees over a three-year period, which is
our key performance indicator (2023: 59%). 50% of total AUM is in
the first quartile over three years.
Over one year, which tends to be a more volatile shorter-term
period, the outperformance figure is 42%. More longer term,
over a five-year period, 58% of mutual fund AUM is now
above median.
Where we have seen good performance, in many cases this has
been exceptional performance. 50% of our mutual fund AUM is in
the first quartile over three years and 30% is first decile. This
includes our Asian Income and Indian equity strategies, a
number of strategies across our Systematic equity and UK
equity capabilities and the Strategic Absolute Return Bond fund.
Investment management
32
The one year number is always more volatile, but the fall this
year was due to three of our larger funds, Dynamic Bond and
Strategic Bond, and the European equity fund, moving to below
their peer group median.
Our larger funds, on average, continue to perform well over
longer-term time periods. We have 13 funds with over £1bn in
AUM. Over both three and five year periods, there are nine funds
outperforming their peer group median and eight in the top
quartile. The larger funds which have more specific challenges
on performance are Dynamic Bond and Strategic Bond, along
with the European fund.
Quartile investment performance of largest funds
AUM
(£bn) 3 year 1 year 5 year
4.6 Dynamic Bond 4 4 3
2.5 European 4 4 4
2.2 North American Equity 1 2 1
2.2 Global Equity Absolute Return 1 1 1
2.0 India 1 1 1
2.0 Asian Income 1 2 1
1.9 Strategic Bond 4 4 4
1.9 Merlin Balanced 1 4 1
1.7 Merlin Growth 1 3 1
1.6 Merlin Income 2 3 1
1.2 UK Income 1 1 2
1.0 Japan Income 3 3 3
1.0 UK Dynamic Equity 1 2 1
Commitment to stewardship and
active ownership
We recognise that, as an active investment manager, we have
dual responsibilities to promote sustainable outcomes. As well
as embedding sustainability throughout our own operations,
activities and supply chain, we have a responsibility to use our
voice as an active investor, influencing our investee companies
through active engagement and stewardship.
Through this philosophy, each of our investment teams adopt
an active ownership approach that reflects their asset class,
strategy and investment process, identifying non-financial
information to enable them to make better-informed and
relevant investment decisions.
As active stewards of our clients’ capital, engagement with our
investee companies plays a key role in both delivering
outcomes for clients and holding the companies in which we
invest to a high standard. In 2024, we voted on 534 ESG-related
shareholder resolutions. We also maintained our signatory
status to the Stewardship Code. Two of our UK-domiciled funds
adopted sustainability labels under the FCA’s new SDR regime,
reinforcing their intent to seek solutions through their
investments that address environmental challenges.
More details on this and our engagement with investee
companies can be found in our standalone Sustainability
Report and our Stewardship Report.
Below median
58%
Above median
42%
1
s
t
2
4
%
2
n
d
1
8
%
3
r
d
1
7
%
4
t
h
4
1
%
1 year
Below median
39%
Above median
61%
1
s
t
5
0
%
2
n
d
1
1
%
4
t
h
3
1
%
3 years
3
r
d
8
%
Below median
42%
Above median
58%
1
s
t
5
1
%
5 years
3
r
d
2
4
%
4
t
h
1
8
%
2
nd
7%
2024 investment performance by quartile
“With its truly active approach, Jupiter
has always been an attractive home for
differentiated, high-quality investment
management talent.”
33Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Evolving our approach
to working with clients
The expectations of our clients continue to fundamentally
evolve. They are becoming more technical and more
sophisticated in the way in which they work with their asset
manager partners. They are more data-driven and analytical
than ever before and their expectations for bespoke service and
reporting continues to grow.
In the first full year since it has been established, the Client
Group continues to embrace this evolution. Our focus is on
forming deeper, more technical relationships with our clients
and using technology to first better understand their needs and
then to provide a more tailored, bespoke client experience.
As their expectations change and our clients’ needs become
more sophisticated, in both retail and institutional channels, we
know that success will not be driven simply through the selling
of individual, pre-packaged products. Increasingly, it will also
require more bespoke and more timely client solutions,
supported by the highest quality client experience all the way
through our clients’ journeys with Jupiter.
Investing in technology for an
exemplary client service
Investment in technology and better use of data has been a key
aspect of much of the foundational work achieved in 2024,
designed to support and augment high-quality client
relationship management.
This investment has been throughout the Client Group at any
stage where our clients have a touch point with Jupiter,
including the RFP process, performance reporting, ongoing client
service and reporting, and onboarding.
“Our aim is that our clients find it a
pleasure to work with Jupiter, and
embracing a model of digital
engagement will play a crucial
role in achieving this.”
Removing complexity from these processes, and releasing the
associated efficiencies, has been a key factor in this. We have
implemented new digital workflow processes as we onboard
clients, adopted more advanced tools for working with potential
new clients, and both automated and outsourced aspects of
the process for producing client presentations.
Through strategic investment in our infrastructure, we have
transformed the way in which we use data across the Client
Group. Full integration across our digital platform, from our
newly launched website to client management platforms and
client reporting, allows our people to gain better insights into the
needs of our clients, which capabilities are interesting to them,
what they really care about – and, crucially, act accordingly to
help fulfil those needs.
Our aim is that our clients find it a pleasure to work with Jupiter.
Better use of technology and embracing a model of digital
engagement will play a crucial role in this and we will continue to
build on the investments we have made through 2024 across the
Group, including new client service systems, improved digital
marketing, more use of social media and of our newly launched
Client solutions and experience
in-house studio. This approach is being recognised by our
clients. In our latest client engagement survey, our overall score
was 7.8, broadly in line with last year’s score of 8.1, despite there
being some challenges around performance on a small
number of larger products.
There were particularly high scores received for the quality of
relationship management, customer support and
communications.
A well-defined client proposition
As we work with our clients to meet their financial objectives,
it is crucial that we have a clearly defined and differentiated
product offering.
In 2023, we commenced a fund rationalisation programme. This
was focused on products which had not achieved sufficient
scale or were outside of areas of client demand. This completed
in early 2024 and reduced the total number of funds by around
25%, with very low AUM attrition.
Although this discrete programme is complete, the curation of
our client proposition will always remain an ongoing process.
Through 2024, we closed or merged a further 11 funds, again
focusing on sub-scale products.
“Investment in technology and better use
of data has been a key aspect of much of
the foundational work achieved in 2024.”
34
Our business is now well diversified across seven key investment
capabilities. Despite market challenges, there are reasons to
expect that most of these capabilities will end the year with
greater scale than at the start.
We also bolstered our investment expertise across a number of
capabilities this year by the addition of some highly regarded
and successful investment teams.
We have materially strengthened our UK equities capability and
will be joined by a highly-regarded and strongly performing
European equity team during 2025.
In October, we announced the acquisition of the team and
assets from Origin, a quantitative-focused boutique investing
across Emerging Markets, international equities and other
multi-regional equity strategies. The team joined us in
January 2025.
Finally, in November we announced that Niall Gallagher and his
highly regarded European equities team would be joining
Jupiter through 2025, providing us with the opportunity to
re-establish our position as a market leader in this space.
We also continued to explore new methods through which
clients can access our investment expertise. In February 2025,
we launched our first ever active ETF. This first vehicle is a
government bond strategy, and could be the first in a broader
range as this fund structure grows and client needs evolve. We
are also continuing to explore other potential platforms and
ways through which a broader range of our clients can access
our investment expertise.
A challenging backdrop –
but with reasons for optimism
The departure of the Value team this year, combined with
ongoing negative client sentiment towards risk assets, resulted
in a particularly challenging year from a flow perspective. In
total, we saw £10.3bn of net outflows, around half of which came
in the final quarter.
We saw outflows from strategies formerly managed by the
Value team totalling £6.2bn, which was broadly in line with our
expectations. We also saw £0.8bn out from the planned change
in management of the Chrysalis Investment Trust. Excluding
these two factors, there were net underlying outflows of £3.3bn,
almost all of which came through the final quarter of the year.
Despite these challenges, there were a number of areas of
positivity and reasons to be optimistic as we move through
2025. Our Indian equity strategies saw net inflows of over £1.2bn
and grew to £2.7bn of AUM. Our Asian Income strategies also
saw strong client demand, with £0.5bn of net inflows. GEAR, part
of our Systematic equities capability, had another strong year in
terms of both performance and client flows with £0.5bn of net
flows leading to AUM growing to £2.2bn. Within Fixed Income, our
Global High Yield grew more than five-fold to finish the year at
more than £350m of AUM.
More details on our flows in 2024 can be found on page 26.
35Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
People and culture
Our active minds ethos, allowing our
talented investment professionals the
freedom to make decisions for the
benefit of our clients, is at the heart of
what makes Jupiter an attractive
home for investment talent.
Employee engagement
79%
Proud to work
for Jupiter
81%
Agree Jupiter puts
clients first
83%
36
Colleagues’ understanding of
their contribution to strategy
89%
Our collective curiosity to seek out
opportunities to grow, improve and
embrace change acts as a compelling
force through which our colleagues
seek to make a positive difference for
our stakeholders.
Deepening our investment expertise
In 2024, we were proud to welcome new investment talent to
Jupiter, deepening our investment expertise with the successful
onboarding of new talent. The hires that we’ve made across
2024 increase our presence in growth areas and broaden our
investment capabilities on a global footing.
Our focus on our investment expertise extends throughout the
Group. Our investment teams run a weekly all-staff webinar,
which allows all departments to stay up to date with
developments in financial markets, and understand how their
roles can impact performance outcomes for our clients.
In 2024, we also launched a series of ‘Investment 101’ sessions,
hosted by our own internal experts, to upskill new and existing
employees in the objectives and practices of our investment
teams. In 2025, we’re extending this to broadening our
collective understanding of our clients, and their various
needs and priorities.
Engagement through pulse surveys
Each year, we run an annual engagement survey which tracks
trends in employee sentiment across key topics. We measure
themes underpinning a strong culture, and continue to seek
feedback directly from our employees when it comes to matters
affecting them – from our progress against our strategic
objectives, to how we put clients first.
In 2024, we were pleased to see that our employee engagement
remained high, against a backdrop of challenging market
conditions, at 79% – against 78% in 2023.
Our survey scores demonstrate a strong awareness of Jupiter’s
strategic objectives and client needs, with 83% agreeing that
Jupiter puts clients first and 89% of our people understanding
how their work contributes to Jupiter achieving its goals.
Areas for development included ensuring recognition remains
a priority and communicating future plans consistently
across departments.
Connections
Our employee representative forum, Connections, helps to drive
engagement at all levels of the business and regularly
communicates with our people to gather views. The Chair of the
forum provides updates to the Strategy and Management
Committee, the Board and the Remuneration Committee, and
Connections act as the Group’s formal workforce advisory panel
for UK staff.
Connections representatives work with their teams to identify
key themes from pulse surveys and to implement initiatives that
will improve the employee experience, culture and business
outcomes. Examples include the introduction of enhanced
technical training for investment analysts, the extension of
informal leadership catch-ups within teams, as well as feeding
into proposals for Jupiter’s employee benefits offer.
60
65
70
75
80
85
78%
78%
79%
76%
75%
77%
81%
79%
79%
End 2023 May 2024 End 2024
78%
75%
79%
Overall Employee Engagement
I am proud to say I work for Jupiter
I would still like to be working at Jupiter in two years’ time
If asked, I would recommend to friends and family that Jupiter is a good place to work
Engagement pulsing trends
37Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Seeking out opportunities
for improvement
80% of our people reported feeling empowered to take
action when they see an opportunity for improvement
– which is demonstrated in the way our people have
embraced the consistent pursuit of efficiency and
effectiveness in their day-to-day work.
Our citizen developer initiative, which started in 2023,
empowers business users to create their own solutions
to manual processes, improve innovation, and delivers
meaningful business solutions at no or low cost using
low-code software and the potential for AI tools in
the future.
Since the start of the training in 2023, Jupiter’s Intelligent
Process Automation team have trained over 15% of
Jupiter’s workforce in building their own automations.
Collectively, they have identified and built solutions for
over 526 automations, simplifying and reducing manual
tasks from their day to day, and saving 26 hours of
manual effort per day.
The trust dividend
Our annual engagement survey is complemented by
deep dives on themes that we believe are important to
our organisation’s success. In May, we explored the topic
of organisational trust, examining the financial benefits of
a high trust environment – the ’trust dividend’ – and asked
our people to share their thoughts.
We delved into key drivers and indicators of trust, listed
below, and how this fosters an environment where
employees explore their creativity – seeking out ways to
improve the way we work for the benefit of our clients.
Cultivating our culture
We believe that investment excellence requires diverse thinking,
creativity, and a relentless drive to seek out opportunities.
Our people strive to always understand how we can positively
impact our clients, no matter our role, with a culture that puts
collaboration and a spirit of challenge at its heart.
We are proud of our continued work on nurturing Jupiter’s
culture, and are signatories to the ACT (Action, Culture,
Transparency) Framework, an industry initiative through which
we assess and demonstrate how our external and internal
cultural values on diversity, equity and inclusion align.
A culture that builds trust
We have a robust Culture and Conduct framework to provide
oversight and guidance on expected conduct and behaviours
of employees at Jupiter. Our Culture and Conduct Committee,
established in 2023, is chaired by the CEO, and has senior
representation across all functions.
The Committee ensures that all culture and conduct issues are
considered fairly, consistently and in a timely manner. There is
ongoing focus to make sure all employees understand the
framework and how it impacts them in their role through key
messaging, awareness and training on an ongoing basis for
both new and existing employees.
Taking initiative
and developing
new ideas is
rewarded in
my team:
79%
I feel empowered
to take action
when I see
an opportunity
for improvement:
80%
My manager
trusts me to do
a good job:
91%
I feel my
work makes
a difference:
87%
People and culture continued
38
Celebrating our cultural ambassadors
Since embarking on our cultural transformation in 2022, we have
consistently sought to acknowledge and celebrate the people who go
above and beyond to drive our culture.
In addition to our monthly Proud@Jupiter awards, in 2024 we ran a
campaign for colleagues to nominate our cultural ambassadors. From
over fifty nominations, fourteen exceptional individuals were selected
for a portrait photoshoot, with their stories highlighted in an exhibition
event for colleagues.
39Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Life at Jupiter
Regretted leavers
9%
Qualifications and
accreditations
44
Courses attended
722
People leaders
trained
87
Health and wellbeing
In 2024, we invited the feedback of our employees through a
workplace survey. We conducted the survey to obtain feedback
on how the working environment could be improved to enhance
the wellbeing of our employees. This included adapting our
space for more collaboration and enhancing the connectivity
and inclusivity of the working environment. Some examples of
this include introducing quiet spaces, a multi-purpose space for
reflection and prayer, and offering noise-cancelling
headphones to those who would benefit from them.
Talent development and retention
Developing and retaining our talent is critical to our success as
an organisation. Each year we undertake a talent mapping
exercise and monitor the rate of retention of this population,
and we were pleased to see that our regretted attrition tracked
well over 2024, at 9%.
We also undertook a deep dive review into the experiences of
talent at Jupiter when it comes to career progression and
development. This included ensuring opportunities are available
for all staff on an equitable basis, with a lens on diverse talent.
This report, conducted by a third party, was considered by the
Board and shared with all employees for transparency on the
actions we are taking.
We continuously offer strong development opportunities for our
people, with 44 individuals supported through professional
qualifications and external accreditations, and over 700
individual attendances on our core curriculum, manager
training and technology training sessions, comprising both
soft-skills and technical development.
Personalised support
In 2024, we enhanced our flexible benefits offering with the
introduction of a new ‘FlexFund’, allowing colleagues to tailor
their benefits offer to suit their needs.
The new benefits are aligned with our ethos of providing
benefits and support ‘for every moment’, and provide
personalised support through different life stages, including
financial advice, health and lifestyle benefits, and increased
financial protection solutions.
Rewarding our employees
Our reward framework is designed to attract, motivate
and retain talent. Through a mix of fixed and variable
components, our competitive total compensation offer
rewards success and the promotion of our culture and
values. Enabling Group-wide share ownership is an
important objective in promoting our cultural pillar
of ‘we succeed together’.
Compensation awards, particularly deferred bonuses
and longer-term incentive plans, are designed to align
the interests of our employees with those of our clients
and wider stakeholders. For the sixth year in a row, we
have again granted a free share award of £2,000 to
each of our employees and continued our ‘CEO Award’
programme (also granted in Jupiter shares) which
recognises a select number of employees who have
made an exceptional contribution to the success of
Jupiter. In addition, all employees can participate in
a variety of schemes to purchase Jupiter shares.
“Employees have appreciated the
flexibility of the new benefits offering
with the introduction of financial
advice particularly well received.”
Connections, compiled employee feedback
People and culture continued
40
Our DE&I Strategy
Our aim is to employ the best people from the widest pool of applicants and
support their career aspirations. Our DE&I Strategy includes actions across the
length of our employee journey.
Each of these stages, and a summary of the actions we are taking, are
outlined below, alongside our expectations and responsibilities across
different groups to promote diversity at Jupiter.
Jupiter Fund
Management plc Board
Setting and oversight of DE&I
targets, strategy and plan. The
Board Diversity statement has been
updated in 2024, see page 93.
Executive Directors
Accountable for DE&I outcomes,
linked to remuneration, with
cascade of responsibility to senior
leadership through objectives.
DE&I forum
Chaired by the CEO, representatives
from each employee network meet
quarterly to review Jupiter-wide
themes, initiatives and progress.
Our employee networks
Jupiter’s employee networks are
allocated an annual budget, and
are empowered to deliver initiatives
that they believe will make an
impact. Each network has an
executive sponsor who is a senior
manager within the organisation.
Our line managers
Measured on culture and inclusion
as part of annual objectives.
Our people
Expected to behave in line with our
Jupiter Code of Ethics & Code of
Conduct policies. Encouraged to
support DE&I objectives through
training, events, and initiatives
throughout the year.
Commitment
Jupiter’s commitment and actions on
DE&I are overseen by the Board, with
public targets to hold us to account.
In 2024, we were among the first
asset managers to publish an
ethnicity pay gap report.
Belonging
Our Employee Networks are a key part
of how we create an inclusive culture
for all talent to thrive. Following
employee recommendations, in 2024
we expanded our Networks to include
Neurodiversity and Cancer Support.
1
2
Awareness
We regularly host opportunities for
colleagues to learn and understand
the importance of an inclusive
workplace. This year, we have
heard from speakers on allyship,
neurodiversity, achieving gender
balance, and mental
health awareness.
4
Outreach
Working with third-party
organisations, we seek to invest
in and nurture young talent from
a wide range of backgrounds.
Through our continued work with
industry organisations such as
Investment 20/20, GAIN, and Arrival,
we have opened opportunities for
individuals to enter our industry
through work-experience, internships
and employment.
3
Recruitment
We seek to attract the best candidates from as wide a pool as possible. In 2024,
we implemented gender-balanced shortlists for all roles reporting to the Strategy
and Management Committee. This resulted in 4 of 7 open roles into this population
being filled by women.
5
Cascade of responsibility
Diversity, Equity
and Inclusion
Jupiter’s development as a successful business has been driven
by diversity of thought and independent thinking.
We have remained steadfast in our commitment to creating an environment where all can thrive, with positive outcomes
to promote diversity, equity and inclusion (DE&I) being central to our talent management and recruitment programmes.
In 2024, we have extended our employee networks to include Neurodiversity and Cancer Support, and we published our
first ethnicity pay gap report on a voluntary basis – one of only a handful of asset managers to do so, enabled by our
strong data disclosure of 90% on ethnicity.
41Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
People and culture continued
Employee network core objectives
and 2024 initiatives
Jupiter’s employee networks are employee-led groups, whose annual agenda of activity
is designed to raise awareness and build an inclusive environment for all colleagues to
thrive. Their core objectives and key initiatives from 2024 are outlined below.
Gender Balanced Network
Aims to create an environment where
everyone can thrive, irrespective
of gender.
• Focus on confidence building
(case study, page 44)
• Ran a ’burst mentoring’ initiative
• Established a parental
support network
Gravity (Ethnicity & Culture)
Promotes cultural and ethnic DE&I
at Jupiter.
• Implementation of senior leadership
ethnicity target
• Sponsored and hosted a networking
session with young people (18-25)
from low-income and ethnically
diverse backgrounds
Pride (LGBT+)
Seeks to create a supportive network
and safe space for LGBT+ employees
and allies.
• Hosted a training on intersectional
allyship in partnership with LGBT Great
• Celebrated Pride month with a
cabaret event, and a well-received
gallery display of LGBT+ literature
Faith
Multi-faith group celebrating the role of
faith in the workplace.
• Contributed to the design and scoping
of a new room for quiet reflection and
prayer within Jupiter’s London office
• Continued to deliver events and
knowledge sharing sessions on faith
at work
Neurodiversity
Newly formed group
championing neurodiversity.
• Pilot training for managers
and HR teams on supporting
neurodiverse employees
• Delivered various sessions raising
awareness of neurodiversity for
colleagues, including a podcast on
autism in the workplace
Cancer support
Group established to support colleagues
who may be affected by cancer.
• Partnered with HR to provide personal
accounts of cancer screening
• Created a mechanism to pair
individuals with network members on
request for 121 support
• Acting as a support network to
each other
GENDER BALANCED
NETWORK
42
Neurodiversity in the workplace
Building awareness, broadening perspectives
The Jupiter Neurodiversity Network officially launched in
March 2024, adding to the rich seam of employee-led
networks at Jupiter. The Network aims to raise awareness of
Neurodiversity and the impact this has on the working and
personal lives of our colleagues.
“The biggest marker of success for us is
how comfortable people have felt with
coming forward to speak to network
members. That’s real inclusion.”
At Jupiter, we believe that diversity and the freedom to think
and act differently will set us apart. This aligns with the aims
of the Neurodiversity Network – with neurodivergent
individuals often approaching a challenge with a different
mindset, or seeing new and alternative ways of operating.
The Neurodiversity Network aims to educate and inform our
colleagues about different aspects of neurodiversity, and in
2024 organised a line-manager training on neurodiversity in
the workplace, as well as hosting a ‘fireside chat’ with Katie
Breathwick, host of the podcast ‘You’re Wrong About ADHD’.
In the summer months, the network created a podcast
sharing personal experiences of autism – a moving and very
personal piece which was highly regarded by colleagues.
43Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
People and culture continued
Diversity targets and reporting
Having reset our diversity targets at the end of 2023, we have reinforced our actions to continue to hold ourselves to account,
detailed on page 41. Our diversity targets form part of the assessment for Executive Directors (cascaded to senior managers), and we
are pleased to see modest progress across all monitored metrics at the rate anticipated.
Jupiter currently meets the Parker Review requirement for the Board to include one member from an ethnic minority background, but
does not at the date of reporting meet the targets for gender representation. Following Board changes in January 2024, Jupiter’s
Board is now composed of 37.5% women, including a woman in a senior position (SID), further detailed on page 77 along with our
continued actions in this respect.
Women
Target (date) 31 December 2024 31 December 2023
Board 40% (2026) 33% 27%
Senior Management
1
30% (2026), 40% (2033) 29% 27%
Overall population 40% (2026) 39% 37%
Ethnic Minority
Target (date) 31 December 2024 31 December 2023
Board 1 Board member (maintain) 1 Board member 1 Board member
Senior Management
1
22% (2026), 30% (2033) 19% 18%
Overall population 30% (2033) 26% 25%
1. Senior management is defined as Jupiter’s Strategy and Management Committee and their direct reports.
All data is reported in line with measurement of performance against targets for Executive Directors and the Board as a whole (31 December).
Gender Balanced Network
A focus on building confidence
Each year, our networks are empowered to deliver actions
on topics that they believe will have an impact on our culture
and support our people. In 2024, our Gender Balanced
Network reformed with refreshed objectives, with a particular
focus on how to ensure that everyone at Jupiter feels
supported and inspired to achieve greater gender balance.
“As a Network, we very quickly agreed
that confidence is an aspect of working
life that can often be an inhibitor to
someone reaching their potential,
regardless of gender.”
In an industry and a business that prides itself on giving our
people the opportunity to act on the strength of their
convictions, we decided to explore this topic in more detail,
and develop tangible development actions to support our
people to achieve their best.
With this in mind, the Group focusing on building self-
confidence implemented a ‘burst’ mentoring scheme, which
brought together people from across the business to build
networks and share experiences, over three short and
focused sessions. Over 40 individuals participated, enhancing
collaboration and supporting our people to build their
personal networks.
In November, the Gender Balanced Network hosted a
Confidence Communications session, where participants
had the opportunity to learn from two ex-broadcasters about
powerful strategies to enhance their confidence and
competence in public speaking.
44
Gender
2024 2023
Women Men Not disclosed Women Men Not disclosed
Board members 3 6 – 2 5 –
% of Board
1
33% 67% – 29% 71% –
Senior positions on the Board (Chair, CEO, CFOO, SID)
1
0 4 – 0 4 –
Senior management 24 56 – 21 58 –
% of senior management
1,2
30% 70% – 27% 73% –
Other employees 176 257 – 173 263 –
% of other employees 41% 59% – 40% 60% –
Total 203 319 – 196 326 –
39% 61% – 38% 62% –
Executive management
3
3 7 – 4 7 –
% of executive management 30% 70% – 36% 64% –
Ethnicity
2024
White British/
White Other
Mixed/Multiple
Ethnic Groups
Asian/Asian
British
Black/African/
Caribbean/
Black British
Other Ethnic
Group
Not specified/
Prefer not to
say
Board members 8 1 – – – –
% of Board
1
89% 11% – – – –
Senior positions on the Board
(Chair, CEO, CFOO, SID)
1
4 – – – – –
Senior management
2
55 1 11 – 4 9
% of senior management 69% 1% 14% – 5% 11%
Other employees 272 18 74 15 10 44
% of other employees 63% 4% 17% 3% 2% 10%
Total 335 20 85 15 14 53
64% 4% 16% 3% 3% 10%
Executive management
3
7 – 3 – – –
% of executive management 70% – 30% – – –
2023
White British/
White Other
Mixed/Multiple
Ethnic Groups
Asian/Asian
British
Black/African/
Caribbean/
Black British
Other Ethnic
Group
Not specified/
Prefer not to
say
Board members 6 1 – – – –
% of Board
1
86% 14% – – – –
Senior positions on the Board
(Chair, CEO, CFOO, SID)
1
4 – – – – –
Senior management
2
54 2 10 – 3 10
% of senior management 68% 2% 13% – 4% 13%
Other employees 272 15 77 16 7 49
% of other employees 62% 3% 18% 4% 2% 11%
Total 332 18 87 16 10 59
64% 3% 17% 3% 2% 11%
Executive management
3
8 – 3 – – –
% of executive management 73% – 27% – – –
1. Following Board changes in January 2025, Jupiter’s Board is now composed of 37.5% women, including one woman in a senior position (SID).
2. Jupiter defines senior management as Strategy and Management Committee and their direct reports. In the above tables, senior management excludes Executive
Directors, who are reported as Board members.
3. Executive management includes members of the Strategy and Management Committee and the Company Secretary.
Jupiter collects and monitors the demographic data of our employees to support our ambitions in creating a diverse and inclusive
working environment. Jupiter systematically collects data on legal gender from all employees on a mandatory basis at the point of
hire. Ethnicity is collected on a voluntary basis at the point of hire and through periodic communications. Data reflects headcount as
at 31 December 2024, excluding leavers as of 31 December. Individuals who work part-time are counted as one headcount.
45Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
As a leading asset manager, we recognise the impact that our operations and investments have on the wider environment and
society. This year, we are proud to introduce a standalone, annual Sustainability Report, which replaces the 2023 Sustainability Update
and complements the summary disclosures within this Annual Report, to comply with regulatory requirements. Our 2024 Sustainability
Report provides additional transparency around our operational and financed emissions, as well as incorporating the
recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) and other sustainability reporting frameworks.
Furthermore, in our 2024 Sustainability Report, we have included details of our progress, in particular, two of our funds adopting SDR
labels, as well as our initial Transition Plan disclosure, for which, we will continuously review asset-manager specific guidance from the
Transition Plan Taskforce. To see our 2024 Sustainability Report, please visit our website at: www.jupiteram.com.
Sustainability in our operations
We are committed to reducing our operational emissions in line with the Paris Agreement. In 2023, we revised our operational targets
to set near-term 2030 and long-term 2050 net zero targets, aligned with the latest climate science and best practice guidance.
In 2024, Jupiter’s total absolute emissions from operations, showed a 6% decrease, when using both location-based methods and
market-based methods from 2023. There has been a decrease in absolute emissions across all emissions scopes, indicating that we
are on track to meet our 2030 net zero target.
2024 Streamlined Energy and Carbon Reporting (SECR) Disclosure Statement
This statement has been prepared in accordance with our regulatory obligation to report greenhouse gas (GHG) emissions pursuant
to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, which
implement the government’s policy on Streamlined Energy and Carbon Reporting.
FY2024 FY2023
Scope and category
1
UK
Rest of
world Total UK
Rest of
world Total
Total Scope 1 51 15 66 104 26 130
Fuel for company-owned cars – 15 15 10 26 36
Natural gas 51 – 51 93 – 93
Refrigerant gas losses – – 0 0.8 – 0.8
Total Scope 2 (location-based) 218 60 278 254 32 286
Total Scope 2 (market-based) – 77 77 – – N/A
Total Scope 1 and 2 (location-based) 268 75 343 358 58 416
Total Scope 1 and 2 (market-based) 51 92 142 – – N/A
Scope 1 and 2 intensity per FTE (location-based) 0.50 0.14 0.64 0.68 0.11 0.80
Total Scope 3 (location-based) 364 86 18,473 357 66 19,597
Total Scope 3 (market-based) 364 90 18,478 – – N/A
Purchased goods and services – – 15,070 – – 16,662
Capital goods – – 750 – – 402
Fuel- and Energy-Related Activities (FERA) 80 21 101 101 15 117
Upstream transport and distribution (T&D) – – 29 – – 38
Waste 2 – 2 1 – 1
Water supply (incl. water treatment)
2
0.7 – 0.7 0.4 – 0.4
Business travel – flights – – 1,960 – 1 2,025
Business travel – hotels – – 55 – – 31
Business travel – rail – – 0.1 – 2 2
Business travel – taxis – – 161 – – 3
Employee-owned cars 6 7 13 – – 0
Employee commuting 130 26 156 136 31 167
Homeworking 145 18 163 118 17 135
Upstream leased assets (location-based) – 12 12 – – 13
Upstream leased assets (market-based) – 17 17 – – N/A
Any discrepancies in totals are due to rounding. Totals include group-level emissions which are not location specific and therefore
will not necessarily match the sum of UK and Rest of World or will not have location specific values at all.
1. Please note the prior year’s figures have been restated as part of a rebaselining exercise to include additional offices in our reporting boundary.
2. Water has been reported separately this year to include water supply (previously in Category 1) and water treatment (previously in Category 5).
During the year, our total fuel and electricity consumption totalled 1,628 MWh, of which 83% was consumed in the UK. The split between
fuel and electricity consumption is displayed in the following table.
Sustainability
46
Reporting boundary and emissions sources
We have reported on all emission sources required under the
SECR Regulations.
In 2024, we re-baselined to capture offices that fell outside our
previous boundary based on a materiality threshold; only offices
with six or more employees were previously included. An
operational control approach has been used to define our
current reporting boundary and now includes all offices. This is
the basis for determining the Scope 1, 2 and 3 emissions for
which we are responsible. 2023 reported figures have been
restated to reflect the updated boundary.
The emissions sources reported for FY2024 are:
• Scope 1: Natural gas combustion, refrigerants, and fuel used in
company-owned vehicles.
• Scope 2: Purchased electricity for the Company’s own use.
• Scope 3: Fuel used in personal/hire cars for business use,
business travel, waste, water, purchased goods and services,
capital goods, upstream leased assets, employee commuting
and homeworking, well-to-tank emissions, FERA and T&D
emissions associated with electricity consumption.
During the reporting period from 1 January 2024 to 31 December
2024, our measured Scope 1 and 2 (location-based) emissions
totalled 343 tCO
2
e. Our measured Scope 3 (location-based)
emissions totalled 18,473 tCO
2
e.
Scope 1 and 2 emissions
Jupiter’s total Scope 1 and 2 location-based emissions
decreased 73 tCO
2
e between 2023 and 2024. At our head office
in London, we are continuing to work with the building’s site
engineer to explore opportunities to measure our consumption
more accurately. Longer term, we are engaging with our
landlord to implement alternative heating solutions, which is an
important element to progress our net zero strategy.
Energy efficiency
A number of energy efficiency actions were implemented
in FY2024. These included the following at our head office
in London:
• Isolated gas during the summer months from 31 May 2024 to 7
October 2024 to reduce consumption of gas and associated
emissions from combustion.
• Decreased electricity consumption from reduced lighting and
operation of equipment.
• Improved energy efficiency and reduced energy consumption
through optimisation of the chiller operation strategy.
• End of life upgrades to servers and improved optimisation to
provide a 28% energy saving if all servers are running.
We also continue to hold our employees accountable to our
internal Travel and Expense Policy, which ensures that travel is
cost-effective and that we minimise the environmental impact
of our travel, where possible.
Further, with the exception of the Singapore office, all offices
within the operational control boundary either use renewable
energy or are covered by renewable electricity certificates
in 2024.
Our operational target continues to commit Jupiter to reduce
absolute GHG emissions by 46% by 2030 for Scope 1 and 2
(location-based) emissions from a 2019 baseline.
Scope 3 emissions
We have been improving our Scope 3 emissions reporting to
improve data quality, data coverage, and calculation
methodologies since 2021.
For FY2024, we have reported Homeworking data, which has
used estimates of energy demand for lighting, heating, cooling
and equipment by country to calculate emissions by office for
total homeworking days.
We were also able to provide data regarding the proportion of
employee-owned vehicles used for business purposes.
Emissions and energy consumption resulting from employee-
owned cars has been estimated according to these proportions.
In FY2023 all company cars were assumed to be average cars
consuming petrol or diesel, whereas in FY2024 emissions from
company-owned cars include electric vehicles and are more
reflective of the fleet profile.
Scope 3 business travel hotel stays has increased by 23 tCO
2
e
(75%) following an increase in business trips and lengths of
stays; business travel from taxis has increased 158 tCO
2
e
(4553%) in line with an increased total spend on taxi travel;
employee homeworking has increased by 29 tCO
2
e (21%) in
relation to an 11 tCO
2
e (7%) decrease in employee commuting.
FY2024 FY2023
Energy consumption (MWh)
1
UK
Rest of
world Total UK
Rest of
world Total
Total electricity
2
1,051 183 1,234 1,226 135 1,360
Total fuels
3
302 92 394 552 87 639
1. Please note the prior year’s figures have been restated as part of a rebaselining exercise to include additional offices in our reporting boundary.
2. Location-based electricity.
3. Natural gas and transportation fuels (petrol and diesel).
47Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Sustainability continued
Climate-related disclosures
FCA Listing Rules and Companies Act 2006
The following summary disclosures, sections of the 2024 Annual Report and Accounts, and our 2024 Sustainability Report (as
referenced in the subsequent tables), address FCA Listing Rule 9.8.6R(8) and the Companies (Strategic Report) (Climate-related
Financial Disclosure (CFD)) Regulations 2022, amending sections 414C, 414CA and 414CB of the Companies Act 2006, which we have
referenced within our non-financial and sustainability information statement.
TCFD and Transition Plans
We consider our reporting to be fully consistent with the guidance from the TCFD, however, we anticipate that our reporting
will become more robust, as data quality and processes improve over time. This year we have also included scenario analysis at a
Group-level, as well as our initial Transition Plan disclosure within our 2024 Sustainability Report, available on our website.
Methodology
Our emissions have been verified to a limited level of
assurance by an external third party according to the ISO
14064-3 standard for our Greenhouse Gases, ISO 50002 for
our Energy data and ISO 19011 for our Assurance standard/
Waste data. The assurance did not include financed
emissions, which are calculated separately.
We quantify and report our operational GHG emissions with
reference to the guidance given in The Greenhouse Gas
Protocol published by the World Business Council for
Sustainable Development and the World Resource Institute,
and the Environmental Reporting Guidelines published by the
UK government.
Appropriate emission factors, sourced from the Department
for Environment, Food and Rural Affairs (DEFRA) and
International Energy Agency (IEA), were applied to
calculate GHG emissions, expressed in tonnes of CO
2
equivalent (tCO
2
e).
The Scope 2 guidance requires that we quantify and report
Scope 2 emissions according to two different methodologies,
referred to as dual reporting: (i) the location-based method,
using average emissions factors for the country in which the
reported operations take place; and (ii) the market-based
method, which uses the actual emissions factors of the
energy procured. The Scope 2 market-based figure reflects
emissions from electricity purchasing decisions that Jupiter
has made.
Appropriate energy conversion factors, sourced from DEFRA
and IEA, were applied to calculate energy usage, expressed in
kilowatt-hours (kWh).
Where spend data was able to be supplied, either,
appropriate conversion factors have been used to estimate
consumption, distance, or another relevant metric, and the
aforementioned emissions factors applied or, alternatively,
spend conversion factors have been applied directly to the
spend data to estimate the resulting tCO
2
e.
In some cases, values have been estimated where data is
either missing or not yet available due to reporting timelines.
Electricity and gas consumption has been estimated for all
offices outside of the UK for the period 1 October 2024 to 31
December 2024 by extrapolating from existing data in winter
months. Energy data from our upstream leased asset has
been extrapolated from 2023 consumption. Stockholm,
Madrid and Frankfurt used estimates where data was
unavailable or of poor quality during 2024.
48
TCFD/CFD recommended
disclosures Response Further information
Governance
TCFD
Governance
a) Describe the Board’s oversight
of climate-related risks
and opportunities
Governance
b) Describe management’s role in
assessing and managing climate-
related risks and opportunities
CFD
a) A description of the governance
arrangements of the company in
relation to assessing and
managing climate-related
risks and opportunities;
The Board has ultimate responsibility for the Group’s strategy,
including sustainability and climate. The Group’s sustainability
and climate strategy, and progress against elements of
the strategy, are reviewed twice yearly by the Board on a
pre-defined schedule. Our internal governance structure sets
out accountability for sustainability/ESG and acts to improve
the information flows across the business.
Sustainability and climate-related risk and reporting is reviewed
by the Group’s Audit and Risk Committee, our Operating
Committee takes responsibility for the decarbonisation of our
operations, and our Strategy and Management Committee is
responsible for the Group’s sustainability strategy. The Investment
Oversight Committee is accountable for stewardship and active
ownership across the investment teams.
The Responsible Investment Forum (RIF) review and opine
upon the eligibility of specific securities for mandates which
have restrictions based on frameworks, such as the United
Nations Global Compact, or which engage in controversial
business activities. In addition, the RIF reviews the use of future
ESG frameworks and methodologies to ensure they are fit
for purpose.
In 2024 we further strengthened our governance processes by
establishing a multi-disciplinary, internal Sustainability Forum
which oversees and coordinates various sustainability matters
on behalf of the Jupiter Group.
2024 Sustainability Report
Governance section,
pages 10 to 11
Strategy
TCFD
Strategy
a) Describe the climate-related
risks and opportunities the
organisation has identified over the
short-, medium-, and long-term
CFD
d) A description of –
(i) the principal climate-related
risks and opportunities arising in
connection with the operations of
the company, and
(ii) the time periods by reference to
which those risks and opportunities
are assessed
When considering climate-related risks and opportunities,
we use the following time horizons:
• Short-term (ST) as one to three years.
• Medium-term (MT) as four to 10 years.
• Long-term (LT) as 11 years and beyond, up to 2050.
These time horizons are aligned with our near- and long-term
net zero targets.
Our principal climate-related risks and opportunities are
described in the Sustainability Strategy section of the 2024
Sustainability Report and detailed in the table on page 52
of this report.
2024 Annual Report &
Accounts, page 52
2024 Sustainability Report
Strategy section,
pages 15 to 17
TCFD
Strategy
b) Describe the impact of climate-
related risks and opportunities on
the organisation’s businesses,
strategy, and financial planning
CFD
e) A description of the actual
and potential impacts of the
principal climate-related risks
and opportunities on the
business model and strategy
of the company
We have arrived at a set of priority climate-related risks and
opportunities through functional input from our sustainability
and risk teams, which were then reviewed and challenged
by the Risk and Compliance Committee.
Sustainability risks can impact and manifest in a number
of ways, including financial underperformance, reputational
damage and operational risks linked to climate change.
The potential impacts of sustainability risks can therefore
be understood through the risk and control self-assessments,
leveraging inputs from teams and individuals from across
the business.
The potential impacts are described in the Sustainability
Strategy section of the 2024 Sustainability Report and detailed in
the table on page 52 of this report.
2024 Annual Report &
Accounts, page 52
2024 Sustainability Report
Strategy section,
pages 15 to 17
49Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Sustainability continued
TCFD/CFD recommended
disclosures Response Further information
TCFD
Strategy
c) Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
related scenarios, including a 2°C
or lower scenario
CFD
f) An analysis of the resilience of
the business model and strategy of
the company, taking into
consideration of different climate-
related scenarios
Climate-related risks and opportunities are managed through
our climate strategy and risk management processes.
Our investment teams have the discretion to interpret portfolio
climate risks and opportunities as appropriate for their asset
classes and investment processes. Our underlying investment
approach is to seek to understand the climate risks and
opportunities facing companies, including their alignment
with net zero, through in-depth company research and analysis,
assessment of sector trends and use of third-party data sets.
We adopt additional approaches for portions of our AUM or
specific strategies which are aligned with our core objectives.
Currently, we have not identified any immediate risks that
surpass our materiality threshold of a substantive risk.
Scenario analysis is discussed further in the Sustainability
Strategy section of our Sustainability Report and in the table on
page 51 within this report.
2024 Annual Report &
Accounts, page 51
2024 Sustainability Report
Strategy section, pages
15 to 17
Risk management
TCFD
Risk management
a) Describe the organisation’s
processes for identifying and
assessing climate-related risks
Risk management
b) Describe the organisation’s
processes for managing climate-
related risks
CFD
b) A description of how the
company identifies, assesses,
and manages climate-related
risks and opportunities
The Board and executive management are responsible
for establishing and maintaining a strong risk management
culture that embeds and supports a high level of risk
awareness and a sound control environment.
Sustainability risk is captured through our risk assessment
processes and is defined as the failure to identify, assess,
manage and report on ESG issues that could cause actual
or potential harm to clients, the firm or the markets
in which we operate.
2024 Sustainability
Report, Sustainability Risk
Management section,
pages 18 to 20
TCFD
Risk management
c) Describe how processes for
identifying, assessing, and
managing climate-related risks are
integrated into the organisation’s
overall risk management
CFD
c) A description of how processes
for identifying, assessing, and
managing climate-related risks
are integrated into the overall
risk management process in
the company
Sustainability risks are assessed and managed within Jupiter’s
standard risk framework and control environment. The differing
risks faced by the Group are documented within our top-down
and bottom-up risk assessments and managed through
the Group’s Enterprise Risk Management Policy in line with
risk appetite.
Investment teams analyse material ESG issues including climate
risk identified by their investment processes to ensure
that we protect and enhance the value of our clients’
investments to deliver risk-adjusted returns in line with
mandates. The investment management teams are supported
by dedicated stewardship and ESG research and integration
teams that assist with asset monitoring, company research,
and proxy voting, as well as direct and collaborative
engagement. We have a dedicated risk resource focused
on Sustainability and ESG which supports the Jupiter business
in this area.
2024 Sustainability Report
Sustainability Risk
Management section,
pages 18 to 20
Summary disclosures
50
TCFD/CFD recommended
disclosures Response Further information
Metrics and targets
TCFD
Metrics & Targets
a) Disclose the metrics
used by the organisation
to assess climate-related
risks and opportunities in
line with its strategy and
risk management process
Metrics & Targets
b) Disclose Scope 1, Scope
2, and, if appropriate,
Scope 3 GHG emissions,
and the related risks
CFD
h) The key performance
indicators used to assess
progress against targets
used to manage
climate-related risks and
realise climate-related
opportunities and a
description of the
calculations on which
those key performance
indicators are based
Operational emissions
We quantify and report our operational GHG emissions in line with best
practice guidance and data is assured by an external third party according to
industry standards. Our operational emissions (from our offices) were:
• Scope 1 and 2 (location-based) GHG emissions (tCO
2
e): 343
• Scope 3 (location-based) GHG emissions (tCO
2
e): 18,473
Further details on data sources, scopes and methodologies used can be found
on pages 46 to 48 of this report and within our 2024 Sustainability Report.
Financed emissions
Jupiter uses third party data from MSCI and Aladdin© Climate by BlackRock as
the source of emissions for the Jupiter Group portfolios, which in 2024 included:
• Financed Scope 1 and 2 GHG emissions (tCO
2
e): 2,444,837
• Financed Scope 3 GHG emissions (tCO
2
e): 14,771,719
• Total Financed Carbon Emissions (Scope 1, 2, 3) (tCO
2
e): 17,210,750
• Financed Emissions Carbon Footprint (Scope 1 and 2) (tCO
2
e): 43
• Financed Emissions Weighted Average Carbon Intensity (WACI)
(Scope 1 and 2): 79
In addition, Jupiter uses Aladdin© Climate by BlackRock data to assess and
report on Implied Temperature Alignment data, including Physical Climate
Adjusted Value (PCAV) and Transition Climate Adjusted Value (TCAV) in
relation to our financed emissions. This is assessed under three different
scenarios prepared by the Network for Greening the Financial System,
including orderly, disorderly, and hot house world scenarios. Note that
methodological changes can result in variances from year to year. Further
details on data sources, scopes and methodologies used can be found within
our 2024 Sustainability Report (please also refer to the relevant disclaimers
and data limitations on third-party data for financed emissions).
2024 Annual Report
& Accounts, pages
46 to 48
2024 Sustainability
Report Metrics and
Targets section,
pages 21 to 25
TCFD
Metrics & Targets
c) Describe the
targets used by the
organisation to manage
climate-related risks
and opportunities
and performance
against targets.
CFD
g) A description of the
targets used by the
company to manage
climate-related risks and
to realise climate-related
opportunities and of
performance against
those targets;
Operational emissions
For our operations, we define net zero as achieving our long-term target to
reduce our emissions by 90% or more and balancing any residual emissions.
Our near-term target is to reduce absolute Scope 1 and 2 (location-based)
GHG emissions by 46% by 2030 from a 2019 baseline.
Financed emissions
As a signatory to the Net Zero Asset Management (NZAM) initiative through the
Institutional Investors Group on Climate Change (IIGCC), we have committed
to operate our business and manage our assets on a net zero emissions basis
by 2050 or sooner.
In 2022, we set near-term 2025 and 2030 Group-wide alignment targets for our
in-scope AUM consisting of our fundamental, long-only, developed market
equities and relevant Article 8 and 9 products, including:
• Reduce portfolio emissions intensity (Scope 1 and 2 only) of in-scope assets
by 50% by 2030 from 2020 baseline
• Achieve net zero by 2050 for 100% AUM (including Scope 3)
In January 2025, NZAM announced that it will be launching a review of the
initiative, in light of regulatory and geopolitical developments. Additionally, due
to recent changes in our AUM and an internal review of assets in scope, we will
be reviewing our targets in line with these changes and will aim to report on
progress in next year’s report.
2024 Annual Report
& Accounts, pages
46 to 48
2024 Sustainability
Report Metrics and
Targets section,
pages 21 to 25
51Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Sustainability continued
Climate-related risks and opportunities
The following table sets out priority climate-related risks and opportunities for 2024, including the actual and potential impacts
to the business. Climate-related risks and opportunities are managed through our climate strategy and risk management
processes described in further detail in our 2024 Sustainability Report.
Risk type Risk and opportunities Time frame Impact
Transition risks
Policy and legal Exposure to litigation Failure to adequately prepare for the transition
to a low-carbon economy resulting in:
• Financial penalties of non-compliance;
• Litigation from investors and other stakeholders; or
• Reduced demand from clients.
Market Changing client
behaviour
Changes in client preference resulting from increased
awareness of transition risks resulting in:
• AUM impacts; or
• Reduced revenue.
Reputation Shifts in client
preferences
Misleading communications and/or regulatory
non-compliance resulting in:
• Regulatory enforcement;
• Reduced demand for products; or
• Outflows from products.
Physical risks
Acute Increased severity
of extreme weather
Portfolio companies could be negatively impacted financially
and operationally by increased severity of extreme weather
events resulting in:
• Reduced valuation of investments; or
• Stranded asset risk.
Opportunities
Products and services Shift in client
preferences
Increased demand for new or existing products which employ
climate-focused strategies resulting in increased revenue.
Time frame key
Short term Medium term Long term
52
Non-financial and sustainability information statement
The non-financial and sustainability information required to be disclosed is detailed below and certain information is included
by reference to the following locations in the Annual Report and Accounts:
Non-financial information Section Page
Business model Our business model 22
Principal risks Our approach to risk management 60
Key performance indicators Our key performance indicators 20
FCA Listing Rule 9.8.6R(8); Companies (Strategic Report)
(Climate-related Financial Disclosure (CFD)) Regulations
2022, amending sections 414C, 414CA and 414CB of the
Companies Act 2006
Jupiter Annual Report
Jupiter 2024 Sustainability Report
49 to 52
10 to 25
Jupiter has a number of policies and statements which are in place to support the effective governance of the organisation.
The key policies are summarised in the table below. During the year all policies have operated effectively and how we ensure
their effective implementation is detailed below.
Clients
Treating Customers
Fairly
This policy is to ensure that the Group consistently embeds the principle of treating customers fairly, which
includes a commitment to dealing with investors in its products and its discretionary clients honestly,
openly, competently and with integrity.
Conflicts of Interest
Statement
This statement is designed to ensure that we operate to high standards and take all appropriate steps to
identify and prevent, or manage conflicts of interest that may occur between the interests of one client and
another, or between the interests of a Group company (or an employee) and clients.
Our People
DE&I There is a Diversity, Equity and Inclusion statement for both the Board and the wider Company which sets
out our approach to promoting a culture of diversity, equity and inclusion.
Code of Ethics Details the standards of conduct all of our employees are required to adhere to. Our Culture and Conduct
Committee oversee the operation of this policy and escalate any breaches through our governance
framework.
Conduct Rules The FCA Conduct Rules are high-level overarching requirements that apply to individuals on how they
conduct themselves in relation to their activities at Jupiter and, where relevant, their personal conduct.
They are designed to ensure our people act with integrity and uphold the highest standards of conduct.
Health and Safety The Health and Safety Policy is designed to protect the health, safety and welfare of our employees and
visitors to our offices to provide and maintain safe working conditions.
Whistleblowing The Whistleblowing Policy outlines the channels through which employees can raise issues or concerns
about the activities of Jupiter or its employees. It has been adopted to foster a culture of openness and
transparency and to encourage employees to raise concerns of suspected wrongdoing. See Policy
Implementation overleaf for further details.
53Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Sustainability continued
Environment and Society
Corporate
Sustainability Policy
In 2025 we amalgamated our Environment and Sustainability Policy into a Corporate Sustainability Policy
that provides a commitment to mitigate the direct impacts of our activities on the environment, wherever
possible. This sets out our approach to sustainability matters including our sustainability strategy,
governance and the material sustainability issues relevant to Jupiter’s corporate and investment footprints.
Responsible
Investment Policy
This policy details how we integrate ESG matters into our investment management activities and our views
and approach on material ESG matters.
Voting &
Engagement Policy
This policy details how we incorporate voting, governance and sustainability considerations into our
investment management process to improve the outcomes for our clients.
Tax Strategy This strategy ensures that we comply with our tax reporting and payment obligations in a timely manner
and that we engage with tax authorities in a cooperative and transparent way.
Human Rights
Human Rights We strongly support the protection of individuals’ human rights and this is embedded in our corporate
values. Our employment policies and practices are designed to protect our employees’ human rights.
Modern Slavery Our Modern Slavery and Human Trafficking Statement details the steps we have taken to ensure that there
are no instances of modern slavery in our workplace or throughout our supply chain, and how we oversee
our investee companies to receive assurance over their practices and supply chains.
Data Protection This policy is designed to ensure we protect any personal information that the Group may hold related
to individuals.
Financial Crime
Anti-Bribery
and Corruption
This policy ensures that the Group operates to high ethical standards and complies with all applicable
anti-bribery and corruption laws.
Anti-Money
Laundering and
Terrorist Financing
The Group’s anti-money laundering (AML) framework is designed to ensure that it complies with the
requirements and obligations set out in relevant legislation, regulations, rules and industry guidance for all
jurisdictions in which we operate and mitigates the risk of the Group being used to facilitate financial crime.
Anti-Tax Evasion The Group is committed to acting professionally, fairly and with integrity in all its business dealings and
relationships, wherever it operates, and implementing and enforcing effective systems to counter the
facilitation of tax evasion.
Market Abuse The purpose of this policy is to ensure Jupiter staff observe the proper standards of market conduct, protect
the integrity of the markets in which we operate and do not obtain an unfair advantage from the use of
inside information to the detriment of third parties who are unaware of such information.
54
Policy implementation
We ensure the effective implementation of our policies by:
• Fostering a culture of integrity and accountability;
• Clear communication of our policies through our employee
induction, training, management briefings and our intranet,
through which we make our key policies available to
our people;
• Our governance framework, including our Board,
management and reporting committees, which provide us
with a robust structure within which we oversee the
implementation of the policies;
• Workforce training programmes, covering areas such as
anti-bribery and corruption, money laundering, market abuse
and tax evasion, which employees are required to complete
each year;
• Our employee handbook, which assists with contractual
terms, expected conduct and our policies; and
• Reviewing the majority of our policies at least annually to
ensure they are in line with best practice, meet our regulatory
requirements and are updated with any changes required for
their effective implementation.
The effectiveness of these policies is reviewed by our risk and
compliance teams (second line of defence) and Internal Audit
(third line of defence).
For further information on how our three lines of defence model
operates, please see the Our Approach to Risk Management
section on pages 60 to 67.
Our Culture and Conduct Committee considers any breaches of
key policies and also reviews a wide variety of conduct metrics,
including late training, training failure rates and late attestations.
These matters are then escalated to the Audit and Risk
Committee, Remuneration Committee and regulated entity
boards as required.
We operate an independent whistleblowing line enabling our
employees to confidentially raise any concerns, including
non-compliance with our policies and procedures. As of 2025,
the Chair of the Board is responsible for overseeing the
investigation of any whistleblowing reports.
55Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our clients
Why we engage
Our clients are the people and firms that invest in our funds and
segregated mandates. We engage to understand their needs,
investment objectives and priorities, which in turn enables us
to develop solutions to meet client objectives.
We know that clients’ needs evolve over time, so we need to stay
engaged with clients throughout their journey with us to ensure
our products continue to deliver for them and to understand
their experience of being a Jupiter client.
What is important to them?
• Investment capabilities.
• Investment returns net of fees.
• Client service and reporting.
• Risk and liquidity management.
• Our ESG approach and practices.
How the Group engages
• Through our Client Group and Investment Management teams,
who build relationships with current and potential clients through
meetings, conferences and road shows.
• Due diligence meetings in which clients meet with key individuals
in the Group and assess our governance, policies and processes
to ensure we are effective stewards of their assets.
• We collect data across 52 Consumer Duty metrics quarterly which
are reviewed by our Culture and Conduct Committee. This gives
us frequent and actionable information on what clients are
experiencing and means we can spot trends or problems quickly.
• Through the boards of our regulated subsidiaries we ensure client
interests are considered in decision-making.
See pages 32 to 35 for further information on our approach to
working with clients.
How the Board engages
• A multi-perspective client session in February 2024, at which the
Board heard directly from clients, received an update from the
firm’s transfer agent to better understand client experience and
reviewed the client engagement survey feedback from 2023.
• Our Board Offsite in June 2024 when we heard a number of client
and marker perspectives.
• A deep dive on our Italian and German clients and markets held
in Frankfurt in October 2024, led by our Italian and German
client teams.
• Updates from our Client Group Co-Heads at every Board meeting.
Outcomes
• Gross sales of £14.1 bn across the Group in 2024 (2023: £13.2bn).
• Over 11,589 client engagements across the world.
• Overall client satisfaction across 2024 stood at 7.8/10 in 2024
and 8.3/10 in 2023.
• Launched our first active ETF, a government bond strategy, in
February 2025.
• Adopted labels under the Sustainability Disclosure Requirements
(SDR) for two funds: the Jupiter Ecology Fund (Focus label) and
the Jupiter Responsible Income Fund (Improvers label).
Understanding the needs of our
stakeholders is essential to ensure our
decision making takes their interests
into account. This section of the report
sets out who our stakeholders are,
how we have engaged with them and
what outcomes that engagement
has driven.
This section forms part of our formal section 172 statement. You
can find further section 172 disclosures in the Governance Report
on page 84 setting out how stakeholders have been considered
in key decisions.
Engaging with our stakeholders
(s. 172 statement)
The Consumer Duty and
Assessment of Value
We have two UK subsidiaries in the Jupiter Group (Jupiter
Unit Trust Managers Limited (JUTM) and Jupiter Asset
Management Limited (JAM)) which are regulated to
carry out client-facing work. This includes ensuring our
clients receive good outcomes in accordance with the
Consumer Duty, a responsibility of both JAM and JUTM,
and obligations around Assessment of Value which apply
to JUTM as the management company for our UK funds.
The role of the Board is to oversee our subsidiaries in
fulfilling consumer obligations and to promote a culture
which puts clients at the centre of all elements of
our business.
Our subsidiary boards have carried out a number
of enhancements over 2024 to their consumer-
facing activities:
Action: The JUTM board wanted to ensure that our
Assessment of Value methodology was appropriate
and aligned with market practice and regulatory
expectations. It therefore commissioned an
independent review of the methodology.
Outcome: The JUTM board discussed the review, which
found that the methodology was well-articulated, met
regulatory expectations and had a clear focus on the end
investor. The JUTM board agreed areas for enhancement
for the JUTM board and Client Outcomes team to take
forward into 2025 reporting.
Action: Following the production of our first Consumer
Duty reports in July 2024, a review of the governance
process to consider, verify and approve the annual
Consumer Duty Report was carried out.
Outcome: The review focused on how best to support our
UK regulated boards in producing their Consumer Duty
Reports and resulted in (i) a clear review process, with
oversight from the Culture and Conduct Committee and
(ii) a better-defined process around quarterly reporting
on Consumer Duty to boards.
56
Our people
Why we engage
It is our people who enable us to deliver for our clients. We
engage with them to understand their priorities, which helps us
to retain, develop and motivate our current employees and to
recruit talented individuals who are aligned with our culture.
What is important to them?
• Opportunities for career progression and development.
• Working in a diverse and inclusive culture.
• Fair reward and supportive benefits package.
• A working environment and practices that promote work-life
balance and wellbeing.
How the Group engages
• We have an employee representative forum ‘Connections’ which
gathers employee views, runs engagement initiatives and provides
feedback to the Board and senior management.
• All-employee townhalls and employee surveys are held regularly,
and in 2024 a Strategy Session for each Function was led by the
CEO and CFOO.
• Our CEO holds small ‘Meet the CEO’ sessions with employees from
across all areas of the business.
• Our employee communications suite, which is delivered through
an interactive website featuring interviews, news bulletins, and
regular emails from our CEO.
How the Board engages
• The Board heard directly from the Chair of Connections in May
2024 and met with a panel of three Connections representatives
in December 2024.
• The Remuneration Committee met with the Connections Chair
to discuss employee views on remuneration matters.
• Our Pulse surveys, held in May and December in 2024 were
reported to the Board for full discussion.
• The Board hosted the winners of the CEO Award for 2023 at
an afternoon tea in May 2024.
• The Connections Chair is part of our Non-Executive Director
induction programme.
• Regular updates to the Board are given by our HR Director,
covering the Group’s culture, review of the culture dashboard,
and relevant employee matters.
Outcomes
• Employee engagement score increased to 79% (78% in 2023),
which is 4% above the financial services benchmark.
• New medium-term and long-term diversity targets set by
the Group.
Our shareholders
Why we engage
Our shareholders are the ultimate owners of the Jupiter
business, and we rely on their support and engagement to help
us deliver our long-term strategy. Understanding their views and
providing regular updates to them on the performance of the
business is of key importance to the success of the Company.
What is important to them?
• Long-term sustainable business, with clear articulation of strategy.
• Attractive total shareholder returns.
• High standards of governance and effective risk management.
How the Group engages
• Our Full Year and Half Year results presentations and post-results
roadshows for investors.
• Q1 and Q3 Trading Update.
• Meetings between our major shareholders with the CEO, CFOO
and Head of Investor Relations take place throughout the year.
35 meetings covering over 52% of the register took place over 2024.
How the Board engages
• Updates to the full Board on shareholder engagement are given
through the CEO report, dedicated ad hoc reports from the Chair
and a twice-yearly investor relations update.
• The Chair meets shareholders directly as appropriate.
• Our Remuneration Committee Chair engaged in an extensive
communication and meeting programme to consult with
investors on our Remuneration Policy through January and
February 2024 and in the run up to our 2024 AGM.
• Our AGM is the annual touchpoint at which all Board Directors
have opportunity to engage with shareholders, particularly our
retail holders, both formally through the meeting and in informal
conversation afterwards.
• Feedback provided through the Group’s brokers and investor
relations team who present to the Board.
Outcomes
• Payment of a final ordinary dividend of 2.2p and interim ordinary
dividend of 3.2p.
• Incorporated shareholder feedback into the Directors’
Remuneration Policy, which was approved at the 2024 AGM with
93% of votes in favour.
• Following a review of the Company’s capital requirements and
shareholder preferences for use of capital, the Company
announced a buyback of 3% of share capital.
Provision 5 of the UK Corporate Governance Code
requires the Board to have a designated method of
workforce engagement. Jupiter has a formal workforce
advisory panel – Connections. Connections aims to
engage with all employees across the Company to
generate ideas and to present initiatives for meaningful
and positive change as well as to build on positive
elements already in place at Jupiter. The Board has two
formal touchpoints with Connections representatives
each year and the Remuneration Committee has one.
57Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Engaging with our stakeholders continued
Our business partners
Why we engage
Our business partners include our distribution partners
(platforms, advisors, wealth managers, financial institutions,
funds of funds and life companies) who interact with investors
to allow them to access our investment capabilities, and our
suppliers. They are critical to ensuring the effective distribution
and servicing of our products and they supplement our
operational infrastructure, which enables us to benefit
from their expertise and scale.
What is important to them?
• A product range which meets their clients’ requirements and
delivers long-term outperformance.
• Development of beneficial and effective long-term business
relationships with good collaboration and information sharing.
• Prompt payment for services and rebates.
How the Group engages
• Our Client Group and investment teams engage regularly
with our distribution partners through meetings and briefings.
• We support our distribution partners through their due diligence
processes, facilitating meetings with key individuals throughout
the Group. We are committed to transparency around our
governance, policies and processes so that our distribution
partners can have confidence that we will be effective
stewards of their clients’ assets.
• Our procurement team is responsible for central engagement
with our suppliers and sets the governance framework for
managing those relationships.
• Direct and regular contact with the relevant business areas to
which the goods and services are supplied.
How the Board engages
• Representatives from our distribution partners attended Board
briefings in February 2024 to provide their views on industry and
client trends, fund selection processes and feedback on our
products and services.
• Regular updates to the Board from our Client Group.
• Updates from our operations and procurement teams on
management of key suppliers.
Outcomes
• AUM for our advisory and discretionary business of £38bn.
• Over 20 projects undertaken across the business to continuously
review partnerships, services and technology.
Sustainability Disclosure Requirements
SDR is a voluntary regime introduced by the FCA, which
aims to increase transparency for sustainable investment
products, ensuring investors are provided with more
comprehensive, consistent and comparable sustainability
information, and that funds marketed as sustainable have
the evidence to back it up.
The JUTM board oversaw Jupiter’s response to SDR, including
approving applications to the regulator for labels under the
regime. In determining whether to adopt labels for any of its
funds, the JUTM board considered all relevant stakeholders,
including employees, our communities and the regulator,
with a particular regard to ensuring good outcomes for
our clients.
To inform the decisions of the JUTM board, a project team
worked with investment managers to review which of our
funds should adopt a label, or sustainability characteristics.
Our investment managers consulted with their clients
to understand whether the adoption of a label met the
expectations of existing investors, and considered whether
it would help prospective customers to better understand
the characteristics of funds, and enable them to make
better informed investment decisions.
During 2024 Jupiter sought and obtained SDR labels for two
of our funds:
• Jupiter Ecology Fund – Sustainability Focus label, meaning
it invests mainly in assets that focus on sustainability for
people or the planet.
• Jupiter Responsible Income Fund – Sustainability
Improvers label, meaning it invests mainly in assets that
may not be sustainable now, with the aim to improve
their sustainability for people or the planet over time.
58
Our communities
Why we engage
We believe we have a responsibility to make a wider contribution
to society. This includes the effective stewardship of the assets
we invest in on behalf of our clients, which we believe is the
biggest potential impact we can have.
What is important to them?
• The impact we and our investee companies have on the
environment and wider society.
• Our plans to improve and enhance the impact we have and
achieve better outcomes for all stakeholders.
• That our initiatives to support diversity, equity and inclusion (DE&I)
have a positive impact across the industry. Further details on our
DE&I initiatives are included in the People section on pages 36 to 45.
How the Group engages
• Our Investment Managers, supported by our stewardship team,
regularly hold meetings with investee companies on sustainability
matters to help drive benefits for society.
• We have an established Charity Committee which leads
charitable activities across the Group and engagement with
our charitable partners, including through our volunteering
partnership scheme.
• We continue to engage with young people in our local
communities through our financial literacy programme,
now in its third year.
How the Board engages
• Updates from our Sustainability team were provided to the Board
in May and December 2024.
• Overseeing our sustainability disclosures including the move in
our 2024 reporting suite to a separate Sustainability Report.
Outcomes
• Publishing a standalone Jupiter ‘Sustainability Report’, giving
more prominence and clarity to our sustainability priorities by
extracting complex sustainability data from the Annual Report.
• Publishing our first Transition Plan disclosures.
• 177 employees volunteered during 2024.
• Over £280,000 donated to charitable causes.
Government
and regulators
Why we engage
Governments set the legal and tax frameworks within which
we operate, and regulators are responsible for supervising their
respective financial systems including the entities and people
working within them. They have an interest in ensuring we act
with integrity and transparency, are effective stewards of our
clients’ investments and comply with regulatory requirements.
We engage with regulators and policy-makers to help develop
and understand evolving regulatory requirements.
What is important to them?
• Protecting the interests of clients.
• Protecting markets and ensuring their smooth operation.
• That we as a business act responsibly towards clients and
markets, through our governance and control frameworks,
and ESG approach and practices.
How the Group engages
• Our Compliance team leads engagement with our regulators
to keep them updated on developments within our business.
Regulators also meet with senior managers across the business,
including Directors of our regulated subsidiaries, as appropriate.
• Regulatory applications, notification and filings, and participation
in thematic reviews.
• Engagement with tax authorities across the world to ensure
responsible and transparent tax conduct.
How the Board engages
• Regular updates from our Compliance team including details
of regulatory engagement, themes and priorities of different
regulators and forthcoming regulatory changes.
• All Directors across the Group engage directly with the
regulators as and when required.
Outcomes
• Robust and collaborative supervisory relationship with the FCA as
our main regulator.
• A new Capital Market Services licence from the Monetary Authority
of Singapore, allowing us to work with the mass affluent segment
in the region.
• Re-accredited for the Fair Tax Mark by the Fair Tax Foundation.
• £220m regulatory capital surplus.
Section 172 Directors’ Duty
The Directors have continued to discharge their duties in
accordance with section 172 of the Companies Act, which
includes the need to consider the interests of the Company’s
wider stakeholders.
Further details on how the Directors’ duties are discharged,
and the oversight of these duties, are included in the
Governance section starting on page 68.
59Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance Financial Statements Other Information
Our approach
to risk management
Our aim is to manage risk in a manner
that effectively mitigates foreseeable
harm to clients, the firm and the
market while pursuing Jupiter’s
strategic objectives.
The Board and executive 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 is achieved through leadership behaviours setting the ‘tone
from the top’, governance structures, a clear definition of roles
and responsibilities, and regular communication reinforcing
appropriate behaviours.
The Group has a robust enterprise risk management policy
(ERMP) to provide a comprehensive approach to identifying,
assessing, monitoring, mitigating and reporting risk.
Risk governance and responsibilities
The Group operates a three-tier risk governance framework, known
as the ‘three lines of defence’ model, which distinguishes between
risk management and risk oversight. This approach provides a
clear and concise separation of duties, roles and responsibilities.
The Audit and Risk Committee reviews the appropriateness of the
‘three lines of defence’ model and the effectiveness of the Group’s
risk management and internal controls on an annual basis.
The Board has ultimate responsibility for oversight of the risks of
the Group and for determining the risk appetite limits within which
the Group must operate. It delegates day-to-day responsibility
for risk management and control activities to the Chief Executive
Officer, who delegates responsibility to the Risk and Compliance
Committee, with oversight from the Audit and Risk Committee.
The Group’s regulated entity Boards also have their own
prescribed responsibilities for managing risk, supported by
the Group’s risk management activities.
The ERMP clearly defines the roles and responsibilities for risk
management and provides a process for escalation through our
governance structure, which enables ongoing and robust oversight.
Key governance committees
Audit and Risk Committee
The Audit and Risk Committee is accountable for reviewing the
effectiveness of the Group’s risk management and its internal
control systems, as well as overseeing the Internal Audit function
and the Group’s relationship with external auditors. It is also
responsible for reviewing and monitoring the integrity of the
Group’s external disclosures.
Risk and Compliance Committee
The Risk and Compliance Committee is responsible for
overseeing the Group’s risk profile relative to its agreed risk
appetite. It is accountable for overseeing the design and
operating effectiveness of the Group’s risk management
frameworks and policies, including compliance with relevant
regulations. The Committee reports any recommendations
and escalations to the Audit and Risk Committee.
The first line business functions across the Group
are responsible for the identification, assessment
and management of the individual risks. Management is
accountable for implementing and maintaining associated
controls within their respective areas of responsibility. They
do this by applying our risk and control self-assessment
(RCSA) process.
The business functions in the first line escalate increasing
or changing risks through their management chain to the
appropriate committees. Management will also escalate
to the risk team through the risk tools provided and will
complete their own control testing over the material
controls that they operate and/or rely upon.
Enterprise Risk and Investment Risk, supported by the
Group’s oversight functions, provide independent oversight
and challenge with respect to the first line’s management of
their current and evolving risks, to ensure consistency with
the Group’s risk appetite. Compliance provide assurance
that the Group’s business activities are undertaken in
accordance with regulatory requirements through specialised
teams including portfolio compliance, financial crime, client
and product compliance and investment compliance.
Some risks are additionally identified through business
change projects and are used as a basis for risk assessment
discussions and are monitored closely by the Board and
management committees.
The primary role of Internal Audit is to help the Board
and Management protect their assets, reputation
and sustainability of Jupiter. It does this by providing
independent, risk-based and objective assurance, advice,
insight and foresight. Internal Audit assess whether all
significant risks are identified and appropriately escalated
and assess whether they are adequately controlled. This
challenge to Management improves the effectiveness of
governance, risk management and internal controls.
Business functions
First
line
Second
line
Third
line
Risk and Compliance
Internal Audit
60
Enterprise Risk
Management Policy
The ERMP enables Jupiter to identify and manage the material
risks to which it is exposed. The ERMP supports the effective
management of risks to ensure that the Group’s risk profile
remains within its risk appetite, protects and enhances
stakeholder value by contributing to the achievement of our
objectives and informs the ‘three lines of defence’ to ensure
effective escalation of material risk issues. The Audit and Risk
Committee is the primary forum that provides the independent
oversight of the implementation and effectiveness of the ERMP.
ERMP
Risk appetite
Top-down
risk
assessment
Risk and
control
self-
assessment
Key risk
indicators
Incident
management
Operational
risk scenario
analysis
Emerging risks
Operational
resilience
A
B
C
DE
F
G
H
A
Risk appetite
The Group’s risk appetite defines the level and type of
risk that the Group is prepared to accept in pursuit of
its strategic objectives and business plan, taking into
account the interests of its clients, shareholders and
other stakeholders, as well as capital and other regulatory
requirements. An important part of the Board’s remit is to
determine the Group’s risk appetite, taking into account
the business environment, and the current and likely
future condition of our business and operations.
B
Top-down risk assessment
The top-down risk assessment (TDRA) identifies the Group’s
material risks and monitors their profile. The TDRA is used to
provide a firm-wide view to help identify cross-functional
and strategic risks. The risks identified through the TDRA are
continuously monitored and reported to the appropriate
committees and boards.
C
Risk and control self-assessment
The bottom-up identification and assessment of risks
is performed by teams across the business through a
risk and control self-assessment (RCSA). The assessment
identifies and monitors risks and associated key controls
by considering the operating environment, processes, roles
and responsibilities, as well as incidents. Risks are assessed
on both an inherent and a residual basis, with ratings
determined for potential impact and likelihood. Where
processes or controls are identified as insufficient,
management is required to take appropriate action to
ensure they are improved to meet an acceptable level
of risk to the Group.
D
Key risk indicators
Key risk indicators are used by the Group to provide an early
sign of changing key risk exposures, enabling management
to identify potentially crystallising risks which are used to
inform and support management decision making.
E
Incident management
An incident is an event due to a lack of or failure of the control
environment. These events likely lead to negative impacts for
clients and/or the firm. An incident can be incurred due to
inadequate or failed internal processes, people and systems,
or from external events. Incidents are reported, recorded and
investigated to determine the root cause, impact and trends
and to ensure that appropriate remediation work is completed
as required. Incidents are monitored and captured across
the business and independently reviewed to ensure
completeness and accuracy. Analysis of incidents is
used to support our TDRA, RCSA and operational risk
scenario analysis (ORSA) processes.
F
Operational risk scenario analysis
The ORSA is a forward-looking assessment of exposures to
severe but plausible operational risk events. It is used by the
Group to identify and quantify the material risks that have
the potential to impact Jupiter, based on the experience
and opinions of internal subject matter experts. A variety of
scenarios are used to estimate the impact of events on capital
requirements. The Group also uses scenario analysis to ensure
that we understand our exposure to high-severity events and
implement mitigating actions, in line with our risk appetite.
G
Emerging risks
Emerging risks are risks raised by the business through
the TDRA and RCSA process. Emerging risks are typically
ambiguous and could be a new risk in a known context, a
known risk in a new context or a new risk in a new context.
H
Operational resilience
Operational resilience addresses how the continuity of the
services that the Group provides are maintained regardless
of the cause of disruption and helps to ensure that it is
prepared for the inevitability of disruption, rather than only
trying to minimise the probability of disruption occurring.
It includes preventative measures and the capabilities in
terms of people, processes, and organisational culture to
adapt and recover when things go wrong.
61Jupiter Fund Management plc Annual Report and Accounts 2024
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Risk profile
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 harm to clients, the firm and the
market. Some risks are necessary to support the business plan,
such as the risks relating to investment performance. Other
risks are inherent in routine business activities, such as the risk
of financial crime. The differing risks faced by the Group are
documented within the risk taxonomy and managed through
the Group’s ERMP in line with risk appetite. The type and severity
of the risks the Group faces can change quickly in a complex
and competitive environment, therefore the framework for
managing these risks is dynamic and forward-looking to
ensure it considers both current and emerging risks which
could potentially impact the Group.
The Group conducts an annual ICARA to understand its
exposure to risks including operational, capital adequacy,
liquidity and credit/counterparties. These risks are also
monitored to ensure they are managed on a prudent basis
and remain within regulatory requirements and the Group’s
risk appetite.
Risk taxonomy
The risk taxonomy defines and describes the different risk types
the Group is exposed to, providing a consistent methodology for
assessment and reporting. The Group has exposure to strategic,
investment, financial and operational risks. These are, where
applicable, further broken down into subcategories within the
Group’s enterprise risk taxonomy to provide consistency of
reporting across the different components of the framework.
Cyber-security risk:
testing our operational resilience
In May 2024 the Board participated in a cyber-security
scenario rehearsal to test and enhance our operational
resilience for such an event.
Action taken – the scenario to be rehearsed
was as follows:
“A critical third party is subject to
a ransomware attack which then
spreads to Jupiter. This ultimately
leads to the encryption of Jupiter
user accounts and prevents access
to systems within the Jupiter
environment and may limit contact
with our critical third-party suppliers.”
The Jupiter Crisis Management Team (CMT) is in place to
provide a response to crisis scenarios that may impact the
organisation. The CMT has access to tools and supporting
documentation, including a Crisis Management Plan which
is part of the Business Continuity and Disaster Recovery
Framework. This plan describes the tasks which should be
carried out in the event of a crisis event affecting Jupiter.
This exercise was designed to rehearse a plausible, but
very severe scenario to challenge the CMT to consider the
potential wide-ranging impacts and the varied responses
required during a cyber event. This is one of the five types
of crises considered through our crisis management plan.
Whilst the chosen scenario focused on a cyber event, we
are satisfied that this exercise provided the opportunity to
learn broader lessons across multiple functions, particularly
focusing on how the CMT, Jupiter and our third parties would
communicate effectively in this scenario.
Outcome – actions have been captured which:
• Develop the pre-prepared crisis communications and
supporting artefacts to drive good communication
practice during a crisis event.
• Enhance the crisis checklists covering all scenarios, with
a focus on communications to ensure the CMT is clear
what has been communicated, what needs to be
communicated and to whom.
• Maturity of the crisis scenario triggers matrix with a focus
on expected responses and the communications that
may be required, and to whom.
• Get clarity from our critical third parties on their planned
response to a cyber event (either at Jupiter or in their
own environment) and how this may impact Jupiter.
Risk appetite
The Group’s risk appetite defines the level and type of risk
that the Group is prepared to accept in pursuit of its strategic
objectives and business plan, taking into account the interests
of its clients and shareholders, as well as capital and other
regulatory requirements.
An important part of the Board’s remit is to determine the
Group’s risk appetite, considering its strategic plans, the
business environment and the current and likely future
condition of its business and operations.
Operational resilience
The Group defines operational resilience as the Group’s ability to
prevent, adapt, respond to, recover and learn from operational
disruption. This forward-looking approach allows the Group to
assess and understand its vulnerabilities with the intention of
undertaking mitigating actions to prevent harm to clients, the
firm and the market.
Operational resilience addresses how the continuity of the
services that the Group provides is maintained regardless of
the cause of disruption and helps to ensure that it is prepared
for the inevitability of disruption, rather than only aiming to
minimise the probability of disruption occurring. It includes
preventative measures and the capabilities in terms of people,
processes and organisational culture to adapt and recover
when things go wrong.
Risk management continued
62
The effective oversight and management of the Group’s
operational resilience requires it to identify the services which,
if disrupted, could cause intolerable harm to clients, the firm
or the market. These are described as important business
services and each is required to be mapped (i.e. underlying
people, systems, suppliers and processes) to identify the key
dependencies, and have an appropriate impact tolerance set
at the first point at which a disruption would pose an intolerable
level of harm. End-to-end testing of severe yet plausible
scenarios are used to gauge the extent to which the Group
is able to stay within the set impact tolerances and agree
remedial action where those tolerances are exceeded.
The five scenarios identified as the primary types of crises that
could affect the Group are:
• Unavailability of critical system or infrastructure.
• Unavailability of premises.
• Unavailability of staff.
• Cyber security incident.
• Failure of third-party supplier services.
Reputational risk
The Group defines reputational risk as the risk of loss or other
adverse impact arising from unfavourable perception of the
firm on the part of consumers, counterparties, employees,
regulators, shareholders, other stakeholders, the media or
the general public.
Managing reputational risk is fundamental to the strategic
objectives of the firm and is managed across the various
risk categories to which the firm is exposed. For example,
reputational risk can arise as a result of operational incidents,
strategic decisions, or generally as a result of inappropriate
behaviour within the Group, as perceived by various stakeholder
groups. The impact on the Group’s reputation is considered
when assessing risks within the ERMP.
Key developments
During the year, a number of the Group’s risk activities were
reviewed and updated as the firm continued to enhance its
risk activities. These included:
• The embedding of a revised risk management framework.
• The review and approval of the revised risk taxonomy and
risk appetite statement.
• The adoption of a thematic approach to RCSAs.
• The enhancement of the TDRA process to refine the key risks.
• The development of an emerging risk register.
2025 areas of focus
During 2025, the enterprise risk team will be focusing on the
following enhancements:
• Joint operational resilience testing with critical suppliers.
• Material control testing mapping.
• Enhancing our risk system to improve efficiency and reporting.
Principal risks
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 the most
impactful risks on a residual* basis to our firm. The risks are consistent with last year’s assessment, with the exception of sustainability
risk which has been integrated into the other principal risk assessments. Further information on our approach to sustainability risk can
be found in the Sustainability section on pages 46 to 55.
Principal risk Description Linked strategy
M
Market disruption The risk we fail to adequately respond to changes and/or disruption within
the markets we operate in.
I
Investment
performance risk
The risk that portfolios do not meet their investment objectives.
O
Outsourcing and
supplier risk
The risks arising from incidents or failure of providers of services to deliver
on their obligations, or inadequate selection or oversight of providers.
P
People risk The risk of failures or poor practices relating to people management and
the risk of poor individual employee conduct.
R
Regulatory risk The risk of failing to comply with our regulatory obligations including failures
to implement changes required to meet new regulatory requirements.
T
Technology and
information security risk
The risk of deliberate attacks or accidental events that have a disruptive
effect on interconnected technologies.
Relevant strategic objectives
* Residual risk is considered to be the risk exposure after the application of existing mitigating controls, assessing the risks on the potential impact and likelihood of
them crystallising.
Increase scale Decrease undue complexity Broaden our appeal to clients
Deepen relationships with
all stakeholders
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Overall, the evolution of the Group’s risk profile during 2024 has been driven by external challenges such as regulatory and investor
demands. Geopolitical events across the globe have also prompted increased market volatility and operational risks. Further details
on the mitigation in place for our most material risks are included below.
Description Approach and management actions Control examples
M
Market disruption
Events across the
globe disrupt markets,
which increases
volatility and demand
for products in
impacted areas.
The corresponding
changing global
sanctions regimes
increase our
operational risk,
for example,
financial crime 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.
• Our financial crime framework continuously
evolves to ensure the ever-changing landscape
of financial crime is mitigated through robust
monitoring and testing.
• Regular stress testing to anticipate
and quantify the impact of potential
major political and market events are
completed by the investment risk
team and shared with the Investment
Management Leadership Team and
Investment Managers.
• 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.
I
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 leads to
poor client outcomes
and loss of AUM.
• All performance is monitored closely and
challenged on a regular basis through senior
management engagement.
• The investment risk team provides detailed analysis
of market-related risks facing Jupiter’s funds and
corporate balance sheet, ensuring that these are
communicated accurately and used to challenge
and inform various stakeholders, enhancing the
investment management process.
• In the UK, performance is overseen and assessed
through active value assessments to ensure
that clients are receiving the best possible
product outcome.
• Liquidity is monitored through the dilution
adjustment process, liquidity stress testing,
capacity review process, and liquidity
management techniques (in extreme cases).
• Monthly Risk and Performance Reports.
• Head of Investment Risk ensures that
outcomes of the challenge sessions are
fed into the quarterly Portfolio Review
Forum, to review all strategies and
challenge where there has been
underperformance and outperformance.
• On a quarterly basis investment managers
must present their performance to
Investment Risk and be challenged
on their approach and holdings.
• Adherence to the firm’s Risk
Management Policy and Liquidity
Management Policy.
O
Outsourcing and
supplier risk
The firm is reliant on
suppliers to which
we have outsourced
certain services and
any failure from our
third parties can lead
to a negative impact
on our clients, our staff
and the firm.
• We continue to review and assess our appetite
for outsourcing to ensure that it remains 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.
• Our framework for the oversight of activities
delegated to third parties is continually reviewed
in line with our risk appetite and regulatory
requirements to ensure effectiveness.
• Risk assessments are in place to ensure
prioritisation and oversight of critical and
important suppliers.
• Appropriate and effective escalation channels
are in place to raise and resolve issues.
• Supplier risk assessments ensure we
adopt the correct approach to the
supplier’s due diligence, governance
and oversight.
• Service level agreement reviews for
critical suppliers.
• Annual review of control reports to get
an independent assessment of our
critical suppliers.
Risk management continued
64
Description Approach and management actions Control examples
P
People risk
People are at the
core of the business.
However, ensuring
management of
performance, conflicts
of interest and
conduct is imperative
to minimise poor
culture and loss of
key staff.
The Group recognises
that conduct risk can
crystallise across
various parts of the
business and can be
strategic, financial,
infrastructural or
behavioural in nature.
Conduct risks can arise
on both an individual
and Group basis.
• Focused recruitment, talent and learning
programmes are in place, supported by robust
HR policies and procedures which comply with
all relevant rules, regulations and guidelines.
• Codified Jupiter behaviours are in place to
underpin expectations on culture.
• Succession plans are in place for critical staff,
including all Senior Management Team roles
and lead investment managers.
• Conduct risk is monitored through the conduct risk
dashboard which is designed to provide a lens into
conduct risk from which the Culture and Conduct
Committee can review, investigate and escalate
potential and actual conduct risk issues within
the Group.
• Ongoing focus on retention of key staff in
Investment Management and recruiting staff
with appropriate expertise in specialised roles.
• Talent identification and succession
planning in place (overseen by the
Nomination Committee) including
external candidate identification for
key roles.
• Reward management.
• Employee engagement survey.
• Staff wellbeing measures.
• Employee Handbook and policies.
• Culture and Conduct Committee.
• Mandatory conduct training.
• The diversity, equity and inclusion strategy
is in place and reviewed annually.
R
Regulatory risk
The risk of not
complying with
regulatory changes
remains significant
as we continue to
see a high volume of
regulatory activity,
for example, related
to sustainability,
Consumer Duty and
operational resilience.
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.
• Utilisation of industry insight and specialist expertise
as required to respond to regulatory change, for
example, the EU Digital Operational Resilience Act.
• Relevant investment guidelines/restrictions
reviewed and updated accordingly, including
investment sanctions controls.
• Boards for regulated entities are in place to
monitor regulatory risk and where appropriate,
with appointments of independent
non-executive directors.
• A robust and regularly reviewed
financial crime framework, including
but not limited to financial crime risk
assessments, risk-based anti-money
laundering/know your client controls,
sanctions screening and a defined
suspicious activity reporting process.
• A clearly defined and regularly reviewed
compliance framework incorporating
policies, processes, and controls to
support regulatory adherence.
• Regular financial crime and regulatory
training and education programme,
overseen by the Group Head of
Compliance, who is also the Money
Laundering Reporting Officer with
regular reporting to committees
and boards.
• Post-regulatory and financial crime
change implementation reviews.
• Ongoing global regulatory horizon
scanning and review of new regulatory
and financial crime changes.
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Description Approach and management actions Control examples
T
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,
despite the rising number of external attacks seen
across the industry.
• We continue to make investments in our security
systems to identify and reduce vulnerabilities as
quickly as possible.
• Full programme of activity is in place to monitor
events and attacks and to implement appropriate
patches/changes.
• New data enablement and data governance
initiatives are being delivered.
• Assessment and monitoring of End User Computing
(EUC) and activity to move to appropriate non-EUC
solutions/technology-managed applications.
• Use of the standard information technology
infrastructure library approach, utilising the Change
Advisory Board process to ensure appropriate
change control, including evidence of testing and
sign-off on changes to the Production environment.
• Daily security checks to mitigate the
risk of compromised data due to
a cyber-incident.
• Vulnerability scans.
• Third-party SecureWorks utilises
threat-led intelligence to continuously
analyse events on Jupiter network
and escalates critical events to
IT Security and third line IT Operations
for investigation.
• Annual technology security training
for all Jupiter employees.
• Phishing scenario testing.
• Penetration tests (teleworking, office).
• Virtual desktop and remote
working capabilities.
• Jupiter are compliant with the Digital
Operational Resilience Act regulations,
as required from January 2025,
establishing and maintaining a high
level of operational resilience, and
strengthening our digital resilience.
Emerging risks
Emerging risks are typically ambiguous and could be a new risk in a known context, a known risk in a new context or a new risk in a
new context. The Group looks to understand these risks on the horizon to plan mitigation where possible.
Emerging risks are captured through the RCSA, the TDRA and by utilising the ‘PESTLE’ methodology for horizon scanning which focuses
on political, economic, social, technological, legal and environmental risks. Emerging risks are assessed, monitored and reported via
the ERMP. The below table details the emerging risks that could affect Jupiter and the firm’s considerations of the potential impacts.
PESTLE category Emerging risk categories and considerations
Time horizon
(proximity of impact)
P
Political
Government policies, political
stability, tax policies, trade
restrictions, and tariffs.
Cyber-crime: advancing cyber-crime. The volume, and
sophistication, of cyber-attacks in combination with a
shortage of cyber-security skills and the emergence of
AI to enhance attacks.
0 – 2 years
E
Economic
The domestic and
international environment.
Business service disruption: potential for simultaneous
disruptions within supply chains which threaten the overall
resilience of a supplier or suppliers. This may be enhanced
by geographical or other types of concentration risk.
0 – 2 years
S
Social
Cultural aspects, health
consciousness, population growth
rate, age distribution, career
attitudes, and emphasis on safety.
Pandemic threat: new pandemic event and the global
response required would have a far reaching impact on society
and the wider economy. Disruption to operational activity;
increase risk from changed working environment which could
erode direct control and affect corporate culture and conduct.
1 – 3 years
Risk management continued
66
PESTLE category Emerging risk categories and considerations
Time horizon
(proximity of impact)
T
Technological
Innovations, technological
advancements, automation,
research and development
activity, and the rate of
technological change.
Emerging technologies: the integration of new technologies
which introduce new operational risks or impact existing risks,
including the reliance on key technology service providers, and
use of AI.
1 – 3 years
Business service disruption: potential for simultaneous
disruptions within supply chains which threaten the overall
resilience of a supplier or suppliers. This may be enhanced by
geographical or other types of concentration risk (which could
increase the impact of cyber-attacks). This should also consider
the infiltration to Jupiter via an attack on a third party.
0 – 2 years
L
Legal (including regulatory)
Laws that affect business
operations, including employment
laws, consumer protection laws,
antitrust laws, and health and
safety regulations.
Regulation and supervision: risk of increased regulatory
scrutiny as financial firms adapt and comply with a more
complicated regulatory environment including regulations
related to greenwashing and AI.
0 – 2 years
E
Environmental
Ecological and environmental
aspects such as weather, climate,
and climate change, which may
especially affect industries such as
tourism, farming, and insurance.
Power outages: increased number of issues with power and
power outages due to security threat and/or political and
environmental events. Potential attacks on energy infrastructure
from malicious parties.
0 – 2 years
Business service disruption: potential for simultaneous
disruptions within supply chains which threaten the overall
resilience of a supplier or suppliers. This may be enhanced by
geographical or other types of concentration risk (which could
increase the impact of cyber-attacks). This should also consider
the infiltration to Jupiter via an attack on a third party.
0 – 2 years
67Jupiter Fund Management plc Annual Report and Accounts 2024
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Governance Financial Statements Other Information
Chair’s introduction
to governance
Chair’s statement
Dear Stakeholders
Welcome to the Governance section of our Annual Report
and Accounts.
This section sets out how Jupiter’s governance framework is
designed and tells you how the Board has operated over the
year ended 31 December 2024.
I hope that it gives you real insight into our activities and shows
how you, our stakeholders, have been considered and your
views taken into account.
I have used this letter to draw out some highlights.
Scrutiny of performance and focus on strategy
As set out in the earlier sections of this Annual Report, there
have been elements of our performance in 2024 that have
been disappointing.
It is the Board’s duty to challenge and thoroughly scrutinise
performance on behalf of our stakeholders. I have made this a
point of emphasis in our governance: we have spent significant
time in our meetings discussing the reasons behind outflows
and ensuring that as a business we were supporting the right
actions to build our performance, such as talent initiatives and
enhanced client infrastructure.
We also focused more deeply on our strategy in the context of
wider markets and industry trends, and getting more insights
into relevant areas of risk and opportunity, both for us as a
business and for our clients. This included sessions on digital
opportunities, including AI; changing trends in client preferences,
different operating models and ways of delivering products.
Succession
It is a key part of the Chair’s role to manage Board succession,
taking into account tenure and the skills, experience and
diversity that the Board needs.
We were delighted to add to the Board’s bench strength this year
with the appointment of two new independent Non-Executive
Directors: Siobhan Boylan in March 2024 and James Macpherson
in October 2024. This prepared us well for Karl Sternberg’s
retirement from the Board in January 2025. Siobhan and Karl
carried out a thorough handover process, as Siobhan has taken
on the role of Chair of the Audit and Risk Committee. We are all
very grateful to Karl for his contribution over nearly nine years
of service.
You can read more about our succession process in the
Nomination Committee report on pages 90 to 93 and about
how we induct new Non-Executive Directors into our business
on pages 87 to 88.
“The Board has benefited hugely
in 2024 from the many colleagues
around the business who we have
spent time with.”
David Cruickshank
Chair
68
Building diversity
We have been transparent in our reporting to stakeholders
that we continue to strive towards a more diverse Board, and
for Jupiter this has meant a particular focus in 2024 on meeting
gender representation targets.
At the date of this report, the Board comprises eight individuals,
of whom three are female, giving us a female representation of
37.5%. We recognise that this does not yet meet the Listing Rule
target of 40%, but we continue to work towards this as our
longer-term target. Board diversity across gender, ethnicity,
background and experience is included in considerations of
all Board appointments.
We were pleased to appoint Suzy Neubert as Senior
Independent Director, meaning that we now meet the Listing
Rule target of one of our Board leadership roles being held by
a woman.
Our Board also meets the Parker Review target, with one
Director identifying as being from a minority ethnic group.
I am committed to maintaining a diverse Board and I believe
this can be aligned with appointing on merit and to suit the
business’ needs.
The Board has also carefully overseen steps taken by leadership
this year to make our business more diverse.
Pages 44 and 45 of this report give you more information on
diversity of the Board and in our broader colleague population
and the Nomination Committee report gives some deeper
insights into the Board’s work on diversity – see pages 90 to 93.
Strength through skills and evaluation
As part of our recruitment processes over 2024, we looked
carefully at the collective skills and experience of the Board
and matched these against the needs of the business. Outside
of recruitment, skills mapping is a continuous cycle for the
Nomination Committee to ensure our Board has the right
qualities to oversee the current and future business.
To aid this, we developed a new format of Board skills matrix in
May 2024, and carried out a full assessment at year-end of the
Board’s skills and experience, readying us for 2025. You can see
a summary of this on page 77. I am pleased with the diversity
of experience that our Board brings to its decision making.
We also tested how effectively the Board has performed
throughout 2024 with an internally facilitated evaluation.
The findings and next steps from this are set out on page 89.
The Board found that it was operating effectively and had
delivered on its improvement objectives for 2024. The evaluation
suggested some areas for enhancement in 2025, including
(i) widening the scope of our strategy discussions, (ii) succession
and retention planning and (iii) building further the external
perspectives that we consider, as well as continuing
improvements in dynamics in the boardroom and quality of
debate. You can read more detailed information on page 89.
UK Corporate Governance Code
The Company has applied the principles of the UK Corporate
Governance Code (the Code) and complied with its provisions
throughout the financial year ended 31 December 2024 (with
reference to the 2018 Code) and from 1 January to the date
of this report (with reference to the new 2024 Code).
The Board has considered the new Code, which is now in force,
and prepared for it in 2024, including amending our Committee
terms of reference and planning for the additional oversight
duties the Audit and Risk Committee and Board will have
around material controls. We are supportive of the Code
evolving and continue to keep ourselves aligned with
governance best practice.
For some illustrations on how we have applied the Code, see
the table on page 85 and throughout this Governance report
we have referred to the Code principles and provisions
where relevant.
Jupiter’s people and culture
One of the most important things the Board oversees is culture
and how culture has been embedded. In all our decision
making, we challenge whether our strategy remains aligned
with our purpose, values and culture. I have purposely brought
culture and people together as they are inextricably linked.
As a Board, we need to ensure Jupiter provides an environment
where talent can thrive and that all our stakeholders, and
particularly clients, benefit from our committed workforce and
high standards of conduct. We were proud to see engagement
scores from colleagues increasing this year. The Board is not
complacent in this area, and has focused on pockets of lower
engagement to ensure real and tangible solutions are
being found.
The Board has benefited hugely in 2024 from the many
colleagues around the business who we have spent time with.
Highlights this year were our Board Briefings with Investment
Management teams (see more detail on page 86) and deep
dive sessions with our Germany and Italy client teams at the
Board meeting held in Frankfurt. We also hosted an ‘afternoon
tea’ event for colleagues receiving the Jupiter CEO Award. The
Board uses its time with colleagues to test that good culture
and conduct is embedded in our ways of working, especially
in terms of serving our clients.
Finally, I would like to thank Matt and his senior leadership team
for their great work over 2024 in building Jupiter’s talent and
developing the Strategy and Management Committee as a
core governance committee to support the business with all
its needs.
David Cruickshank
Chair
26 February 2025
69Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Our Board of Directors
Wayne Mepham
Chief Financial &
Operating Officer
Suzy Neubert
Senior Independent
Director
Roger Yates
Independent
Non-Executive Director
Siobhan Boylan
Independent
Non-Executive Director
70
Matthew Beesley
Chief Executive Officer
Dale Murray
Independent
Non-Executive Director
David Cruickshank
Chair
James Macpherson
Independent
Non-Executive Director
71
Strategic Report
Governance
Financial Statements Other Information
Board of Directors continued
Appointed
Chair in April 2023 and Independent Non-Executive Director in
June 2021
Committees
• Chair of the Nomination Committee
Skills and experience
David spent his executive career at Deloitte and retired from
the firm in June 2020. He qualified as a chartered accountant in
1982 and specialised in advising on large international corporate
transactions. He was appointed a partner in 1988 and led the
UK Tax Practice from 1998 until 2006. He was elected Chair of
Deloitte’s UK Board in 2007 and served two terms before being
elected Chair of Deloitte’s Global Board in 2015. During this
period David led the Boards through a period of major
regulatory change and business transformation.
David has broad experience across different industry sectors
and geographies and brings extensive Chair experience to
the role. He has excellent financial knowledge and experience
of corporate transactions. David also brings substantial
sustainability knowledge from both previous and current roles.
Previous non-executive appointments
David previously served as Co-Chair of the Partnering Against
Corruption Initiative at the World Economic Forum.
Current external appointments
David is the Non-Executive Chair of McInroy & Wood Ltd,
the Social Progress Imperative Inc and the Education and
Employers Charity.
He is also a member of the Council of the Institute of
Chartered Accountants of Scotland.
Appointed
Chief Executive Officer (CEO) in October 2022, Deputy CEO
in June 2022, and Chief Investment Officer in January 2022
Skills and experience
With over 25 years of experience in the investment industry
including leadership positions at Artemis, GAM and Henderson,
Matt has an in-depth knowledge of the industry with experience
in the management and oversight of teams specialising in
varying investment strategies based in Europe, Asia and the US.
Matt’s strategic insights, leadership skills and unwavering focus
on client outcomes mean that he is ideally placed to lead Jupiter.
Matt was previously Chief Investment Officer at Artemis and
has held senior investment roles at GAM and Henderson
Global Investors.
Matt was also formerly a member of the Church of England
Pension Board’s Investment Committee, advising on $4bn of
ethically invested pension fund assets.
Current external appointments
Matt is a member of the Board of Directors of the
Investment Association.
David Cruickshank
Chair
Matthew Beesley
Chief Executive Officer
72
Appointed
Chief Financial & Operating Officer (CFOO) in January 2024 and
Chief Financial Officer in September 2019
Skills and experience
Wayne has nearly 30 years’ experience in asset management
and across the financial services sector gained in senior
financial roles and as a chartered accountant. He brings
extensive financial management, accounting and investment
industry knowledge to the role, which he applies strategically
for the benefit of our stakeholders.
Wayne also brings a detailed understanding of risk
management, internal control frameworks and asset
management operations, supporting his wider role within
the organisation.
Wayne began his career at PricewaterhouseCoopers (PwC)
where he progressed to lead audits in the Insurance and
Asset Management practice.
Prior to joining Jupiter, he worked at Schroders plc for nine years
and was responsible for the Global Finance function as well as
Procurement and Investor Relations.
Current external appointments
Wayne has no external appointments.
Wayne Mepham
Chief Financial & Operating Officer
Appointed
Independent Non-Executive Director in March 2024
Committees
• Chair of the Audit and Risk Committee (from January 2025)
• Member of the Nomination Committee
Skills and experience
Siobhan is a chartered accountant with over 30 years’
experience in financial services, primarily within the asset
management and wealth sector.
Siobhan qualified as an accountant with PwC, Siobhan then held
a number of senior roles at Aviva plc, including Chief Financial
Officer of Aviva Investors and Aviva North America. She was
formerly Chief Financial Officer of Brewin Dolphin Holdings plc
and of Legal & General Investment Management.
Current external appointments
Siobhan is the Chief Financial Officer at NatWest Wealth, where
she also sits on the Board of Coutts.
Siobhan Boylan
Independent Non-Executive Director
73Jupiter Fund Management plc Annual Report and Accounts 2024
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Financial Statements Other Information
Board of Directors continued
Appointed
Independent Non-Executive Director in September 2024
Committees
• Member of the Audit and Risk Committee
• Member of the Nomination Committee
• Member of the Remuneration Committee
Skills and experience
James is a portfolio manager with nearly 40 years’ experience
in the asset management sector. He commenced his career
at Mercury Asset Management, moving through acquisitions to
Merrill Lynch Investment Advisors and BlackRock, where his roles
included Head of Equities and Deputy Chief Investment Officer
for Fundamental Active Equities, and where he held various
committee roles extending from executive committee
through to ESG stewardship.
James has previously held a number of senior roles, including
Head of UK Equities at Merrill Lynch Investment Advisors, and at
BlackRock post-acquisition, Deputy Chief Investment Officer for
Fundamental Active Equities, where he was also an Executive
Committee member leading on investment process for
fundamental equity teams. He also sat on the Executive
Committee at Sciteb Limited. He has been active throughout
his career with various industry and government bodies, acting
in an advisory capacity. His most recent advisory role was with
Hambro Perks.
Current external appointments
James is Chair of JPMorgan Global Growth and Income plc,
a Non-Executive at Facewatch Limited, and a trustee of River
Action UK.
James Macpherson
Independent Non-Executive Director
Appointed
Independent Non-Executive Director in September 2021
Committees
• Member of the Audit and Risk Committee
• Member of the Nomination Committee
• Member of the Remuneration Committee (from January 2025)
Skills and experience
Dale is a qualified accountant and technology entrepreneur.
She brings to the role a good understanding of technology
and disrupted markets, combined with financial acumen
and an entrepreneurial spirit, having founded and invested
in businesses within the technology sector. Dale also brings
a sharp focus on cultural issues and is passionate about DE&I.
Dale co-founded the British mobile telecoms software business
Omega Logic. Following Omega Logic’s sale to Eposs Ltd, then
First Data Corporation, Dale served as CEO of the enlarged
Group until 2005. She then made a number of investments in
the digital sector and was awarded the British Angel Investor
of the Year in 2011.
Previous non-executive appointments
Dale was previously a Non-Executive Director at Peter Jones
Foundation, UK Trade & Investment, Sussex Place Ventures Ltd,
the Department for Business, Innovation and Skills, Rated People
Limited, and Lendinvest plc.
Current external appointments
Dale serves as a Non-Executive Director of Xero Ltd, The
Cranemere Group Ltd and Lightspeed Commerce Inc.
Dale Murray
Independent Non-Executive Director
74
Board Committee Membership
Non-Executive Director Audit and Risk Committee Nomination Committee Remuneration Committee
David Cruickshank
– * –
Siobhan Boylan
* –
James Macpherson
Dale Murray
Suzy Neubert
–
Roger Yates
*
* Chair of Committee
Roger Yates
Independent Non-Executive Director
Appointed
Non-Executive Director in October 2017. Roger served as SID
between May 2021 and January 2025
Committees
• Chair of the Remuneration Committee
• Member of the Audit and Risk Committee
• Member of the Nomination Committee
Skills and experience
Roger has considerable knowledge of the asset management
business with over 40 years’ experience in the industry having
served as a fund manager, CEO, Non-Executive Director and
Chair. Having led two global asset managers, Roger also
brings significant understanding of international business
management to the Board. He has extensive remuneration
experience both from an executive perspective and as a
Remuneration Committee Chair.
Roger started his career at GT Management in 1981 and
subsequently held positions at Morgan Grenfell and Invesco
as Chief Investment Officer. He was appointed Chief Executive
Officer of Henderson Group plc in 1999 and led the company
for a decade.
Previous non-executive appointments
Roger was a Non-Executive Director of IG Group Ltd, Chair
of Electra Private Equity plc and Chair of Pioneer Global Asset
Management S.p.A., and Senior Independent Director and Chair
of the Remuneration Committee of St James’s Place plc. He was
also a Non-Executive Director of JPMorgan Elect plc from 2008
to 2018.
Current external appointments
Roger is the Senior Independent Director at Mitie Group plc and
Non-Executive Chair of The Biotech Growth Trust plc, and Pacific
Horizon Investment Trust plc.
Suzy Neubert
Senior Independent Director
Appointed
Independent Non-Executive Director in March 2022 and Senior
Independent Director (SID) in January 2025
Committees
• Member of the Nomination Committee
• Member of the Remuneration Committee
Skills and experience
Suzy is a qualified barrister with broad asset management
experience extending over 30 years. She has an in-depth
knowledge of capital markets and, importantly, evolving
client needs. Suzy started her career in asset management
as an analyst before moving into sales and marketing, and held
roles as Managing Director of Equity Markets at Merrill Lynch and
Global Head of Distribution at J O Hambro Capital Management.
Suzy therefore brings an excellent understanding of the
international wholesale and institutional channels in which
the Company operates.
Previous non-executive appointments
Suzy was previously a Non-Executive Director of ISIO.
Current external appointments
Suzy is Senior Independent Director of LondonMetric Property plc,
and a Non-Executive Director of Howden Joinery Group plc and
LV=. She is also a trustee of the King’s Trust.
75Jupiter Fund Management plc Annual Report and Accounts 2024
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Financial Statements Other Information
Governance at a glance
UK Corporate Governance Code compliance
The Board is satisfied that throughout the year ended 31 December 2024, Jupiter complied with the provisions of the UK Corporate
Governance Code 2018 (the Code). From 1 January 2025, the Board has operated under the 2024 UK Corporate Governance Code.
The table below gives some examples of the activity the Board has undertaken to apply the Code, and the outcomes of that activity.
We have also highlighted throughout this report where Code provisions have been met.
Code principle Example Page reference
Board leadership
and company
purpose
Activity – appointment of Suzy Neubert as SID.
Outcome – We believe appointing Suzy as SID puts an influential female voice at
the table for the critical decisions the Board makes around strategy and composition
and this representation will benefit all our stakeholders. The Board supports and works
towards the Listing Rule targets on gender representation and Parker Review targets
on ethnicity representation.
Pages 2 to 89
Division of
responsibilities
Activity – the Chair and CEO held agenda setting and Board preparation meetings
throughout the year to ensure roles in the boardroom were clear. The Chair refreshed
the process for NED only meetings. The Split of Responsibilities document setting out
Chair, CEO and SID roles was refreshed in December 2024.
Outcome – the use of the Board’s time in each meeting was improved to focus on the
most important issues first, and for longest.
Pages 78 to 79
and 86 to 89
Composition,
succession and
evaluation
Activity – ongoing skills reviews which take into account immediate needs as well
as the skills and experience the business might need in the future, and natural
non-executive tenure.
Outcome – two new Non-Executive Directors were identified and appointed with specific
skills relevant to their roles, broadening diversity of gender and experience on our Board
– see biographies at page 72 to 75.
Pages 71 to 75
and 88 to 93
Audit, risk and
internal control
Activity – the Board appointed a new Chair of the Audit and Risk Committee
and effected an orderly handover supported by the CFOO and Company Secretary.
Outcome – the governance and oversight of our audit, risk and internal controls has
been maintained seamlessly, with fresh and relevant experience added to our Audit
and Risk Committee.
Pages 60 to 67
and 94 to 103
Remuneration
Activity – the Chair of the Remuneration Committee led an active, two-round series of
meetings with key investors to discuss and refine Jupiter’s Directors’ Remuneration Policy
(DRP) over January and February 2024 before putting this to the shareholder vote in
May 2024.
Outcome – feedback from investors was analysed by the Remuneration Committee and
amendments were made to the DRP in response to investors’ concerns, for example, a
phased introduction of the CFOO salary increase. Shareholders voted on the DRP at the
AGM in May 2024 with 93% in favour.
Pages 104 to 135
Board and Committee changes during 2024
• March 2024 – Siobhan Boylan joined the Board and the Audit and Risk, and Nomination Committees.
• September 2024 – James Macpherson joined the Board and the Audit and Risk, Remuneration, and Nomination Committees.
• January 2025 – Karl Sternberg retired from the Board after nearly nine years of service. Siobhan Boylan succeeded Karl as Chair
of the Audit and Risk Committee.
• January 2025 – Suzy Neubert was appointed as SID, in line with the Listing Rules target on gender representation on boards.
76
Chair and Non-Executive tenure (years)
7.53.8
0.5
3.53
1
Siobhan Boylan Suzy Neubert
Dale Murray
David Cruickshank
James Macpherson
Roger Yates
Investment Management
Distribution/Sales/Marketing
Strategy/M&A/Joint Ventures/
Partnerships
Transformation/Change Management
Technology
Operations and Outsourcing
People
Legal and Regulatory
Finance/Financial Reporting
Risk
Compliance
Audit
ESG/Responsible Investing
Communications/Reputation
Management
International Experience –
Continental Europe
International Experience – Americas
International Experience – Asia Pacific
High experience Medium experience No experience
Directors’ skills and experience
Principle K of the Code requires the Board and its committees to have a combination of skills, experience and knowledge. This needs
to be relevant to the current and future risks and opportunities the business faces. Set out below is a summary of the Board’s
self-assessment of skills and experience, oversighted by the Nomination Committee. You can read more about our individual
members’ skills and experience on pages 72 to 75.
Female: 3
Chair: 1
White: 7
Male: 5
Independent
Non-Executives: 5
from 3 January 2025
GenderIndependence Ethnicity
Mixed
Ethnicity: 1
Executives: 2
Board composition
as at 31 December 2024
Female: 3
Chair: 1
White: 8
Male: 6
Independent
Non-Executives: 6
GenderIndependence Ethnicity
Mixed
Ethnicity: 1
Executives: 2
77Jupiter Fund Management plc Annual Report and Accounts 2024
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Governance
Financial Statements Other Information
The Board has an effective governance framework in place to help
it to promote the long-term sustainable success of the Company
for the benefit of all its stakeholders. An overview is set out below:
Our shareholders and other stakeholders
See pages 56 to 59 and 84 to 85 for more information on our stakeholder engagement and how stakeholders are considered in decision making.
The Board promotes the success of Jupiter for the benefit of all its members, having regard to its stakeholders.
The Board engages with its stakeholders to understand their interests.
Governance framework
Board of Directors
Nomination
Committee
Audit and Risk
Committee
Remuneration
Committee
CEO
CFOO
Chair -
David Cruickshank
Recommends changes
to the Board structure,
oversees succession
planning for the Board and
senior management, and
talent and diversity policies
across Jupiter.
Chair –
Siobhan Boylan
Responsible for overseeing
financial reporting, risk
management and internal
control framework,
compliance and external
and internal audit.
Chair –
Roger Yates
Responsible for overseeing
the remuneration
of Executive Directors,
senior management
and Group-wide
remuneration policies.
The Board delegates the
operational management
of the Group to the CEO,
who is supported by the
CFOO and a number of
corporate committees.
See page 79 for more information
on our executive governance.
The Board delegates specific oversight duties to its Audit and Risk Committee,
Remuneration Committee and Nomination Committee. Our Board is majority
independent and all the Board’s Committees are comprised of independent
Non-Executives. The role of the Non-Executives and of each Committee
are set out opposite.
The Board reserves certain matters for its own approval and decision making. Matters reserved for the Board include:
• Establishing the Group’s commercial objectives
and strategy.
• Setting the Group’s purpose, culture and values.
• Approving significant capital projects, major
acquisitions, disposals and investments and
other expenditure and borrowings.
• Overseeing the Group’s operations and management,
and maintaining an effective risk management and
internal control framework.
• Approving the capital allocation, dividend payments
and other uses of capital.
• Ensuring adequate succession planning, including
agreeing Board and other senior appointments.
Subsidiaries
The Jupiter Group operates through a number of regulated entities, which have their own boards with independent
representation where required.
78
Chair – CEO
• Formulates strategy and oversees
the successful execution thereof.
• Agrees business plans, budgets,
policies and procedures for the
day-to-day management of
the Group.
Chair – CEO
• Oversees Jupiter’s conduct framework
including conduct risk and culture
and Consumer Duty.
• Reports to the Audit and Risk
Committee and Remuneration
Committee as needed and also
supports the Group’s regulated
entity Boards.
Chair – CFOO
• Manages the Group’s risk profile,
relative to its set risk appetite, and
the internal control framework.
• Oversight of compliance with
regulatory requirements and
compliance monitoring plans.
• Reports to the Audit and Risk
Committee as needed.
Chair – CFOO
• Ensures the operational excellence
of the Group.
• Monitors and drives the evolution of
the Group’s operating model in line
with the Group’s strategy and
emerging best practice.
Executive governance
As required by Principle G of the Code, there is a clear division of responsibilities
between the leadership of the Board (see prior page) and the executive leadership
of the Group’s business.
CEO
• Proposes the strategy to the Board and ensures its execution.
• Runs the business within the delegated authorities, risk management policies and
internal control frameworks.
• Builds and maintains an effective management team.
CFOO
• Responsible for all aspects of financial and capital reporting and financial integrity.
• Supports the CEO in the execution of the strategy.
• Delegated responsibility from the CEO for management of the Group’s risk profile,
internal controls and day-to-day operations.
• Responsible for Finance, Risk, Operations, Technology, Investor Relations,
Procurement & Facilities.
Four corporate committees have been established by the CEO and CFOO to assist
them in their roles.
The roles of Chair, CEO and SID are clearly defined in writing, approved by the Board
and available on the Company’s website at www.jupiteram.com.
Corporate Committees
Strategy and Management
Committee
Risk and Compliance
Committee
Culture and Conduct
Committee
Operating
Committee
Non-Executive roles
Independent Non-
Executive Directors
• Contribute to, and
constructively challenge
management on, the
development and
implementation of
the strategy.
• In conjunction with
management, establish
the Board’s risk appetite
and monitor the
control framework.
• Constitute the Board’s
governance committees.
Chair
• Leads the Board, ensuring
its effective discharge
of duties.
• Ensures effective governance.
• Engages with stakeholders
and ensures their views are
understood by the Board
and decisions consider
their interests.
SID
• Sounding board for
the Chair.
• Leads the Chair’s
performance appraisal
and succession.
• Available to shareholders
and Board members for
concerns not resolved
through normal channels.
79Jupiter Fund Management plc Annual Report and Accounts 2024
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Financial Statements Other Information
Board activities
Board meetings
This section gives readers a picture of how the Board has spent its time in meetings during 2024, and which stakeholders have been
represented in our thinking.
We have also demonstrated which of our principal risks have been addressed or considered and how these items have supported
our strategic priorities.
Relevant strategic priorities
M
Market disruption
I
Investment performance risk
O
Outsourcing and supplier risk
P
People risk
R
Regulatory risk
T
Technology and information
security risk
Key
Relevant principal risks Relevant stakeholder group
Increase scale
Decrease complexity
Broaden our appeal to clients
Deepen relationships
with all stakeholders
Board activity Key decisions and outcomes
Relevant strategy,
risk and stakeholders
Strategy
Review of key strategic plans
The Board reviewed, challenged and
provided points of feedback to steer
strategic direction.
The Board monitored progress against
strategic initiatives.
• Reviewed strategic plans for, and
progress against:
• The development of Jupiter’s Equities
and Fixed Income franchises;
• The development of the international
business; and
• Data platform and data governance.
• Took part in a strategy offsite with topics
designed to ensure strategic thinking had
sufficient external perspective.
I
P
Client matters
Considered updates from Client Group on
mandates, flows and client experience.
• Carried out a deep dive during a Board
meeting held in Frankfurt on our Germany
and Italy businesses.
• Reviewed the work of our regulated
subsidiary Boards on Consumer Duty
and Assessment of Value.
R
P
Strategic recruitment
Considered proposals in respect of
potential team lift-outs and acquisitions.
• Reviewed and provided strategic
challenge to key talent acquisition led
by management, providing scale and
capability to the UK Equities and
European Equities capabilities.
• Approved the acquisition of assets and
a team from Origin Asset Management,
providing further opportunities for
strategically aligned growth in
the institutional channel.
I
P
Clients
People
Shareholders
Business partners and suppliers
Communities
State and regulators
80
Board activity Key decisions and outcomes
Relevant strategy,
risk and stakeholders
Strategy continued
Corporate purpose and
strategic pillars
Ensured the Group’s strategy, purpose
and culture remained aligned.
• Considered recommendations from
management in relation to amendments
to the Company’s corporate purpose and
statements used in public disclosures.
R
Outsourced services provision
and target operating model
Considered reports and provided feedback
and challenge on operating model.
• Considered a strategic review of our
in-house middle office operating model and
approved changes to deliver efficiencies
and enhance the client experience.
• Received reports on data enablement
and digital strategy.
O
Performance
Budget and financial plan
Set an annual budget and five-year plan
and monitor progress against it on an
ongoing basis.
• Monitored progress against the 2024 budget
and challenged variances as needed.
• Approved the 2025 budget and five-year
financial plan.
P
O
Capital and liquidity
Oversaw appropriate capital reserves and
liquidity for the business.
• Undertook a full review of capital resources.
• Approved the redemption of Jupiter’s 2020
Subordinated Debt.
• Approved the Group’s interim and final
dividends, in line with the capital
allocation policy.
• Approved a buyback of up to c. 16m shares.
R
Corporate sustainability
Approved the Group’s sustainability
strategy, and provided challenge to
management on progress against
the Group’s commitments.
• Approved 2024 and 2025
sustainability strategy.
• Challenged initiatives, obligations,
commitments and targets to ensure these
remained aligned with client requirements.
• Discussed and challenged actions being
taken by management to mitigate risks
around greenwashing.
R
People and culture
Culture and conduct
Monitored the Group’s culture through
the review of the Culture and Conduct
dashboard including metrics on
employee engagement, attrition
and conduct matters.
• Challenged management on culture metrics.
• Challenged management on appropriate
integration for new investment managers.
• Received reports from the Culture and
Conduct Committee.
• Tested how embedded culture is, through
meeting colleagues around the business.
P
R
81Jupiter Fund Management plc Annual Report and Accounts 2024
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Board activities continued
Board activity Key decisions and outcomes
Relevant strategy,
risk and stakeholders
People and culture continued
Employee engagement
Ensure a formal method of employee
engagement is in place and consider
the employee voice in decisions.
• Noted and challenged the themes arising
from employee engagement surveys.
• Took into account employee views in
approving Executive remuneration
and elements of workforce pay.
• Met with a panel from our employee
representative forum, Connections.
P
DE&I
Set the Group’s DE&I strategy, review
progress against the Group’s DE&I targets.
• Considered the outcomes of a third-party
review on how diverse talent can thrive
at Jupiter.
• Approved the appointment of an additional
female Non-Executive Director and
appointed a female Director to a
senior Board leadership role.
• Approved changes to the Board Diversity
statement to ensure diversity is widely
approached in recruitment and not
limited to gender and ethnicity.
P
R
Risk management and internal controls
For further information see the Our Approach to risk management section on
page 60 to 67 and the Audit and Risk Committee report on page 94 to 103.
Risk appetite statement, enterprise
risk management policy (ERMP)
Approve risk appetite statement,
associated metrics and ERMP.
• Approved an amended ERMP.
• Approved a reviewed set of risk
appetite statements.
• Considered recommendations from
the Audit and Risk Committee in relation
the above.
M
I
O
P
R
T
Principal and emerging risks
Approve principal and emerging
risk disclosures.
• Approved the risk management disclosures
in the Annual and Interim Reports.
M
I
O
P
R
T
Effectiveness of internal controls
Conclude on effectiveness of
internal controls.
• Reviewed assurance reports from
management on the effectiveness of the
internal control environment including
risk incidents, the risk and control
self-assessments, compliance
monitoring and internal audit findings.
• Concluded, supported by a
recommendation from the Audit and
Risk Committee, that the Group’s internal
control environment had operated
effectively during the financial year.
M
I
O
P
R
T
Internal Capital Adequacy
and Risk Assessment (ICARA)
process and wind-down plans
Approve ICARA and
wind-down documentation.
• Approved the ICARA and the wind-down
plans as recommended by the Audit and
Risk Committee, taking into account
amended scenario planning and
liquidity needs.
M
I
O
P
R
T
82
Board activity Key decisions and outcomes
Relevant strategy,
risk and stakeholders
Governance
Board and management changes
Reviewed the composition of the Board,
considered recommendations from the
Nomination Committee on appointments
to the Board and to the Board Committees.
• Approved the appointment to the Board of
two additional independent Non-Executive
Directors, Siobhan Boylan and
James Macpherson.
• Approved the appointment of Siobhan
Boylan as the Chair of the Audit and Risk
Committee, succeeding Karl Sternberg.
• Approved Suzy Neubert as SID.
• Approved the appointment of a
new Company Secretary.
P
R
Shareholder engagement
Listened to the views of shareholders
through consultations and engagement
and considered their requirements as
a whole.
• Received a deep dive from Investor
relations on investor sentiment and change.
• Received updates from external advisors
on shareholder perspectives.
M
R
Modern slavery and
human trafficking
Oversee the Group’s approach to
preventing instances of modern slavery
in its operations and supply chain and
processes for managing this risk within
its investee companies.
• Approved the Group’s modern slavery and
human trafficking statement for publication.
P
R
Board effectiveness
Oversee a formal and rigorous annual
review of the performance of the Board,
its committees, the Chair and
individual Directors.
• Monitored progress against the 2023 Board
Performance review.
• Carried out an internally facilitated review
of performance at the end of 2024.
• Approved an action plan to address
findings from the Board evaluation process.
• The SID carried out a review of the Chair and
the Chair carried out individual reviews of
the Non-Executive Directors and the CEO.
P
R
Tax strategy
Review and approve the Group’s
tax strategy.
• Approved the Group’s Tax Strategy
for publication.
• Noted the successful re-certification
under the Fair Tax award.
R
Terms of reference
Approve and keep up to date Board and
committee governance documents.
• Approved Matters Reserved and Terms of
Reference for the Board committees which
are published on the Company’s website.
• Approved the Split of Responsibilities
document setting out Chair, CEO and
SID roles.
R
Annual report and interim results
Approve and publish reports in line with
the Listing Rules and Disclosure and
Transparency Rules.
• Supported by a recommendation from
the Audit and Risk Committee, approved
the 2023 Annual Report and the 2024
Interim results.
• On management’s recommendation,
approved the Q1 and Q3 Trading
Update Statements.
M
I
O
P
R
T
83Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Considering stakeholders
in decision making
The first part of the Company’s s. 172 statement can be found on
pages 56 to 59 of our Strategic Report. This sets out an overview
of who our stakeholders are, their key priorities, and how the
Group and the Board have engaged with them in 2024. This
section gives more detail on how the Board takes stakeholder
interests into consideration, and sets out three examples of
stakeholder considerations in our decision making.
Section 172 of the Companies Act 2006 requires the Directors to
act in the way that they consider, in good faith, would be most
likely to promote the success of the Company for the benefit
of its members as a whole.
The Corporate Governance Code sets out at Principle D
that in order for the Company to meet its responsibilities
to shareholders and stakeholders, the Board should ensure
effective engagement with, and encourage participation from,
these parties.
The Companies Act asks Directors to have regard to the
following in their decision making:
a. The likely consequences of any decision in the long term;
b. The interests of the Company’s employees;
c. The need to foster the Company’s business relationships
with suppliers, customers and others;
d. The impact of the Company’s operations on the community
and the environment; and
e. The desirability of the Company maintaining a reputation
for high standards of business conduct and the need to
act fairly as between members of the Company.
How are stakeholder interests considered?
1. The Board ensures that it has a clear view of who its
stakeholders are. This will change with the business,
for example new client mandates, a material change in
shareholding or additional regulators as we extend into
different jurisdictions. The stakeholder list is therefore kept
under review.
2. We ensure stakeholder interests are understood and
embedded across all levels of the organisation. We do this
through our culture, values, governance framework, Code of
Conduct and various training.
This means that when information and decision requests are
brought to the Board, the impact on different stakeholders is
clearly articulated within Board papers. Paper preparers are
guided to include stakeholder considerations and impact so
the Board can include this in their decisions.
It is the Board’s role to balance and weigh stakeholder interests
and take them into account appropriately when taking decisions.
Stakeholders can have different and sometimes competing
interests, priorities and views, and these need to be considered
alongside one another and within the wider duty of the Board to
promote the long-term sustainable success of the Company
and act in accordance with our regulatory obligations. Not all
decisions can deliver the desired outcomes for all stakeholders.
Our subsidiary entities also consider stakeholder interests and
the Group’s key regulated and operating entities have specific
regulatory requirements to consider client interests, which
has been further expanded by the introduction of the FCA’s
Consumer Duty rules (see page 56 for further information).
Example of stakeholder considerations in our
decision making
See the next page for a sample of the key decisions and
considerations taken by the Board during the year, and
how stakeholder interests were considered.
84
Key decision – Remuneration Policy
In the last quarter of 2023 key shareholders were
contacted to ask for their opinion on the proposed
Directors’ Remuneration Policy (DRP) that was to be
considered at the Annual General Meeting in May 2024.
A number of responses were received and
communicated to the Remuneration Committee.
As a direct consequence, the Remuneration Committee
revised its proposals and amended the draft DRP: the pay
rise for the CFOO’s expanded role was proposed to be
delivered on a phased basis. Further discussions then
took place with investors over early 2024.
The DRP was approved with 93% votes in favour at the
May 2024 AGM.
Considerations
The structure of executive remuneration is a reserved
matter for shareholders and we were pleased to be able
to propose a DRP which was supported by such a high
percentage of our voters.
While the DRP does not apply to all employees, the
principles of pay transparency are important to our
employees. We see it as important to align executive
and workforce pay experience where appropriate.
Key consideration – People
The Board supported management in a number of
talent acquisition steps over 2024: strengthening our UK
equities capability with key hires across Income and Value
strategies, taking action to change the leadership of our
European equities capability, with a highly-regarded team
with a strong track record, and the acquisition of the team
and institutional assets of Origin Asset Management.
The Board needed to consider how investment
management skills could support client needs and drive
improved investment performance. The Board also took
into account appropriate remuneration arrangements
and the employee perspective on new individuals
integrating into investment teams and with the
client group.
Considerations
Management led the day-to-day actions, with the
Board receiving regular updates on progress, both in
formal Board meetings and through ad hoc updates.
The Board’s role was to provide strategic guidance.
The Board made suggestions around integration and
communication. The Board also provided challenge
around communication to ensure that an independent
view was provided on how best to ensure clients and
employees were given timely updates on major changes.
Key decision – Appointment of Non-Executive
Directors and Board succession
We took four key decisions over the year around Board roles;
the appointments of Siobhan Boylan and James Macpherson
and the succession to the roles of Chair of the Audit and Risk
Committee (Siobhan Boylan) and SID (Suzy Neubert).
The Board needed to consider what skills would be
most helpful to add to the Board, to provide constructive
challenge, strategic guidance and specialist advice and
to hold management to account.
The Board considered what skills and experience would
most benefit investors and clients, as key stakeholders.
Recruitment first focused on financial reporting and
governance skills for the Chair of the Audit and Risk
Committee successor and then on investment management
experience to help drive good performance and
product offerings.
Considerations
The Board considered investors to be a key stakeholder
in these decisions, given Directors have a duty to promote
the success of the Company for its members.
The Board also considered investor and regulator
requirements for high standards of governance integrity
and clarity.
Both investors and clients were considered in recruiting
investment management skills to support both Company
performance and investment performance.
All stakeholders benefit from diversity on our Board –
we believe broader representation in Committee Chair
and leadership roles will lead to better decision making
and outcomes for all stakeholders.
Stakeholders Considered: Investors, Employees
Section 172 factors – long-term success (172(a)), employees (172(b)),
reputation for high standards of business conduct (172(e))
Stakeholders Considered – Clients, Investors
Section 172 factors – long-term success (172(a)), business relationships
(172(c)), reputation for high standards of business conduct (172(e))
Stakeholders Considered – Employees, Clients
Section 172 factors – long-term success (172(a)), employees
(172(b)), business relationships (172(c)), reputation for high
standards of business conduct (172(e))
85Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
How the Board operates
Meetings
During 2024 the Board held five scheduled Board meetings.
At each scheduled meeting the Board receives a number of
regular reports, presented by the relevant Executive Director
and members of senior management. The regular reports are:
• CEO report, covering progress against all strategic
initiatives and key People, Culture and Regulatory matters.
• Client Group report, covering flows and client activity, for
example new mandates – presented by the Co-Heads of
Client Group.
• Investment Management report, covering investment
performance and markets – presented by the Head of
Equities and Head of Fixed Income.
• Operations and Technology report, presented by the CFOO.
• Finance report, covering budget tracking, financial reporting
and investor relations matters – presented by the CFOO.
• Reports from the Chairs of the Audit and Risk, Remuneration,
and Nomination Committees, updating the Board on each of
the committees’ activities at its most recent meeting.
In addition to the regular reports, the Board considers a rolling
planner of regular matters at each meeting, with each agenda
planned in advance by the Chair, CEO and Company Secretary.
The Board activities table on page 80 gives more information
on what the Board has covered in 2024.
Outside scheduled meetings, the Board held two ad hoc Board
meetings in January and February 2024, making a total of seven
in the year.
Director Meetings attended
Matthew Beesley 7/7
Siobhan Boylan 4/4
David Cruickshank 7/7
Wayne Mepham 7/7
Dale Murray 7/7
Suzy Neubert 7/7
James Macpherson 2/2
Karl Sternberg 7/7
Roger Yates 7/7
Note to table: Siobhan Boylan joined the Board in March 2024 and James
Macpherson in September 2024. Both have attended all Board meetings held in
2024 since their appointment. Karl Sternberg stepped down from the Board with
effect from January 2025.
Topic Key matters considered
Investment
Manager
presentations
Investment strategy, growth strategy
and key challenges and opportunities for:
• Global High Yield Bond
• UK Small and Mid-Cap
• UK Equity Income
International
strategy
Deep-dive into Germany and Italy
Client
engagement
Client Survey feedback and
meetings with clients and
client platform providers
Investor relations
Update on shareholder views,
market trends, and engagement
Business partner
engagement
Market insights on mergers and
acquisitions and shareholder activism
Consumer duty
Peer and regulatory insights from
the Funds Boards Council
Diversity, equity
and inclusion
Review of the findings of an
independent exercise to assess the
experience of diverse talent at Jupiter,
and ratifying an action plan to
address challenges.
Board briefings
Ahead of each formal meeting, the Board holds a briefing
session which all Directors attend.
These sessions are used to develop market and industry
knowledge, provide specific training, and for deep dives on
client and investment areas to get to know the business better.
These sessions are less formal than Board meetings and allow
additional space for broader and forward-looking discussion.
The Board often uses the time in briefings to refine and shape
topics before decision making in formal Board meetings.
The table below shows the topics that the Board covered in
2024 briefings.
86
Board strategy offsite
The Board held a strategy offsite day in June 2024, attended
by all Directors and our Strategy and Management Committee.
The purpose of the session was to ensure strategic thinking
had sufficient external perspective and topics included industry
trends, technology and AI and perspectives from clients and
investors outside Jupiter’s usual client base.
Jupiter ran a development programme for executives who sit on
subsidiary boards within the Group. As part of this programme,
two of our Non-Executives facilitated a session on good
practices around Board papers and presentations.
Training
Directors receive training and information through the Board
briefing sessions described above.
Updates on corporate governance and regulatory matters are
delivered at each meeting through the Company Secretary’s
report. In 2024, we focused on the changes to the UK Listing Rules
and Corporate Governance Code and delivered dedicated
updates to the Audit and Risk Committee on Material Controls
under Provision 29 of the Code and to the Board more generally
on our current level of compliance with the new 2024 Code.
All Directors have access to the services of the Company
Secretary, who advises the Board on governance matters,
and Directors are able to obtain independent advice, at the
Company’s expense, where this is necessary to discharge
their duties effectively.
Cyber resilience training
• Action: The Board undertook a cyber scenario rehearsal
in May 2024, in which we walked through a hypothetical
crisis event involving a hacking and ransomware attack.
• The rehearsal explained the steps that Jupiter’s Crisis
Management Team would take in such a scenario and
tested when and how the Board would be involved.
• The session also covered an update on Jupiter’s cyber
defence layers.
• Outcome: The Board gave feedback, particularly on the
frequency and type of communications that are important
in this type of scenario. These have been incorporated into
the Crisis Management Team’s procedures.
See more detail in the Risk Section at page 62.
Induction
We think it is critical to spend time on a high-quality induction
programme to enable new Non-Executive Directors to gain a
thorough understanding of the Group and to be able to contribute
to meetings as soon as possible.
We ran two tailored induction programmes in 2024, for Siobhan
Boylan and James Macpherson. The table on page 88 gives
an overview of the Jupiter induction programme. All Directors
receive access to previous Board packs and minutes, including
for each of the Board Committees. Approximately six months
after joining, additional meetings are offered to fill any
knowledge gaps that have been identified.
When Siobhan took on the role of Chair of the Audit and Risk
Committee in January 2025, a formal handover from Karl to
Siobhan, in line with FCA requirements and Jupiter’s SMCR
framework was undertaken and documented. Part of this
was drawing up a specific induction programme. As an
existing Director and member of the Audit and Risk Committee,
Siobhan had good knowledge of the Group’s business but this
programme allowed for more focus on financial reporting and
risks and controls to support her new role.
NED and Senior Management Pairings
The Company has a Non-Executive Director pairing
system, under which each Non-Executive Director
is paired with a member of the Strategy and
Management Committee.
They hold around three 1/1 meetings a year with the
objective of giving the Non-Executive Directors greater
understanding of the Strategy and Management
Committee’s members’ business units and helping
management to gain a better understanding of
what information can be most useful to the Board.
The Nomination Committee oversees this scheme,
checking on its effectiveness and refreshing the
pairings annually.
87Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
How the Board operates continued
Role Title Induction topics for discussion
Jupiter Business
Chair Overview of Board composition and skills, recent activities/key
priorities, Nomination Committee duties
CEO Purpose and Jupiter philosophy, strategic priorities
Chief Strategy and Transformation Officer Group strategy, transformational objectives, change
Co-Heads of Client Group Overview of distribution, clients, marketing
Head of Equities & Head of Fixed Income Investment strategies and performance, funds and investment
manager overview
Head of Client Outcomes Consumer Duty
Financials, Operations and
Audit
CFOO Financial performance, financial plan and budget, capital
management, Investor Relations, Operations, Technology
Chair of the Audit and Risk Committee Overview of Audit and Risk Committee and recent
activities/key priorities
External Auditors Overview of external audit team, areas of focus, and approach
Head of Investor Relations Overview of Investor Relations
Head of Operations & Head of Technology Overview of Operations & Technology
Investment Management COO Investment Operations
GCO, IA and Risk
General Counsel and Company Secretary General Counsel’s Office overview, Group structure,
governance arrangements
Head of Compliance Compliance plan/progress and key regulatory interactions
Head of Legal and Corporate Sustainability Manager Corporate ESG overview
Head of Risk Risk appetite, enterprise risk framework and internal
control environment
Head of Internal Audit Overview of Internal Audit team and plan, and overview of
recent audits
People and
Remuneration
Chair of the Remuneration Committee Overview of the Remuneration Committee and recent
activities/key priorities
HR Director and Head of Reward Overview of HR Function, Remuneration structures, SMCR, Culture
and Conduct, DE&I
Chair of Connections Overview of Connections’ role and interaction with NEDs
Board performance review
The Board undertakes a performance review every year. An externally facilitated review was carried out during 2023, so 2024 was an
internally facilitated process.
To bring some wider perspective and ensure no bias in our method, we engaged with BoardClic, a board evaluation provider who
assisted us in creating a questionnaire.
This approach allowed us to tailor questions to the Board’s specific activities during 2024, but also use BoardClic’s wider dataset.
This allowed the Board to make comparisons with our peers and bring in more objective questions. The schematic below sets out
how our evaluation process was designed and how we reported it to the Board.
Our objective was to be focused and find priority areas for action.
88
2024 Performance review conclusions
and action points
The 2024 Board Performance Review was carried out in
November 2024 and reviewed and challenged by the Board
in December 2024. The Board concluded that the review
demonstrated that the Board was performing effectively
and had the right mix of skills and experience and diversity
of thought.
Areas of strength that were identified included all Board
members operating with high levels of integrity; mutual
trust between the Board and management team and
good alignment between the Board and management
team regarding core strategic priorities.
The area identified as needing more development was strategic
discussions – the Board provided feedback on how these could
be more long-term and future-client focused.
The Board also highlighted topics to focus on in 2025, which
included succession planning; factors to keep in mind during
NED recruitment; and the benefit of external presentations
and perspectives:
• Strategy discussions – continuous improvement in
the quality of discussions around strategy, with focus
on long-term and future client needs.
• Succession and retention – the Board is working towards a
deeper and more focused succession plan and remuneration
arrangements to support our talent.
• The external perspective – the Board wants to ensure that it
keeps pace with market change and maintains it awareness
of competitor and market activity.
• Good dynamics/quality discussion – The Board continues
to focus on typical (but vital) areas to make discussion better,
for example, concluding clearly on items and engaging longer
on more difficult topics.
2023 Action points reported in last ARA Status as at end 2024
Build in more time to the Board
programme for wider blue-sky
thinking sessions
• The Board responded to this action in the format and content of its Strategy offsite
in June 2024.
• This was an open and informal session, bringing in a number of external views.
The Board helped in creating the agenda for this session.
Keep focus on the pace of execution
of strategic initiatives
• This has been improved by the regular reporting of our Transformational objectives
which now form part of the CEO’s Report to the Board and track progress in detail.
• Regular one-to-one meetings between the Chair and CEO allow for the Chair to
monitor strategy on an ongoing basis and to focus time in Board meetings where
it is most needed.
Ensure distribution of analyst notes
and written shareholder summaries
to Non-Executive Directors
• This took place throughout the year covering both ad hoc shareholder engagement
and regular financial reporting engagement.
• The Board received a dedicated investor relations report in May 2024.
Consider further standardisation
across Board papers
• Board paper templates and guidance to Board paper preparers was refreshed in 2024.
• Jupiter carried out a development programme for executives who sit on subsidiary
boards within the Group. This training included guidance on good practices around
Board papers and presentations.
Include more Non-Executive Director
only sessions in the Board calendar
• This was addressed in the Board calendar with a Chair and Non-Executive Director only
session either before or after each formal meeting. The SID and Non-Executive Directors,
excluding the Chair, also held a session in July 2024.
Directors
respond to
questionnaire
• All Directors
independently
complete and
responded
• All Directors
identify priority
areas for 2025
Questionnaire
prepared
• Open issues
and previous
questions from
2023 evaluation
to establish
trends
• BoardClic’s pool
of objective
questions
utilised
Draft report
prepared,
focused on
• Priority areas
for further
discussion
• Downward
trends
• Areas where
scores below
benchmark
Review and
challenge by
Chair and CEO
• Feedback
from the Chair
and CEO
incorporated
into the draft
report
• Actions
proposed
Board review
and discussion
• Board discusses
the evaluation
report and
approves the
list of 2025
priorities
and actions
The Company Secretary monitors progress on open Board evaluation actions throughout the year
89Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Nomination Committee report
Committee’s key responsibilities
• Keep the composition of the Board and its Committees under
review to ensure a correct balance of skills, knowledge,
experience and diversity is in place.
• Lead the search and selection process for new Board
appointments, including identifying the skills and experience
required.
• Oversee succession planning for Directors and senior
executives.
• Review the Company’s policies and practices for talent
management, development and diversity.
• Consider each Director’s performance and continuing
contribution, including the review of their external time
commitments and, when appropriate, recommending their
re-election to shareholders.
• Consider and, if appropriate, approve potential additional
external appointments and conflicts of interest.
A full copy of the Committee’s terms of reference, which are
reviewed by the Committee and approved by the Board on an
annual basis, can be found at www.jupiteram.com.
“We are confident that we maintain
the right balance in our recruitment
processes to drive diversity and at
the same time recruit on merit for
the right skills.”
David Cruickshank
Committee members and
regular attendees
During the year, the Committee held three meetings and
oversaw ad hoc matters in writing where required.
Meetings
Meetings
attended
David Cruickshank (Chair of the
Nomination Committee) 3/3
Karl Sternberg 3/3
Dale Murray 3/3
Roger Yates 3/3
Suzy Neubert 3/3
Siobhan Boylan
1
2/2
James Macpherson
1
1/1
1. Siobhan Boylan and James Macpherson joined the Committee in
March and September respectively, so have attended all meetings
since their appointment.
In accordance with Provision 17 of the Code, all of the
members of the Committee are independent Non-
Executive Directors. We make all our Non-Executive
Directors members of this Committee, and the Chair of
the Board chairs the Committee. The only exception to
this is where Chair succession is being considered, in
which event the Committee is chaired by the SID.
The CEO and HR Director are invited to attend Committee
meetings where appropriate and to facilitate informed
debate.
90
Dear Stakeholder
I am pleased to present a report on the activities of the
Committee.
Board changes
The Committee has recommended a number of changes to the
Board:
• March 2024 – Siobhan Boylan joined the Board and the Audit
and Risk and Nomination Committees.
• September 2024 – James Macpherson joined the Board and
the Audit and Risk, Remuneration, and Nomination
Committees.
• January 2025 – Karl Sternberg retired from the Board after
nearly nine years of service. Siobhan Boylan succeeded Karl
as Chair of the Audit and Risk Committee.
• January 2025 – Suzy Neubert was appointed as SID.
• January 2025 – Dale Murray was appointed as a member of
the Remuneration Committee.
This report gives you more detail on the process for recruitment
and appointment, our approach to succession planning and
how these support development of a diverse pipeline.
Diversity and inclusion
Jupiter is committed to building a diverse workforce across all
levels of the organisation and, more widely, to driving change
within the industry.
We consider diversity in its widest sense which includes gender,
ethnicity, disability, sexuality, neurodiversity and socio-economic
background.
In 2024, we updated the Board’s Diversity and Inclusion
Statement to clarify that our approach to diversity is not limited
only to certain factors.
We were also pleased to meet one of the key Board diversity
targets under the Listing Rules – Suzy Neubert has taken on the
role of SID from Roger Yates with effect from January 2025,
which fulfils the objective of having a woman in a Board
leadership role.
We continue to work towards the target of a 40% female Board.
As a small group, one individual leaving or joining has a high
impact on our percentage outcome. At year-end, we were a
Board of nine individuals, of whom three were female – 33%
representation. At the time of writing we are a Board of eight
individuals, of whom three are female – 37.5% representation.
We are confident that we maintain the right balance in our
recruitment processes to drive diversity and at the same time
recruit on merit for the right skills.
Jupiter has one Director from a minority ethnic background and
has therefore met the Parker Review target.
In accordance with Provision 23 of the Code, the Committee
oversees the firm’s initiatives on diversity and inclusion and
their progress.
Other activities
The Committee supports management in rigorous succession
planning for all key roles, covering both Executive Directors and
other senior management.
The Committee keeps all Board and Committee roles under
review, for example reviewing and updating the SID and Chair
responsibilities in 2024.
The Committee considers tenure, time commitment and any
conflicts of interest arising from external positions or otherwise.
2025
We announced in January 2025 Roger Yates’ intention to step
down from the Board during 2025. The Committee will focus on
succession for his role as Non-Executive Director and Chair of
the Remuneration Committee to put in place an orderly
handover plan.
David Cruickshank
Chair of the Nomination Committee
91Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Nomination Committee report continued
Board and Committee composition and Non-
Executive Director appointment
The Committee reviewed the composition of the Board and its
Committees during the year, focusing on the skills, experience
and diversity of the Directors and taking into account all
relevant governance requirements, best practice and the views
of shareholders.
The Committee commenced a search process in late 2023 for
additional Non-Executive Directors given Karl Sternberg’s natural
tenure end. This work ran into 2024.
For each of our two Board appointments, the Committee
reviewed and approved a role specification. We engaged
Spencer Stuart and Nurole to assist with the recruitment
process. As required by Provision 20 of the Code, we can confirm
that other than providing recruitment services, these agencies
have no connection to the Group.
The process for recruitment and appointment
Our process for recruitment involves a long list of candidates,
based on the role specification, which is considered by all
Committee members for high-level views.
The Chair uses the Committee’s inputs to form a short list
of candidates for initial interviews, which are carried out
by the Chair and typically two other Non-Executives Directors.
This process of sifting the short list will produce two to four
preferred candidates.
All Committee members and Executive Board members would
be invited to interview preferred candidates.
Once a preferred candidate is agreed, the Committee will
formally recommend that candidate to the Board for its
approval, and this process is documented by the
Company Secretary.
Onboarding of a new Non-Executive Director includes a detailed
induction programme which is summarised on page 88.
Focus areas for recruitment in 2024
For the recruitment processes in 2024, we had two clear areas
of expertise the Board was seeking: financial reporting and
governance expertise to be a successor to the Chair of the Audit
and Risk Committee and investment management experience
to support challenge to the Group’s investment performance.
Diversity has also been a key consideration within the
recruitment process and our Board recruitment this year has
been 50/50 male/female.
The Committee refreshed its Non-Executive skills matrix in 2024
to ensure direct and indirect skill sets were fully mapped, and
also shown against tenure and gender.
Succession planning
The Committee undertook a full talent and succession review in
May 2024, led by our HR Director and Matthew Beesley. The plan
covered:
• a map of all Jupiter staff to identify the volume of individuals
rated as key talent and to learn more about how the Group
develops and retains its staff.
• a diversity analysis of talent by gender and ethnicity.
• measures taken around succession planning, such as market
mapping, individual role development and retention.
• individual succession plans for senior roles and key
investment talent.
The succession map sets out estimated timings and gaps that
needed to be filled. The Committee focused its discussion on
those gaps and the steps to put plans in place or make plans
more robust.
Diversity in recruitment and succession
Provision 17 of the Code asks that the Board oversee the
development of a diverse pipeline for succession.
In relation to appointments to the Board, the Committee has
driven this through briefing our executive search firms on our
diversity ambitions, seeking out diverse and balanced long and
short lists for candidates, and discussing and challenging bias in
candidate discussions.
In terms of our succession planning, specific data on how we
can ensure diverse talent thrives at Jupiter has been discussed
by the Committee, and all succession planning for
management is carried out with gender and ethnicity lenses on
the pipeline.
For recruitment of all senior management positions, the firm
has implemented gender balanced shortlists at CV and
interview stage.
92
Board diversity and inclusion statement
The Board approved an amended Board Diversity and
Inclusion Statement at the end of 2024, set out below.
Policy
A culture which is inclusive and supports diversity is essential
to the long-term success of our business and better enables
us to respond to our stakeholder needs. We understand that a
diverse Board brings a broad range of perspectives, insights
and challenge which supports sound decision making. The
Board sets the tone for inclusion and diversity across the
business and we believe in having a diverse leadership team
and an open and inclusive culture.
We believe a truly diverse Board will include and make good
use of differences in the skills, experience and background
between Directors. These differences will be considered in
determining the optimum composition of the Board and when
possible should be balanced appropriately.
All Board appointments are made on merit, in the context of
the skills, experience, independence and knowledge which the
Board as a whole requires to be effective.
Implementation
• In reviewing Board composition, the Committee will
consider the benefits of all aspects of diversity in order to
enable the Board to discharge its duties and responsibilities
effectively.
• In identifying suitable candidates for appointment to the
Board, the Committee will consider candidates on merit
against objective criteria and with due regard for the
benefits of diversity on the Board.
• As part of the annual performance evaluation of the
effectiveness of the Board, Board Committees and
individual Directors, the Board will consider the balance of
skills, experience, independence and the diversity
representation of the Board, including gender and ethnicity
in line with targets, how the Board works together as a unit,
and other factors relevant to its effectiveness.
Conflicts of interest
The Company’s Articles of Association permit the Board to
consider and authorise situations where a Director has an
actual or potential conflict of interest in relation to the Group.
The Board has a formal system to record potential conflicts and,
if appropriate, to authorise them. Conflicts of interest are
included as a standing agenda item at each Board and
Committee meeting. When authorising conflicts or potential
conflicts of interest, the Director concerned may not take part in
the decision making.
Board and Committee Evaluation
As required by Provision 21 of the Code, a thorough Board and
Committee evaluation process took place at the end of 2024.
Full details are set out on pages 88 to 89.
The Committee undertook its own evaluation, concluded that it
was operating effectively and identified the following points for
action or focus in 2025:
• Continuing a strong succession plan at senior management
level;
• Increasing agenda time for succession plan discussion;
• Keeping under review lead time for recruitment; and
• Keeping a focused Skills Matrix up to date for Non-Executive
recruitment.
As part of this process, the Chair (through the SID) and all other
Board members have individual evaluations, the results of which
feed into the Committee’s recommendation for annual
re-elections.
Directors’ external commitments
A schedule of Directors’ external appointments, which
aggregates details of their time commitments, is reviewed by
the Committee at each of its meetings to ensure all Directors
can commit enough time to their duties, including in non-
standard business situations. The Committee carefully reviews
and tests time required for duties, particularly for Committee
Chairs.
Any new external appointments for Board members are
considered by the Committee. The Committee is satisfied that
all Directors have sufficient time to dedicate to their duties and
have clearly demonstrated this throughout the year.
Director re-election
In line with Provision 18 of the Code and the Company’s Articles
of Association, all Directors are subject to annual re-election at
the Company’s AGM.
Annually, the Committee reviews each Director’s performance
including the results of the annual Board evaluation. The
Committee also considers independence of Non-Executive
Directors, and then recommends to the Board that each
Director be re-elected. The Committee and Board ensure that
there is appropriate disclosure for shareholders to make a
decision on re-elections, setting out specific reasons why each
Director’s contribution is important to the Company’s long-term
sustainable success.
The Committee leads a more detailed review of each Director’s
performance, contribution and independence when they are
considered for re-appointment after serving three-year and
six-year terms. The Committee undertook this for David
Cruickshank and Dale Murray in May 2024.
93Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Audit and Risk
Committee report
Committee’s key responsibilities
• Monitoring the integrity of the parent company and
consolidated financial statements, and overseeing the
Group’s financial reporting processes, including reviewing
significant financial reporting matters, judgements,
statements and announcements concerning its
financial performance.
• Assessing the material risks which could impact the Group’s
business model, future performance, liquidity and solvency.
• Reviewing and monitoring the effectiveness and adequacy
of risk management processes.
• Reviewing the Group’s internal control systems including
the adequacy and effectiveness of the framework used to
monitor the Group’s significant outsourced relationships.
• Reviewing the Group’s whistleblowing arrangements and
ensuring the proportionate and independent investigation
of any matters reported.
• Overseeing the appointment, performance, remuneration and
independence of the external auditors, including the provision
of non-audit services to the Group.
• Reviewing and approving the appointment or re-appointment
of the Group’s Head of Internal Audit and oversight of the
Group’s Internal Audit function.
• Providing oversight of regulatory and compliance matters
across the Group.
• Oversight of the Group’s ESG and Sustainability reporting
processes, controls and disclosures.
Pages 96 to 98 of this report provide further information on the
Committee’s activities during the year and outcomes.
“A key responsibility of the Committee
is to ensure the integrity of the Group’s
financial reporting and controls.”
Siobhan Boylan
Committee members and
regular attendees
During the year, the Committee held five meetings, all of
which were scheduled and aligned with the audit and
financial reporting schedule.
Meetings
Meetings
attended
Karl Sternberg (Interim Chair of the Audit
and Risk Committee)
1
5/5
Siobhan Boylan (Chair of the Audit and
Risk Committee)
2
4/4
James Macpherson
3
2/2
Dale Murray 5/5
Roger Yates 5/5
1. Karl Sternberg stood down as Interim Chair of the Audit and Risk
Committee and member of the Committee on 3 January 2025.
2. Siobhan Boylan joined as member of the Committee on 5 March
2024 and became Chair of the Audit and Risk Committee on
3 January 2025.
3. James Macpherson joined as a member of the Committee on
30 September 2024.
Independence
The Committee, as at 31 December 2024 was
comprised of four Non-Executive Directors, all of whom
are independent. The composition of the Committee was
fully compliant with the UK Corporate Governance Code
throughout 2024.
Knowledge, skills and experience
The Committee as a whole is considered to have the
competence relevant to the asset management sector.
Roger Yates has over 40 years’ experience in the industry.
James Macpherson, who joined the Committee in 2024 is
a portfolio manager with nearly 40 years’ experience in
the asset management sector. The Chair of the Audit
and Risk Committee, Siobhan Boylan, is a chartered
accountant with over 30 years’ experience in financial
services, primarily within the asset management and
wealth sector. Dale Murray is also a qualified accountant
and both Siobhan Boylan and Dale Murray are
considered to have recent and relevant financial
experience. Roger Yates is Chair of the Remuneration
Committee, which helps to ensure the identification
of issues relevant to both Committees.
A full copy of the Committee’s terms of reference,
which are reviewed by the Committee and approved
by the Board on an annual basis, can be found at
www.jupiteram.com.
94
Dear Stakeholder
I am pleased to present the Audit and Risk Committee report
following my appointment as Chair of the Audit and Risk
Committee in January 2025.
The report that follows provides stakeholders with information
on the activities of the Committee throughout 2024 and how the
Committee has discharged its responsibilities during the year.
Before considering these matters, I would like to thank my
predecessor as Chair of the Audit and Risk Committee, Karl
Sternberg, for the commitment and diligence he demonstrated
as interim Chair of the Audit and Risk Committee, a position
which he held from April 2023 to December 2024, while the
Board undertook its search for a permanent Chair. I joined
the Committee as a member following my appointment as
a Director of the Company in March 2024. During the year
I attended four of the five meetings as a member of the
Committee, and was delighted to accept the appointment as
Chair of the Audit and Risk Committee from 3 January 2025,
when Karl stood down from his role. During my time as a
member, I was able to work alongside Karl as I was brought
up to speed with the activities of the Committee, and the key
current issues and priorities, and also formed my own views
on these matters. This time supported the smooth transition
of responsibilities, with continuity also provided by our other
experienced members. I am pleased that we were also able
to welcome James Macpherson as a new member of the
Committee when he joined the Board in September 2024. His
appointment increases the overall diversity of skills, knowledge
and experience on the Committee and the significant industry
knowledge and experience he brings will support the work of the
Committee going forward. Further details on the membership of
the Committee can be found on page 94 and the assessment
of the performance of the Committee on page 103.
Internal controls
We reported in 2023 on work taking place to enhance the
Group’s internal control environment, including automation
and documentation to support better and more efficient risk
mitigation, and the importance of maintaining a culture of risk
and control awareness. Embedding these matters throughout
the business has been a key area of focus during 2024 and
the Committee has continued to receive regular updates
on progress.
Understanding our most material risks, and the controls that
are in place to manage these risks is an important part of the
Committee’s work. The new UK Corporate Governance Code
2024 will bring into effect from 1 January 2026 new requirements
on boards around the monitoring of risk management and
Internal controls and an annual assessment of their effectiveness.
The Committee is supportive of changes which will raise the
level of governance, reporting and risk management of internal
controls by listed companies, and for our own part, we are
confident that, with the maturity and strength of the risk
management and internal control framework we have in place,
Jupiter is well placed to comply with these new requirements.
Culture and conduct
In 2023 Jupiter established the Culture and Conduct Committee,
with the overarching purpose of ensuring that the Group
maintains a robust framework for conduct risk and governance.
The Culture and Conduct Committee has overseen the
development of our conduct risk and Consumer Duty metrics
and determined appropriate tolerance thresholds, which have
been reviewed at each quarterly meeting during 2024 so that
the Committee can monitor how the Culture and Conduct
Committee is carrying out its responsibilities and can escalate
any issues, as appropriate, to the relevant boards. Having the
right culture is vital to ensuring the protection of our clients.
The work of the Culture and Conduct Committee, alongside
qualitative reporting from Management has helped the
Committee to ensure that a culture of risk and control
awareness is well embedded in the business.
Financial reporting
One of the key responsibilities of the Committee is to ensure
the integrity of the Group’s financial reporting and controls.
The Committee conducted a detailed review of the Group’s
Annual Report and Accounts for the year ended 31 December
2024. Further information on this, and other important areas
of estimation and judgement, and details of outcomes can
be found on page 99.
Finally, I express my thanks to the teams across the Group who
have supported the Committee’s work throughout the year.
Siobhan Boylan
Chair of the Audit and Risk Committee
95Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Committee activities
Issues considered How these were addressed by the Committee
Financial reporting
Annual and interim reporting
For further information see page 100
Reviewed and approved the annual and interim reports and recommended them to the
Board, ensuring they provided a true and fair view of the Company’s position and that
they were fair, balanced and understandable.
Statement of viability and
going concern
For further information see pages 31
and 100
Considered, challenged and approved the Group’s statement of viability and
the preparation of the annual and interim accounts on a going concern basis. The
Committee concluded that it was appropriate to prepare the financial statements on
a going concern basis of accounting and that the Company continued to maintain a
healthy surplus of both capital and liquidity and would remain commercially viable
throughout the forecast period of at least three years.
Significant accounting judgements
and estimates
For further information see page 99
Reviewed, challenged and approved all significant accounting judgements and
estimates for both the annual and interim reports. Considered the assessment of
the impairment of goodwill, reviewing management’s methodology and sensitivity
of inputs with due regard to developments and uncertainty in the geopolitical and
macroeconomic environments.
APMs
For further information see page 100
Challenged and approved the use of APMs in the Annual Report and Accounts and
ensured that these were appropriate to provide users of the accounts with a clearer
understanding of the Group’s business. Reviewed the disclosures to ensure that they
were clear to the readers of the accounts.
ICARA
For further information see page 31
Considered the risk scenarios, stress tests and wind-down scenarios and reviewed
the ICARA. Approved the Group’s ICARA and wind-down plan and recommended its
approval to the Board.
Risk
Risk reporting Received a report at each meeting from the Head of Risk providing commentary on the
oversight of the Group’s risk profile and control environment, including information on
risk incidents and their management, Group Risk appetite statements and metrics,
operational resilience and critical supplier assessments.
ERMP
For further information see the
Our approach to Risk Management
section on page 60 to 67
Reviewed the ERMP and enhancements to the risk appetite statement and
recommended their approval to the Board.
Principal and emerging risks Discussed the principal and emerging risks and considered likelihood of occurrence
and potential impacts on the Group. Reviewed and approved the risk management
disclosures in the annual and half-year reports and suggested changes to provide
further clarity to readers of the accounts.
Liquidity risk management Monitored the Group’s implementation of liquidity risk management procedures and
liquidity stress testing in line with liquidity risk management requirements and
best practice.
Operational resilience Received as part of regular risk reporting updates on the work of the Operational
Resilience Forum, including outcomes of the annual review of Important Business
Services and Value Chain Mapping, actions closed and lessons learned from
incidents, and enhancements to operational resilience management information.
Received updates on adherence to the Digital Operational Resilience Act which came
into effect on 17 January 2025 for our continental Europe activities.
Culture and conduct Provided oversight of the framework for the management of conduct risk and oversight
of culture.
Audit and Risk Committee report continued
96
Issues considered How these were addressed by the Committee
Risk continued
Legal and litigation risks Received updates from the General Counsel on potential legal and litigation risks across
the Group.
Internal controls
For further information see pages 102
and 103
Reviewed the effectiveness of the internal control environment including consideration
of risk incidents, the output from the risk and control self-assessment, compliance
monitoring and internal audit findings.
Assurance report on internal controls
(AAF)
Oversaw the preparation of the Group’s annual assurance report on internal controls
which was audited by EY and approved the final report before it was sent to
appropriate stakeholders.
Compliance
Compliance reporting Received a report at each meeting from the Head of Compliance which provided an
update on compliance matters. This included key priorities for the activities of the team,
compliance monitoring findings and an update on any regulatory matters, engagement
or change.
Compliance monitoring plan Reviewed and approved the Group’s compliance monitoring plan, under which the
compliance team reviews and tests key areas of the firm’s business as part of the
second line of defence oversight.
Financial crime prevention Received a quarterly update from the Money Laundering Reporting Officer on the
policies and procedures in place to manage money laundering and financial crime
risks across the Group and concluded that the framework and management of the
risks were effective.
Whistleblowing arrangements Reviewed the Group’s whistleblowing policy and arrangements and found these to be
effective and in line with best practice. The whistleblowing champion ensures, should
any reports be received, these are independently investigated. Siobhan Boylan became
whistleblowing champion on her appointment as Chair of the Audit and Risk Committee.
Fraud deterrence policies
and procedures
Assessed the effectiveness of the policies and procedures in place to prevent fraud
across the organisation, including measures designed to protect our clients. These
were found to be effective.
External audit
External audit reporting Received regular reporting from the external auditors on the external audit plan,
progress thereon and any matters identified in the course of the audit.
External auditors’ effectiveness
For further information see page 101
Provided oversight of the relationship with the external auditors and assessed the
effectiveness of the external audit process.
Independence of external auditors
For further information see page 101
Considered, at each meeting, the independence of the external auditors including
consideration of non-audit related engagements and expenditure and ensured it
remained satisfied that the external auditors continued to be independent.
External audit fee
For further information see page 100
Reviewed and challenged the proposed fees for the external audit of the Company
and its subsidiaries.
97Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Issues considered How these were addressed by the Committee
Internal audit
Internal audit reporting Received regular reporting from Internal Audit which provided an update on the internal
audit plan, an overview of all internal audit reports issued during the period and an update
on identified and outstanding management actions.
Internal audit plan Reviewed and approved the internal audit plan, which was considered in conjunction with
the compliance monitoring plan to ensure effective assurance reporting over all of the
Group’s operations, with appropriate focus on higher risk areas.
Internal audit effectiveness
For further information see page 102
Conducted a formal review of the effectiveness of the Internal Audit function.
Internal Audit Charter Reviewed and agreed the Internal Audit Charter and agreed that no changes were required.
The Group’s Internal Audit Charter can be found on our website at www.jupiteram.com.
Other
Rebate review Received reports from management on enhancements to rebates processes and
oversight to a number of strategic enhancements being implemented to enhance
controls. The Committee continued to monitor progress on implementation and
embedding of changes closely throughout the year.
Client Money and Custody Asset
Assurance (CASS) report
Reviewed and approved the 2023 CASS report and oversaw the implementation of the
control findings identified. The Committee received updates on progress with the 2024
CASS report.
Update to the FRC Corporate
Governance Code
Considered changes to the UK Corporate Governance Code and in particular, the
new requirements on boards around the monitoring of risk management and internal
controls and an annual assessment of their effectiveness which will apply with effect from
1 January 2026.
Tax strategy Reviewed and approved the Group tax strategy which includes details of how we manage
the tax affairs and related risks to our business. In 2024 the Group again received
accreditation of the Fair Tax Mark standard.
Terms of reference Reviewed terms of reference to ensure they remained up to date and in accordance with
best practice.
Sustainability
For further information see
Sustainability starting on page 46
Considered the key ESG developments and regulatory initiatives and sustainability reporting.
Private meetings During the year the Committee held private meetings with:
• The Head of Internal Audit
• The Head of Risk
• The Head of Compliance
• The external auditors
• The CFOO
These meetings provided an opportunity for private discussion with the Committee,
without other members of management present, and supported, amongst other things the
Committee’s assessment of the performance of the external auditors and Internal Audit.
Financial reporting
The Committee ensures the integrity of the Group’s financial reporting, including overseeing the effectiveness of the financial
control environment. Prior to recommending the year-end financial statements to the Board for approval, the Committee reviews
the application of the Group’s accounting policies and considers the principal areas of financial statement risk and challenges
management on areas of estimation and judgement. The table that follows summarises the significant issues relating to the financial
statements and how these were addressed. In each case the Committee concluded that the accounting treatment and disclosure in
the financial statements is appropriate. The Committee has also assessed the Annual Report and Accounts to ensure that, taken as a
whole, it is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Group’s
position and performance, business model and strategy.
Audit and Risk Committee report continued
98
Significant accounting matters, key areas of estimation and judgements
Impairment of goodwill
Assessment of area
of estimation and
judgement
A key area of discussion and challenge was the assessment of the impairment of the Group’s total
goodwill asset which relates to the 2007 acquisition of Knightsbridge Asset Management Limited and
the 2020 acquisition of Merian Global Investors Limited.
Goodwill arising on acquisitions is capitalised in the consolidated balance sheet. Goodwill is carried at
cost less accumulated impairment losses. The carrying value of the goodwill asset is not amortised but
is tested annually for impairment or more frequently if indicators of impairment arise.
At 31 December 2023, the Group recognised an impairment charge in the amount of £76.2m. As a result
of this, the headroom on the Group’s goodwill at that point was reset to nil.
For the full year ended 31 December 2024, a full impairment test was again undertaken and the
Committee reviewed management’s assessment of impairment, providing challenge to the key inputs
and assumptions. It further considered sensitivities to its base case data to determine to what extent
the goodwill asset was exposed to possible future impairment in the event of plausible adverse events
or circumstances.
The Group engaged a third-party valuation specialist to provide a valuation opinion in relation to the
value in use of the Group at the year-end date, and to support management’s assessment.
Outcome Based on the results of the assessment of impairment, which showed estimated headroom of £10m, the
Committee was able to confirm that it was comfortable with the Finance team’s recommendation that
there was no further impairment of the Group’s goodwill. The Committee reviewed disclosures and
provided feedback to management to ensure that narrative was clear and included disclosure of
sensitivity to reasonable changes in assumptions.
Share-based payments
Assessment of area
of estimation and
judgement
The Group recognises significant accounting charges in respect of deferred share-based awards arising
from Deferred Bonus Plans and Long-Term Incentive Plans. The principal area of estimation relates to the
probability of vesting of performance-based awards. An assessment was undertaken based on the
business performance to date and the likelihood of improvements offsetting these factors in the
remainder of the vesting periods.
Outcome
The Committee was satisfied that current estimations of future vesting levels remained appropriate.
Provisions
Assessment of area of
estimation and
judgement
The Committee reviewed liabilities arising from the Group’s ongoing operational activities where there
was uncertainty over the existence, timing or amount of obligations arising from past events. In addition
to considering management’s analysis, the Committee’s review incorporated other evidence relevant to
these items, such as input from external counsel, where applicable. Where provisions previously held had
been utilised or released during the period, the Committee challenged whether the obligations had been
fully discharged. It also considered events that occurred after the balance sheet date and the impact on
provisions held.
Outcome At the year-end, the Group held provisions of £5.1m. The Committee concluded that the provisions were
an appropriate reflection of the most likely outcomes and of the costs involved in resolving them albeit
subject to the uncertainty inherent in any provision.
Disclosure of exceptional items
Summary of significant
accounting item
The Committee reviewed management’s proposals relating to exceptional items, which are used as
APMs in both the Strategic report and Governance section of this Annual Report (the use of APMs is set
out from page 201. Exceptional items incurred in 2024 amounted to £9.2m and related solely to the final
six months’ amortisation of the intangible assets acquired as part of the Merian acquisition.
Outcome The Committee agreed that the above mentioned item met the definition of exceptional items.
99Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Audit and Risk Committee report continued
Going concern
Under UK law, the Board is required to conclude on the Group’s
ability to continue as a going concern for a period of 12 months
from the date of the approval of the financial statements.
The Board was supported in its assessment of the going
concern by the review undertaken by the Committee. The
Committee considered amongst other matters, the current
financial position, budget and cash flow forecasts, liquidity,
provisions and contingent liabilities, and took into consideration
the Group’s principal risks and uncertainties. The Committee
stress tested the going concern against key viability measures
from the Group’s ICARA document, being the most severe stress
scenario and the point of unviability, as defined in the reverse
stress test scenario.
The Committee noted that the Group’s position and forecast
showed current financial strength and considered that the
Group has access to the financial resources required to run
the business efficiently and has a strong cash position. The
Committee concluded that it considered it appropriate to
prepare the annual financial statements for the year ended
31 December 2024 on a going concern basis.
Statement of viability
The statement of viability is separate and additional to the
going concern statement, and is underpinned by the Board’s
responsibility for risk and ongoing monitoring and generally
viability is considered over a longer time frame. The 2024
statement of viability, which can be found on page 31 is
considered across a three-year horizon.
The Committee considered the appropriateness of the time
frame for reporting, and examined the principal risks to the
Company’s viability over the three-year period, noting the most
significant areas with potential to cause issues for the viability
of the Group. The Committee considered stress testing, which
applied the most severe stress scenario from the Group’s ICARA,
and noted that the Group was expected to continue to remain
commercially viable and maintain adequate capital resources
over its regulatory requirements for the entire period. Liquidity
surplus, before management action, was also expected to
remain positive until the end of the period.
The Committee concluded that there was a reasonable
expectation that the Company would continue in operation
and meet Its liabilities as they fell due over the period of the
assessment, and recommended the viability statement
for approval of the Board.
Fair, balanced and understandable
The Committee considered whether, taken as a whole, the
2024 Annual Report and Accounts are fair, balanced and
understandable and provided the information necessary
for shareholders to assess the Company’s position and
performance, business model and strategy.
The Committee received and reviewed a full draft of the
accounts before its February meeting and considered at the
meeting whether the performance and position of the Group
had been described in a fair and balanced way. The Committee
in particular considered and challenged proposed forward-
looking statements to ensure that they presented a fair and
balanced outlook, bearing in mind judgements that were
required. The Committee also considered whether descriptions
of the business, risks and financial performance were presented
in a clear and straightforward manner, and in particular, that
efforts have been made to avoid the use of jargon.
The Committee is of the opinion that the 2024 Annual Report
and Accounts were representative of the year and presents a
fair, balanced and understandable overview. The Committee
is also of the opinion that the Annual Report and Accounts
provides a true representation to shareholders of the Company’s
position and performance, business model and strategy.
Alternative performance measures
The Committee reviewed the approach proposed by the
finance team for disclosure of APMs specifically around the
presentation of exceptional items and performance fees in the
Group’s income statement.
Exceptional items are defined as items of income or expenditure
that are significant in size and which are not expected to repeat
over the short term. Such items were separately presented to
enable a better understanding of the Group’s ongoing
financial performance.
The Committee reviewed and challenged management’s
proposals with regard to exceptional items and agreed
that exceptional items incurred in 2024 amounted to £9.2m
and related solely to the final six months’ amortisation of the
intangible assets acquired as part of the Merian acquisition.
The Committee considered the presentation of APMs in the 2024
Annual Report and Accounts and concluded that the use and
disclosure of APMs in the Annual Report and Accounts was
appropriate, and that the definitions and explanations were clear.
An explanation of the use of APMs is provided from page 201.
External audit
External audit at a glance
External Auditors EY
Lead engagement partner James Beszant
Financial period auditors
first appointed
31 December 2023
External audit fees £1.24m (2023: £1.17m)
Total fees for
non-audit services
£0.53m (2023: £0.53m)
100
Auditor re-appointment
EY’s re-appointment as external auditors for the financial year
ended 31 December 2024 was approved by shareholders at the
Annual General Meeting held in May 2024. James Beszant was
appointed as lead partner on 20 March 2023 and continued
as lead partner to the financial period 31 December 2024.
Mr Beszant is therefore due to rotate after the 31 December
2027 year-end.
Having undertaken a formal tender process in 2021 and
appointed EY as external auditors, the Company complies
with the requirements of the Statutory Audit Services for Large
Companies Market Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee Responsibilities) Order
2014 and the Corporate Governance Code. The Company
currently has no intention of tendering for an alternative external
auditor before the end of the current period of 10 years.
Further to its assessment of the effectiveness of the external
auditor (see below for further information), the Committee
recommended to the Board the re-appointment of EY. The
Board will recommend to the shareholders the re-appointment
of EY as external auditor for the year endings 31 December 2025
at the forthcoming AGM.
Auditor effectiveness
This was the second year of EY’s appointment as external
auditors and, during the year, the Committee followed an
approach agreed by the Committee in 2023 to assess the
effectiveness of the external auditor and the audit process.
The key inputs into this assessment were:
• An internal questionnaire which was circulated to key
stakeholders across the business, and to members of the
Committee. The questionnaire sought feedback on EY’s
performance, including comment on how EY performed
in both planning and execution of the transition from the
previous external auditors, and on the audit of the statutory
accounts of the Group and its subsidiaries. The questionnaire
also asked respondents to comment on areas for focus and
improvement in 2024.
• A summary of reviews of EY by other bodies, including the
FRC Audit Quality Inspection and Supervision Report.
• Review of EY’s own internal measurements of audit quality.
• The Committee’s own regular interactions with EY over the
course of the year, and feedback obtained from
management, including the Head of Finance and the CFOO.
The formal assessment of EY was conducted by the
Committee in May 2024. The Committee noted that responses
to the questionnaire showed consistently high scores in terms
of overall satisfaction with the audit, and that the audit transition
had been well planned and executed. The audit of the statutory
accounts had been well planned and substantial testing had
taken place at an early stage. EY had been engaged and
collaborative in their execution of the audit and were open
to feedback and areas for improvement.
During the year, as part of its ongoing interaction with EY,
the Committee also considered the resources of the auditors
and discussed the content of the auditors’ reporting, which
demonstrated a good understanding of the Company’s
business and activities.
At its meeting in October 2024, the Committee also reviewed
the FRC’s Audit Quality Review of EY audits, published on 30 July
2024, discussed learnings of relevance to Jupiter’s EY team and
received further feedback from management on its interactions
with EY, which management confirmed continued to be of a
high standard.
In light of its assessment and interactions with the external
auditors throughout the year, the Committee concluded
that it was satisfied with the external auditors’ independence
and objectivity as well as the effectiveness of the external
audit process.
Non-audit services and ensuring independence of
the external auditors
The Committee has a non-audit services policy, which sets out
the procedure for the provision of any non-audit services by the
external auditors to any entity within the Group in order to help
safeguard the external auditors’ objectivity and independence.
At each Committee meeting the non-audit spend of the Group
is reviewed to ensure that they remain within the limits set out in
the non-audit services policy, and an assessment made of the
independence of the external auditors.
Services classified as non-audit services that are conducted by
EY include the review of the interim results, certain audit related
assurance services that are required by regulation, such as
CASS reporting in the UK and overseas regulatory audits. The
Committee considers that there are clear and compelling
efficiencies and synergies to be gained by the auditors carrying
out these activities alongside the statutory audit, and considers
that the activities do not impact the external auditors’ objectivity
and independence.
In determining the independence of the external auditors
and consideration of non-audit services, the Committee
has due regard to all relevant regulations and guidance which
includes the FRC’s rules for auditors in respect of the provision of
non-audit services whereby the proportion of non-audit service
fees that can be incurred in a year is limited by reference to the
average audit fee over a rolling three-year period and prohibits
non-audit services fees from exceeding 70% over both UK
standalone and total Group bases. The Company is compliant
with the requirements of the FRC’s Revised Ethical Standard
2024, and with the Audit Committees and the External Audit:
Minimum Standard (the ‘Minimum Standard’).
In accordance with the Minimum Standard, the non-audit
services policy requires prior approval for the engagement
of the auditors to supply non-audit services. This requires that
all non-audit services be approved by the Committee, which
can be facilitated by the Chair of the Audit and Risk Committee
should such approval be required in between Committee
meetings. In managing its non-audit relationships with audit
firms, the Committee takes due regard to ensuring that it will
have a fair choice of suitable external auditors at the next
tender process.
101Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Audit and Risk Committee report continued
Internal Audit
Role and independence of Internal Audit
The primary role of Internal Audit is to help the Board
and management to protect the assets, reputation and
sustainability of Jupiter. It does this by assessing whether all
significant risks are identified and appropriately escalated;
assessing whether they are adequately controlled; and by
challenging management to improve the effectiveness of
governance, risk management and internal controls.
All Internal Audit activities remain independent of any element
in the organisation, including matters of audit selection, scope,
procedures, frequency, timing, or report content. The Head of
Internal Audit provides a report on activity in the relevant period
at every Committee meeting. The Head of Internal Audit reports
directly to the Chair of the Audit and Risk Committee and also
meets with the whole Committee, without management
present, ensuring a private forum to raise issues or concerns
if required.
Internal Audit obtains assistance, where required, on audits from
co-sourced providers. The Committee monitors the fees paid
to co-sourced partners for services outside the internal audit
to ensure their objectivity and independence. The Committee
remained comfortable that fees remain well under the agreed
limit, set out in the non-audit services policy for Internal Audit.
Assessment of the effectiveness of Internal Audit
During the course of the year the Committee engaged regularly
with the Head of Internal Audit, both at Committee meetings
and on two occasions without the presence of management.
As part of its regular engagement the Committee:
• Reviewed and assessed the annual internal audit work plan.
• Received regular reporting on the results of the Internal
Audit work and reviewed actions taken by management
to implement Internal Audit’s recommendations.
• Monitored and assessed the role and effectiveness of the
Internal Audit function in the overall context of Jupiter’s risk
management policies.
In December, the Committee received and discussed a
self-evaluation of the effectiveness of the Internal Audit function.
This was performed by Internal Audit using the Chartered
Institute of Internal Auditors (CIIA) External Quality Assessment
checklist, which consists of three areas: code of ethics, attribute
standards and performance standards and includes an
assessment of all services provided by the Internal Audit
function. This enabled the Committee to assess and discuss
the key messages and themes emerging from the evaluation.
Overall, the Internal Audit function was found to conform
generally with CIIA requirements. The assessment also
considered compliance with the new Global Standards,
effective from 9 January 2025, and found that Internal Audit was
in general conformance with the majority of new requirements,
and the Committee noted enhancements and actions required
in advance of the implementation date of the new standards.
An External Quality Assessment (EQA) is scheduled to take place
in 2026, in line with the Global Internal Audit Standards, which
require an EQA to be performed at least once every five years
by an independent and qualified assessor.
In December, with due regard to the results of the
aforementioned self-assessment, feedback from management
and its own regular interaction with the Head of Internal Audit,
the Committee completed its assessment of the effectiveness of
the Internal Audit function. The Committee noted the continued
improved audit quality and effective working relationships built
by the team since the move to a co-sourced model and
supported changes to co-sourced provider arrangements to
utilise, where necessary, the expertise of an additional partner.
The Committee concluded that it is satisfied that the quality,
experience and expertise of the Internal Audit function remains
appropriate for the business.
Risk management
Enterprise risk management
During the year management received regular reports from the
second line functions on the operation of the risk management
environment and internal controls, which included reporting on
the Company’s overall risk profile and adherence to Group risk
appetites, both quantitative and qualitative. Advised by the
Committee, the Board reviewed and approved the Enterprise
Risk Management Policy and supported the Board in its
completion of a robust assessment of the Company’s
principal risks.
As we reported last year, further to work undertaken to enhance
the risk and control environment, the Committee requested that
Internal Audit carry out an overall enterprise risk management
audit in 2024 looking at how new processes and controls had
embedded. Internal Audit carried out this review, the findings of
which have been considered by the Committee. The Committee
was pleased that the report supported conclusions that the new
processes have been implemented and embedded and have
served to reduce core risks. Work continues to ensure all changes
are fully embedded and to continue to improve the ERMP.
Internal capital adequacy assessment process
The Committee provided oversight to the Group’s ICARA
process, which supports the Board in its ongoing assessment of
the risk of harm to clients, markets and to Jupiter and supports
the Board in determining whether the Company has adequate
capital and liquidity. The Committee reviewed the Group’s
ICARA, to ensure that the document correctly reflected material
potential harms from ongoing operations identified through risk
assessment processes and that the operational risk scenarios
identified reflected the most extreme, yet plausible events that
could occur. In its review, the Committee considered and
approved a key change to methodology for calculating the
Company’s operational risk capital requirement, to allow for
consideration of the correlation between scenarios to ensure
all contribute to the overall capital requirement.
Internal controls
The Committee conducted formal reviews of the internal
control framework, as part of the half and full year annual report
process. To support these reviews, a report was provided from
the Head of Risk and Head of Internal Audit which considered
the findings of the second and third line through their work
during the period, including business area self-assessments,
reported risk incidents and internal audit findings. The report
noted strong engagement from the business on risk and control
self-assessments, with active tracking of actions and risk
102
mitigation activities and continued improvement to the speed
of closure of risk incidents. The Committee discussed risks and
controls over processes which involve work across a number
of departments and functions, and how management ensures
that there is clear accountability and ownership of such
controls. Supported by work being undertaken by the Risk
and Compliance Committee and the Operations Committee,
the Committee will continue to monitor the effectiveness of
procedures and controls in this area.
The Committee concluded that the internal control framework
was operating satisfactorily and that there were satisfactory
processes in place to ensure appropriate financial and regulatory
reporting controls over the Group. The Committee therefore
recommended to the Board that the Group’s internal control
environment was operating satisfactorily, that financial and
regulatory reporting controls were operating satisfactorily and
that the Group operated a robust three lines of defence model.
Looking forward, the UK Corporate Governance Code 2024
will bring into effect new requirements on boards around the
monitoring of risks and Internal controls and to conduct an
annual assessment of their effectiveness. These requirements
will apply with effect from 1 January 2026. The Committee has
received updates from management during the year on steps
being taken to ensure we are compliant with these provisions,
including the formal identification of the Company’s material
controls. With the strength of the risk management and internal
control framework already In place, we are confident that the
Board will be well placed to comply with these requirements.
The Committee will continue to regularly monitor progress.
Committee effectiveness
During the year an internal evaluation of the Committee’s
effectiveness was undertaken, the process for which can be
found on page 89. The following table provides an update
on the priorities identified in the 2023 evaluation.
2023 priorities 2024 status
Maintain focus on embedding
enhancements to the enterprise risk
management framework and three
lines of defence.
Risk management has continued as a key area of focus for the Committee during the
year, including reviewing the results of the Internal Audit report on the embeddedness of
enterprise risk management. Further information is provided in this report on page 102.
The appointment and induction of
a new Chair of the Audit and Risk
Committee and smooth handover
of responsibilities.
Siobhan Boylan joined the Committee as a member on her appointment to the Board
in March 2024 and attended meetings throughout the year, prior to her appointment
as Chair of the Audit and Risk Committee in January 2025, this period has allowed for
a detailed induction and thorough handover of responsibilities from the previous Chair
of the Audit and Risk Committee.
Consideration of the optimal number
of Committee members once the new
Chair of the Audit and Risk Committee
has been appointed.
Following the appointment of Siobhan Boylan in March 2024, the appointment of James
Macpherson in December 2024, and the resignation of Karl Sternberg in December 2024,
the Committee has four members, increasing from three at 31 December 2023. The
Board believes the Committee has an appropriate balance of skills, knowledge and
experience, including members with considerable industry knowledge and experience
and two members with recent relevant financial experience. The Board has no current
plans to change the membership of the Committee, but supported by the Nomination
Committee continues to plan for succession of longer serving members, and to keep
the composition of the Committee under review to ensure it remains optimal.
Ensure that the Committee continues to
challenge and probe management to
surface issues at an early stage.
The Committee has continued to challenge and ask questions of management to
ensure that key issues are being surfaced and discussed as early as possible. The
Committee has discussed and noted the need to continually probe and challenge
assumptions. While scores in the 2024 evaluation survey on this question were all in
the positive range suggesting an improvement this should continue as an area of
focus throughout 2025.
Review cadence and timing of
meetings to ensure they remain
optimal, make best use of
management and Committee time
and strike the correct balance between
Finance, Risk and Internal Audit Items.
The Committee has continued to operate with five scheduled meetings per year
which it considers provide an appropriate cadence to ensure matters are reviewed with
sufficient regularity and allows sufficient time on the agenda to discuss all key matters.
Meetings take place with the Chair of the Audit and Risk Committee ahead of each
meeting to ensure that the agenda focuses on the most important matters, allows
sufficient time and provides for a balance between Finance, Risk, Compliance and
Internal Audit Items.
2024 evaluation conclusions
The evaluation process demonstrated that the Committee had operated effectively during the year. It was noted that comments
and scores indicated a need to ensure that the Committee continued to stay strategic and avoid straying into overly operational
discussions and continued to probe and challenge to get to the heart of issues.
103Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Remuneration committee report
Committee’s key responsibilities
• Determining the overarching policy for the remuneration of
the Group’s employees, ensuring it is structured in a way that
rewards individual and corporate performance and is aligned
with appropriate risk, compliance and conduct standards
and the long-term interests of shareholders, clients and
other stakeholders.
• Determining the overall size of the annual variable
compensation pool with reference to the total
compensation ratio.
• Determining and reviewing annually those individuals
who may be considered to have a material impact on
the risk profile of Jupiter, relevant subsidiaries and its funds
(Material Risk Takers and Identified Staff) for the purposes of
the relevant remuneration regulations.
• Determining the Chair of the Board’s fees and the total
individual remuneration packages of Executive Directors
and individuals identified as Material Risk Takers. The Board
is responsible for determining fees for all other Non-Executive
Directors, with only Executive members of the Board voting on
fee proposals.
• Approving the design of determining the targets for, and
monitoring the operation of any performance-related pay
schemes operated by the Group.
• Reviewing the design of all share incentive plans and deferred
bonus arrangements for approval by the Board and, if
applicable, shareholders.
• Overseeing any major changes in employee benefit
structures throughout the Group.
A full copy of the Committee’s terms of reference can be found
at www.jupiteram.com.
“Our remuneration policy is designed
to be simple and transparent, aligned
with delivering our growth strategy,
and ultimately supporting the
creation of long-term sustainable
shareholder value. The annual bonus
and LTIP metrics reflect our core
financial and strategic priorities
which are critical to our success,
and we always consider variable pay
outturns in the context of our business
performance and overall experience
of our various stakeholders.”
Roger Yates
Committee members and
regular attendees
During the year, the Committee held six meetings,
four of which were scheduled meetings and two
further meetings were convened in order to consider
ad-hoc compensation matters.
Meetings
Meetings
attended
Roger Yates (Chair) 6/6
Suzy Neubert 5/6
Karl Sternberg 5/6
James Macpherson
1
1/2
1. James Macpherson joined the Board on 30 September 2024.
The Committee comprises four independent
Non-Executive Directors and is attended by the
Chair of the Board. All Non-Executive Directors were
independent on appointment in accordance with the UK
Corporate Governance Code.
The Chair of the Board, CEO, CFOO, Company Secretary,
HR Director and Head of Reward are invited to attend
Remuneration Committee meetings to contribute.
In addition, input is received from risk, compliance,
internal audit and investment management
leadership as required. No individual is present
when their remuneration is being discussed.
104
Dear Stakeholder
I am pleased to present our Directors’ Remuneration Report
(DRR) for 2024. This 2024 DRR is divided into two sections:
• Executive Remuneration at a Glance. This sets out the key
terms of the Directors’ Remuneration Policy (DRP) which was
approved by shareholders at our 2024 AGM alongside a
summary of how it will be implemented in 2025.
• The Annual Report on Remuneration. This outlines how we
implemented our current Policy in 2024 and how we intend to
apply the Policy in 2025. This is subject to an advisory vote by
shareholders at the 2025 AGM.
Alignment of strategy and remuneration
Jupiter’s primary focus is on delivering value to clients through
long-term investment outperformance. Our strategic focus
is on increasing scale in select geographies and channels,
decreasing undue complexity with costs managed carefully
through a relentless pursuit of efficiency, broadening appeal
to clients with a curated product offering and new methods of
delivery, and deepening relationships with all our stakeholders
with our purpose embedded in all we do.
The variable pay structure aims to support the delivery of
Jupiter’s growth strategy, by incorporating key metrics into
the annual bonus and LTIP, whilst allowing the Committee
appropriate discretion to ensure bonus and LTIP payouts remain
in line with the overall experience of our various stakeholders.
Longer-term alignment is achieved by a combination of a high
level of deferral of bonus payouts into shares or fund units, an
extended release for LTIP awards and significant minimum
shareholding guidelines.
In 2024 the Committee determined that our four key strategic
objectives (as set out from page 6) should be incentivised
through the LTIP as well as the annual bonus. Accordingly, the
2024 LTIP included strategic objectives with a 25% weighting
to complement the existing strategic scorecard in the annual
bonus, while the LTIP financial measures were re-weighted to
accommodate this change. This is in addition to the risk and
compliance underpin assessment and underlying business
performance underpin which applies specifically to the
LTIP award.
As highlighted in last year’s DRR, the Committee also changed
the way we measure the LTIP EPS measure for 2024, from a
growth rate to a final year pence target, and reorientated the
LTIP net flows measure to directly target “growth capabilities”
(parts of our portfolio where we see significant growth potential)
combined with an underpin of positive Group AUM movement
over the period. This will remain the same for 2025. Further
details are set out on page 120.
The Committee is therefore satisfied that the broad structure of
performance measures used in 2024 remains appropriate for
use in 2025 (as detailed in the table below):
Percentages are the weighting of each
measure in the relevant plan Annual bonus LTIP
Underlying PBT 40% –
Investment outperformance
1
25% 25%
Underlying EPS – 30%
Net flows –
20% (Growth
capabilities
2
)
Strategic (& individual – bonus only) 35% 25%
Underpin: risk and compliance
assessment • •
Underpin: underlying
business performance – •
1. Annual bonus: mixture of one-year and three-year performance; LTIP: mixture
of three-year and five-year performance
2. With an underpin based on total Group net flows
The Committee intends to grant the 2025 LTIP in line with the
Company’s standard approach (with the number of shares
to be awarded based on the average share price for the
three days preceding the grant). As for previous awards, the
Committee will review the final outturn to assess whether any
windfall gains have been made that need to be corrected. This
is additional to the standard risk and compliance assessment
and review of the final outturn to ensure it is warranted
based on shareholder and client experience over the
performance period.
Changes to executive remuneration in 2025
As detailed in last year’s DRR, the Committee is implementing
a phased two-year increase in our CFOO’s salary to reflect the
level of responsibility and change in his role. The second stage
of this increase from £400,000 to £425,000 (6.25% increase)
will take place in 2025. Under the DRP approved in 2024, the
maximum bonus opportunity and LTIP award for the CFOO were
also increased to 300% and 275% of salary respectively. In view
of the CFOO’s demonstrated performance and growth in the
substantially expanded role, for 2025, the Committee intends
to implement these limits.
The CEO’s salary will increase by c.3% to £484,000, which is below
the average Jupiter employee salary increase for 2025 of 4.8%.
There will be no change to the CEO’s annual bonus percentage
opportunity, whilst the CEO’s 2025 LTIP award will revert to 375%
of salary, after the temporary reduction for 2024 award.
105Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Remuneration Committee Report continued
Performance and incentive outturns for 2024
Performance
As the CEO outlined in his review, despite another challenging
year for all active public market managers like ours, our
actions mean that we are now much better placed to face
these challenges and capitalise on the opportunities ahead
once client sentiment and market conditions become more
favourable. We maintained a resolute focus on cost discipline
and saw underlying profit before tax performing significantly
above both budget and start of year consensus. We delivered
solid investment performance over three- and five-year periods,
although performance over one year was more subdued, driven
primarily by below median performance for some of our largest
funds, Dynamic Bond, European, Strategic Bond, Merlin Balanced,
Merlin Income, Merlin Growth and Japan.
Despite an increase in overall gross inflows to £14.1bn and strong
net inflows in certain areas, the outflows from the departure
of the Value team and the managed change in structure for
Chrysalis Investment Trust alongside some others resulted in a
decline in AUM over the year. We achieved a marginally positive
total shareholder return (‘TSR’) of 1%, the first positive annual TSR
since 2019. The share price fell 7%, but this was more than offset
through dividends.
Good progress has been made this year towards the four key
strategic objectives (outlined from page 6). Management’s
continued focus on executing these strategic goals and
the controllable aspects of the business has set Jupiter
up to continue to deliver for our clients as we move forward.
Bonus outturn
Based on performance, the outcome of the bonus scorecard
was 79.2% and 80.2% of maximum for the CEO and CFOO
respectively. The Committee gave careful consideration to this
outcome in respect of a range of internal and external factors.
Whilst recognising that 2024 was another challenging year
for many of our stakeholders, the Committee noted that the
business had delivered resilient underlying performance in a
difficult market with underlying profit before tax performing
significantly above both budget and start of year consensus,
and solid longer-term investment performance. The Committee
also noted the excellent individual performance of both
Executive Directors and significant progress made towards
our four strategic objectives. Accordingly, the Committee
was satisfied no discretionary adjustment was required.
A full disclosure of the bonus determination process and the
scorecard outcomes is provided on pages 112 to 116. In order
to deliver long-term alignment with stakeholders, 75% of the
bonus is deferred into shares or fund units.
LTIP outturn
The performance period for the 2022 LTIP award ended
on 31 December 2024 and the formulaic outcome was 15.1%
vesting, full details of which are provided on pages 117 to 118.
The Committee was satisfied that this outcome, derived from
solid investment performance over the performance period,
was appropriate in light of the overall stakeholder experience
and concluded that no discretionary adjustment was required.
Total compensation ratio
In 2024, the competition for talented investment professionals
and executives remains extremely high and the Committee
remained resolutely focused on ensuring that Jupiter’s
remuneration offering facilitates the recruitment and retention
of such talent. Despite challenging market conditions, we
believe that it is critical that we continue to invest in our people,
noting that this can impact our total compensation ratio. In 2024,
the Group’s total compensation ratio before performance fees
and exceptional items increased from 42% to 45%. However, we
believe it remains in line with observable trends across our peers.
Employee share ownership
Employee share ownership continues to remain a core principle
for the Company, ensuring a strong alignment with our other
shareholders in the long-term interest in the Group’s performance
and allowing all employees to share in the Company’s success.
During 2024, the Company again granted all eligible employees
a free share award in the amount of £2,000. For employees
based in the UK, this is under the Company’s Share Incentive
Plan (SIP). This award, contingent upon employees continuing
to serve with the Company for at least three years from the
award date, ensured full participation in at least one of the
Company’s all employee share plans. A further free share
award has been announced for all eligible employees in 2025.
Shareholder engagement
I would like to thank shareholders and investor bodies for
the constructive input and engagement that they provided
as we developed the new Remuneration Policy and I am
grateful to shareholders for their support in approving both
the DRP and DRR at the 2024 AGM with, respectively, over 93%
and 96% of votes cast in favour.
I welcome feedback at any point in time from our entire
shareholder base regarding our remuneration arrangements
and I hope that we will again have your support at the
forthcoming AGM.
Roger Yates
Chair of the Remuneration Committee
26 February 2025
106
This table summarises the key terms for Executive Directors of the DRP approved by shareholders at the 2024 AGM, alongside
commentary of how we intend to apply this in 2025. A full version of the Remuneration Policy can be found on pages 117-125 of
the 2023 Annual Report, which is available on our website at www.jupiteram.com.
Element Remuneration Policy summary 2025 approach
Commentary relative
to 2024 approach
Salary
Base salaries are generally reviewed annually taking
into account a range of factors including size and
scope of the role; skills, performance and experience
of the individual; market competitiveness; wider
market and economic conditions; and the level
of increases in the wider employee population.
CEO: £484,000
(2024: £470,000)
CFOO: £425,000
(2024: £400,000).
CEO’s salary increased by
c.3% (below the average
increase for the wider
workforce).
CFOO’s salary increase is the
second stage of two-phased
increase approved in 2024
for the change in role.
Pension
Payments are made at a consistent level to all UK
employees, either into a pension plan (for example, into
a defined contribution plan or some other arrangement
which the Committee considers to have the same
economic benefit) and/or delivered as a cash
allowance of the same equivalent cost to the Company.
15% of salary, consistent
with all UK employees.
Unchanged.
Bonus
opportunity
Maximum opportunity of: 425% of salary for the CEO
and 300% of salary for the CFOO.
Maximum opportunity of:
CEO 425% of salary and
CFOO 300% of salary.
CEO unchanged.
CFOO increased from 275% to
300%, in view of demonstrated
performance in expanded role.
Bonus
performance
measures
Balanced scorecard approach with at least
65% based on corporate quantitative measures;
no more than 35% based on individual
and strategic measures.
Payments subject to risk and compliance assessment,
overseen by the Chair of the ARC and application
of the Remuneration Committee’s judgement.
65% based on corporate
quantitative measures
(profitability, investment
performance over 1 and 3
year periods); 35% based
on strategic objectives and
individual performance.
Unchanged.
Bonus
deferral
50% of total bonus deferred over three years vesting
in annual tranches and subject to an additional
six-month holding period.
Deferral can be in shares or fund units.
Half of the remaining 50% delivered as shares or
fund units subject to a six-month holding period.
Where an Executive Director
has not yet met their
minimum shareholding
requirement, only 25% of their
long-term deferred element
can be delivered in fund units.
Unchanged.
LTIP
opportunity
Maximum opportunity of: CEO 375% of salary and
CFOO 275% of salary.
Maximum opportunity of:
CEO 375% of salary and
CFOO 275% of salary.
CEO reverts from temporary
reduction to 320% for 2024
award to 375% for 2025. CFOO
increased from 250% for 2024
award to 275% for 2025, in view
of demonstrated performance
in expanded role.
LTIP
performance
measures
Subject to relevant performance measures normally
assessed over at least three years and usually subject
to an additional two-year holding period. Vesting
subject to risk and compliance assessment and
underlying business performance underpin.
Five measures: EPS growth
(30%), net flows (20%),
investment outperformance
over 3 and 5 year periods
(25%), increase scale (12.5%)
and people and culture (12.5%).
Unchanged.
Shareholding
requirements
CEO 500%, CFOO 300% of salary.
Post-employment shareholding requirement of CEO
500%/CFOO 300% of salary in the first year and CEO
250%/CFOO 150% in the second year after stepping down.
In line with the
Remuneration Policy.
Unchanged.
Malus and
clawback
Malus and clawback provisions apply
to all variable remuneration.
In line with the
Remuneration Policy.
Unchanged.
Executive remuneration
at a glance
107Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Implementation in 2024
Overview of activities in 2024
The following regular agenda items were considered during the four scheduled Committee meetings which took place during 2024.
During 2024, two additional meetings were held to consider individual remuneration matters, including for senior hires.
Jan Feb May Oct
Remuneration Policy and disclosures
Review of Remuneration Policy • •
Directors’ Remuneration Report •
Risk and reward
Input from Risk and Compliance •
Review of risk checkpoints prior to variable compensation pool approval •
Malus and clawback assessment •
Annual remuneration discussions
Bonus and LTIP pool • • • •
Assessing performance against bonus scorecard •
Individual performance and remuneration outcomes •
LTIP performance condition testing •
Allocation of LTIP awards • •
Setting bonus scorecard and LTIP performance measures • • •
Setting individual objectives for Executive Directors • •
Minimum shareholding testing •
Review of Chair’s fees •
External market
Shareholder trends and feedback •
Market trends •
Benchmarking data •
Regulatory
Internal audit of Remuneration Policy •
Remuneration Policy Statement •
Material Risk Taker identification (UCITS V, AIFMD and IFPR) •
Wider workforce pay arrangements • • •
Gender Pay Gap • •
Committee remit and effectiveness
Terms of reference review •
Work of the Remuneration Committee in 2024
The table above provides a high-level overview of the various topics which the Committee worked on during 2024.
The remainder of this section satisfies several requirements of the UK Corporate Governance Code.
UK Corporate Governance Code requirements and strategic rationale
The Committee aims to have in place remuneration arrangements which are well understood by the entire workforce, including the
Executive Directors. The simplicity is supported, for example, by a single pension and benefits structure applicable to all UK employees
and not differentiated based on role or seniority.
Jupiter operates a single bonus deferral plan and long-term deferral scheme which is relevant for the most senior employees. This
simple and well-communicated remuneration structure should ensure compensation spend is appropriately valued by employees,
and not eroded by complexity.
Remuneration Committee Report continued
Annual report
on remuneration
108
All variable compensation, including that for Executive Directors,
is subject to a series of risk checkpoints (as described in more
detail on page 130), which aims to assess a range of ex-ante
and ex-post potential financial and non-financial risks to the
business prior to payment of any bonuses. In conjunction with
an individual risk, compliance and conduct underpin, and
the provision of malus and clawback conditions on variable
compensation awards to Executive Directors, the Committee
is confident that there is a robust framework to ensure
appropriate risk alignment of compensation.
The range of possible pay awards available to Executive
Directors for 2024 under the DRP was clearly set out in the 2023
DRR on pages 122 to 125 of the 2023 Annual Report and Accounts.
An overview of how the structure of the Remuneration Policy
and specific performance metrics align with Jupiter’s business
strategy and culture is set out in the Remuneration Policy.
Engagement with shareholders
The Chair of the Remuneration Committee is available to
engage with shareholders on all elements of our remuneration
arrangements, including at the Company’s AGM to facilitate
engagement with our smaller shareholders. Following the
publication of the DRR last year, there were no material
concerns raised by shareholders or investor bodies and
shareholders supported the DRP with a 93.28% approval
at the 2024 AGM.
As noted in the Committee Chair letter, we consulted with
our largest shareholders and investor bodies in relation to
the proposed changes to the DRP for 2024. Following the
consultation process, the Committee carefully considered
the feedback received, and in light of it, made amendments
to the initial proposal to address this.
The Committee also welcomes feedback at any time from
our entire shareholder base regarding our remuneration
arrangements.
Operation of Remuneration Policy
A description of how the Committee assesses the quantum
of the bonus scorecard outcomes in the context of the overall
corporate performance and the experience of shareholders
and clients is provided separately on pages 112 to 116.
Statements regarding the Committee’s use of discretion
regarding the bonus outcomes for 2024 and the testing of
the LTIP performance conditions ending in 2024, which vest
in March 2025, are included on pages 116 and 117 respectively.
Remuneration decisions made by the Committee in relation
to the Executive Directors also take into account a range
of additional factors including internal relativities (details
of our CEO pay ratio are on page 133) and relevant external
market data.
Wider workforce pay and engagement
The Committee is closely involved in considering the
remuneration policies and pay levels of the wider Jupiter
workforce. The Committee’s work involves debate, discussion
and ultimate approval of the Group-wide variable compensation
spend as well as the salary increase budget for the whole
workforce, with consideration given to the amounts and
proportions of total spend allocated to different areas of
the business. Part of this discussion requires a consideration
of the underlying PBT, which is also a key metric under the
bonus scorecard for Executive Directors.
The Committee is provided with data illustrating the mean
and median bonus levels and salary increase percentage split
by gender for the current and previous performance year, in
order that it can also analyse the outcomes from a gender pay
perspective. More details on our Gender Pay Gap can be found
in our separate Pay Gap Report.
The Committee is also provided with a similar level of data
to assist with analysing outcomes from an ethnicity pay
perspective. We voluntarily disclosed our Ethnicity Pay
Gap for the first time in 2024 and will continue to do so.
More details can be found in our separate Pay Gap Report.
One of the recurring exercises undertaken by the Committee
on an annual basis is a review of external compensation
benchmarking data, giving an overview of fixed and total
compensation levels for all employees relative to the wider
market. This data allows the Committee to challenge pay
decisions at a more granular level, and make proposals to
management in respect of the upcoming compensation round.
The Committee approves all compensation for Material Risk
Takers (MRTs), including for investment managers. Whilst this
process is a regulatory requirement, also undertaken as
required by our regulated legal entity boards, it involves
a detailed and robust discussion, in relation to the financial
and non-financial considerations.
Jupiter also has an established employee representation
forum, Connections, whose Chair meets with the Board and
the Remuneration Committee regularly. This engagement is
Jupiter’s method for ensuring a formal dialogue exists between
employees and the Board and it provides the opportunity for
employees to engage with the Board on any relevant employee
matters, including pay.
Collectively, this work helps demonstrate the Committee’s
considerations in appropriately balancing the pay outcomes
for the wider employee population with its decisions regarding
executive pay.
109Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Evaluation of Committee’s effectiveness
During the year, an external evaluation of the Committee’s effectiveness was undertaken as part of the wider Board evaluation
process, the details for which can be found on pages 88 to 89. The table below provides an update on the priorities identified in
last year’s evaluation and the outcome of the 2024 evaluation.
2023 priorities 2024 status
Continue to focus on challenges of recruitment and retention
especially in the context of the share price performance.
This has again been an area of focus for the Committee
during the year with targeted changes to remuneration
structures below Board level. We have also demonstrated
our ability to attract new investment talent into the business.
Work with advisors to ensure sufficient market practice
and related information is provided to the Committee,
with appropriate solutions-based advice.
The Committee continues to receive independent advice
from Deloitte on remuneration matters, whilst management
worked with several new providers on remuneration data for
senior executives and senior investment managers, to
provide the Committee with a broader perspective.
Continued engagement with shareholders and other
stakeholders prior to the 2024 AGM in relation to the
revised DRP.
We consulted with our largest shareholders and investor
bodies in relation to the proposed changes for the revised
DRP and evolved certain elements of our proposals to reflect
the feedback that we received. The Policy was approved with
93% of votes in favour.
2024 evaluation conclusion
The Committee evaluation demonstrated that the Committee was performing effectively, and the evaluation specifically
highlighted effective leadership and constructive engagement on difficult matters when necessary.
The following items were identified for key focus during 2025:
• Continuous testing to keep targets stretching but achievable.
• Key people retention and general retention policy.
• A compensation model that underpins our culture and drives the right behaviours.
Remuneration Committee Report continued
110
Implementation in 2024
Single total figure
Executive Directors’ 2024 and 2023 remuneration (audited information)
Matthew Beesley Wayne Mepham
2024
£’000
2023
£’000
2024
£’000
2023
£’000
A. Fixed pay
Base salary 466 455 387 342
Taxable benefits
1
7 9 4 4
Pension
2
61 60 52 46
Total fixed remuneration 535 524 443 393
B. Annual bonus
Annual bonus:
Delivered in cash 395 387 220 173
Delivered in shares/fund units vesting immediately
with six-month holding period 395 387 220 173
Delivered in shares/fund units vesting over three years 791 774 441 347
Total bonus
3
1,581 1,547 882 693
C. Vesting of LTIP awards
4
For performance in multi-year periods:
2021 award (2021-2023)
5
– – – 51
2022 award (2022-2024)
6
39 – 58 –
Total value of LTIP vesting 39 – 58 51
D. Other
SIP matching and free shares 2 2 2 4
Sharesave award – – – –
Total other 2 2 2 4
Total variable remuneration (B+C+D) 1,622 1,549 941 747
Total remuneration (A+B+C+D) 2,157 2,073 1,384 1,140
1. Comprising private medical and dental insurance and reimbursement of reasonable expenses incurred in the performance of their duties and payment
of any tax arising. The value of the benefits for Matthew Beesley for 2023 has been restated to include the final value of the taxable expenses.
2. Represents employer pension contributions and/or cash allowance in lieu of pension contributions. There are no defined benefit arrangements. Employees with
registered pension protection or those impacted by the Tapered Annual Allowance may elect to have some or all of their pension contributions paid instead
as a cash allowance, after deducting an amount equal to the cost of employer national insurance on such cash payments. The pension amounts in the single
figure table may therefore be less than 15% of the salary.
3. These amounts have been determined by the Committee based on performance against the relevant annual bonus performance measures in respect of the
relevant year.
4. The value of the LTIP awards vesting is based on the Committee’s determination of performance against the relevant LTIP performance measures across prior
multi-year performance periods.
5. The value of the 2021 LTIP award vesting in 2024 has been restated based on the share price on the vesting date 9 March 2024 of £0.904.
6. Estimated value of the 2022 LTIP award vesting in 2025 is based on 15.1% vesting due to performance and average closing share price over the period 1 October
to 31 December 2024 of £0.836 (the actual vesting date is 3 March 2025). There was no share price appreciation between grant and the end of 2024.
Any discrepancies in totals are due to rounding.
111Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Executive Director variable pay awards for 2024 performance
Variable pay awards for 2024 performance have been determined by the Committee using the following process.
At the start of the year, the Committee sets and agrees the performance metrics, relative weighting between corporate quantitative and
strategic goals, and associated targets for each performance level (threshold, target and maximum) for corporate quantitative metrics.
The annual metrics and weightings are disclosed prospectively in the DRR; the detailed targets are considered commercially sensitive
and are disclosed retrospectively, following the performance year-end.
Throughout the year, the Committee monitors progress against the relevant performance metrics.
Following year-end, actual performance against each of the bonus metrics is assessed as reported in the scorecard on the following
pages. For corporate quantitative metrics, this is in the context of the threshold, target and maximum ranges set.
Individual bonuses for the Executive Directors are determined utilising a scorecard. Bonuses are not formulaic, and judgement is
applied by the Committee in arriving at award amounts. The Committee considers the context in which performance has been
achieved, having given consideration to shareholder and client experience during the year, see page 116.
Overall variable compensation spend is considered in the context of the total compensation ratio relative to their expected ranges
as previously communicated to shareholders.
Assessing corporate quantitative performance (audited information)
The following section sets out Jupiter’s actual performance against target for the primary measures relating to profitability
and investment outperformance, which are given a 40% and 25% weighting respectively and therefore together comprised 65%
of the CEO and CFOO’s bonus metrics for 2024.
Performance
metric Primary measure
Threshold
performance
(25% vesting)
Target
performance
(50% vesting)
Maximum
performance
(100%
vesting)
Actual
performance
Percentage
outcome Commentary
Profitability
Underlying PBT £43.8m £54.7m £65.6m £97.5m 100% Underlying PBT
targets are based
on the Group’s 2024
budget established in
December 2023 and
updated in February
2024. The outcome
achieved in respect
of performance year
2024 is 100%, which
has resulted in the
target delivering
40% of the overall
maximum.
Investment
outperformance
Proportion of mutual
funds (weighted by
AUM) achieving
performance of first
or second quartile
over one year (25%
weighting) and three
years (75% weighting).
Proportion of
segregated
mandates and
investment trusts
(weighted by AUM)
achieving
performance above
the benchmark
over one year (25%
weighting) and three
years (75% weighting)
50% 60% 75% 56% 41% The investment
performance
achieved in respect
of performance
year 2024 is 56%.
Investment
performance
at between the
Threshold and Target
level has resulted in
the target delivering
10.2% as a weighted
percentage of the
overall maximum.
Remuneration Committee Report continued
112
Assessing corporate strategic performance
The following table sets out supporting commentary and information the Committee considered in assessing overall performance
in each of the areas of strategic performance identified for 2024, as well as the Committee’s overall qualitative assessment of the
outcome for each metric. In conjunction with assessment of individual performance, these measures comprise 35% of the CEO
and CFOO’s bonus metrics for 2024.
Performance
metric 2024 assessment Outcome
Increase scale
Despite an increase in overall gross inflows and strong net flows into key areas of good
performance and strong client demand (including Indian equity strategies, Asian Income
strategies and the GEAR fund), when evaluated in aggregate, with AUM lower at year end, we
have not made the progress we would have liked with this objective in 2024. This is largely due
to the departure of the Value team.
While we have been frustrated with the lack of growth in some core European markets in 2024,
this has been offset by strong progress in Latin American business which reached £1.8bn of
assets in 2024, and the successful application for a Capital Markets Services licence in
Singapore should help us accelerate growth and service new client opportunities.
As we move into 2025, we are well positioned to build further scale.
Partially
achieved
Decrease
undue
complexity
The management team has focused on and delivered a significant transformation agenda
in 2024 to remove complexity and as a result, move faster and more efficiently in all aspects
of our day-to-day business.
Efficiencies have been driven through consolidating suppliers and shifting parts of our
operations towards outsourcing, leading to the selection of a strategic partner for the provision
of outsourced middle office, with further opportunities for consolidation being considered. This
will deliver savings as well as opportunities to simplify the implementation of change and
regulatory initiatives and to deliver an improved and more consistent client experience.
Costs have continued to be managed carefully and diligently whilst also ensuring
appropriate levels of ongoing investment into areas of growth. There has been a slight
increase in compensation costs in the year, but this is in line with our expectations, whilst
non-compensation costs at £109.5m were managed within budget. Consequently, despite
the inflationary environment, our cost:income ratio at 78% was lower than budgeted.
Our focus on automation and technology utilisation continued to play a key role in the aim
of reducing complexity, with around 150 additional processes automated through our ’citizen
developers’ using low-code or no-code tools. Significant progress was made with the build-
out and implementation of a new strategic data platform and to establish a robust data
enablement framework. This has allowed our people to self-serve and free up more time
to spend on more value-added areas that benefit our clients.
Significantly
achieved
Broaden our
appeal to
clients
Solid progress was made on this objective in 2024. The Executive Directors led the search for new
investment talent and engaged with potential partners or acquisition targets.
The two new UK equity investment management teams started work in 2024 with excellent early
investment performance. Together with our existing managers, we believe our UK equity offering
is the strongest that Jupiter has ever had. Bringing in the Origin Investment Team has brought
over £700m of mostly institutional assets and will provide scale in Global Emerging Markets and
new investment expertise in a range of multi-regional equity strategies. Towards the end of the
year, we announced a change to our European equities capabilities, bringing in a new team
with a strong track record of both investment performance and gathering assets.
We have paired these new growth initiatives with an ongoing effort to further rationalise
sub-scale or non-differentiated funds. We have also sought to innovate around new methods of
delivery, as we work with our clients to satisfy their evolving needs and preferences, including
our work towards the launch of our first active ETF.
In its first full year as the newly established Client Group, improving our client experience
has continued to be a key focus and area of investment. We have sought out opportunities to
transform how we use technology to identify, onboard, report, service and support our clients.
Achieved
113Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Performance
metric 2024 assessment Outcome
Deepen
relationships
with all
stakeholders
The focus on clients remains absolute. 2024 saw significant progress made in our efforts to
transform the Client Group, with a number of key strategic hires arriving and bringing new ideas,
energy and perspectives that are starting to positively impact client outcomes and the overall
client experience. As well as significant investment in improving client delivery and experience,
this year saw us introduce tiered pricing to our UK fund range to help share the benefits of
scale with these clients.
As reflected in our staff surveys, overall our people are engaged and we are proud of the
persistently high engagement score, which at 79% is up by 1 percentage point from 2023
and 4 percentage points above the financial services benchmark. With 75% of employees
participating in the survey, we have also consistently maintained strong completion rates
over the years. The continued feedback we receive from employees is crucial for
strengthening our culture of openness and readiness to challenge.
DE&I has remained a strong focus and particularly on diverse representation in senior
management, with continued Executive Director support for initiatives including network-led
educational events and support mechanisms (mentoring, coaching). For example, in 2024 we
launched the Jupiter Neurodiversity Network. Our metrics which track diversity and inclusion are
positive for 2024, with female and ethnic minority representation increasing to 29% and 19% of
senior leadership respectively (from 27% and 18% in 2023) and 39% and 26% of our total
employee base (from 37% and 25% in 2023).
Through the year, we have returned £34.2m to shareholders through dividends, with Total
Shareholder Return (+1%) net positive for the first time in a number of years, but there is still
work to be done.
From a sustainability perspective, external ESG ratings for Jupiter remain strong compared
to industry averages and broadly unchanged in 2024. We remain on track to meet our near-
term 2030 Scope 1 and 2 net zero targets for our operations, whilst continuing to be recognised
by the Financial Reporting Council as a Stewardship Code signatory following publication and
review of the 2023 Stewardship Report. In 2024 we published our first TCFD reports, setting out
climate-related risks and opportunities at a Group and Entity level, helping our stakeholders
understand Jupiter’s strategic ambitious around climate change.
Our relationships with regulators continue to remain an important focus. Our more proactive
and transparent approach here, notably with the FCA, continues to ensure that relationship
is more effective and productive.
Significantly
achieved
Remuneration Committee Report continued
114
Assessing individual performance
The following table sets out supporting commentary and information the Committee referenced in assessing individual performance
of the Executive Directors for 2024.
Executive 2024 assessment Outcome
Matthew
Beesley
Chief Executive
Officer
Each of Jupiter’s four executive governance committees notably matured in 2024. Matthew
led from the front to increase the efficacy of these, and to this end delivered significant progress
against the Board-agreed strategic agenda, as detailed above, despite the challenging industry
backdrop and some specific internal challenges.
Under Matthew’s direction, working closely with Wayne, together they continued to give
significant focus to enhancing the company-wide control environment, with a clear tone set
from the top as relates the importance of culture and conduct. Improved on-time completion
rates of mandatory training, better understanding and adherence to conduct related
expectations are reflective of this progress.
Progress in evolving the organisation’s culture continues to be very evident and best validated
in the end of year staff survey, with the overall engagement score showing the benefits of this
focus. Matthew continues to lead from the front in this regard, driving this agenda and ensuring
that the key behaviours that we expect in our people are lived.
Organisation-wide management information and its utility in the effective day-to-day
management of the business has once again increased substantially in 2024, as it did in 2023.
Matthew continues to drive the business to embrace automation and seek ways to use more
and better data to facilitate better management decisions, but with that also seek opportunities
for more efficient and effective governance body reporting.
Exceeded
Wayne
Mepham
Chief Financial
& Operating
Officer
Wayne significantly contributed to the progression of the four executive governance committees
with regards to their maturity in 2024. He particularly focused on driving the effectiveness of
the Operating Committee, especially with regards to operational support in the delivery of the
Group’s strategy, where operational change is needed, and with a specific focus on removing
undue complexity through automation.
Through his role as Chair of the Risk & Compliance Committee, Wayne worked closely with
Matthew to ensure they are overseeing the management of risk, compliance and controls
effectively and explored thematic issues arising from second- and third-line reviews to
ensure they are addressed appropriately.
Also working with Matthew, Wayne continued to give appropriate focus to enhancing
the company-wide control environment, with a clear tone set from the top as relates the
importance of culture and conduct and has been actively involved in areas where employee
behaviours need to be considered within the regulatory framework and the cultural pillars of
the firm.
Wayne focused particularly in 2024 on the digital opportunities, with both existing tools and
process reviews, and exploring short- and medium-term opportunities through the adoption
of artificial intelligence tools. He set the tone of Jupiter’s ‘fast follower’ approach with active
monitoring of progress in these tools to enable the organisation to adapt as necessary,
balancing the opportunity with the cost of investment required.
Wayne supported the CEO in the drive to evolve the organisation’s culture and engage with
employees both individually and collectively, which has led to both a shift in various aspects
of the culture and ongoing improvements to the employee engagement score.
Wayne drove the progress made with management information, and the focus on the
opportunity to deliver more automation, including a greater breadth and depth of
information to support decision-making.
Exceeded
115Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Determining individual Executive Director 2024 annual bonuses
The 2024 annual bonus awards have been determined by the Committee using: an assessment of performance against the metrics
laid out in the balanced scorecard; a holistic assessment of the shareholder and client experience in the year; and an assessment
of risk and compliance underpins. Specific conclusions reached by the Committee were as follows:
• Whilst acknowledging that 2024 was another challenging year for all active public market managers and therefore many
of our stakeholders, the Committee noted that the business had delivered resilient underlying performance in a difficult market
with underlying profit before tax performing significantly above both budget and start of year consensus and solid longer-term
investment performance. These outcomes are reflected in the financial component of the balanced scorecard.
• The Committee also noted the excellent individual performance of both Executive Directors and significant progress made
towards our four strategic objectives (as outlined on pages 113 to 115).
The Committee’s rounded assessment was that the balanced scorecard was a fair outcome consistent with the performance
of the business and the individuals during the year. Accordingly, the Committee was satisfied that no discretionary adjustments
were required. Separately, in order to ensure long-term alignment, 75% of the bonus is deferred into shares or fund units.
A summary of the Committee’s conclusions is set out in the bonus outcomes table below.
2024 Executive Director bonus outcomes (includes some audited information)
2024 scorecard performance metric
Outcome
(as percentage
of maximum) Weighting
Weighted
percentage of
maximum
Matthew
Beesley, Chief
Executive Officer
£’000
Wayne Mepham,
Chief Financial &
Operating
Officer £’000
Profitability 100% 40% 40% 799 440
Investment outperformance 41% 25% 10.2% 203 112
Strategic goals and personal performance 83% – 86% 35% 29% 579 –
30% – 330
Totals 1,581 882
Outcome as percentage of maximum opportunity
1
79.2% 80.2%
Delivered as upfront cash 395 220
Delivered as shares or fund units with six-month holding period 395 220
Delivered as shares and/or fund units vesting over three years 791 441
1. Maximum opportunity for the annual bonus is 425% of salary for the CEO, 275% of salary for the CFOO.
Overall compensation spend
Jupiter’s overall variable compensation spend is determined appropriate and affordable in the context of Jupiter’s overall
performance. We aim to balance and align the interests of our staff and our shareholders.
The variable compensation spend is assessed in its financial reporting context, which considers the accounting treatment of the
variable compensation spend. In addition, the Committee considers the total compensation expense, which includes the fixed
component of remuneration as well as the variable.
The variable compensation expense is determined by the nature and extent of bonuses awarded in 2024 as well as deferred awards
(including LTIP) made in prior years. It also includes national insurance charges levied on Jupiter in relation to variable compensation.
The 2024 variable compensation expense of £84.6m (including performance fees) resulted in a total compensation ratio of 45%.
Excluding performance fees the underlying variable compensation expense is £71.9m, resulting in a total compensation ratio of 45%.
Remuneration Committee Report continued
116
Non-Executive Directors’ 2024 and 2023 fees (audited information)
David Cruickshank
2
Roger Yates Karl Sternberg
3
Dale Murray Suzy Neubert Siobhan Boylan
4
James
Macpherson
4
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Fees 235 204 116 113 103 95 74 73 74 73 60 - 21 -
Benefits
1
2 1 1 1 2 1 1 1 1 1 1 - - -
Total
5
237 205 116 114 105 96 74 74 75 74 61 - 21 -
1. Benefits comprise reimbursement of reasonable taxable business expenses incurred in the performance of duties and the payment of any tax arising.
2. Year on year increase is due to David Cruickshank becoming Chair of the Board on 26 April 2023.
3. Year on year increase is due to Karl Sternberg becoming Chair of the Audit and Risk Committee on 26 April 2023.
4. Siobhan Boylan and James Macpherson joined the Board on 5 March and 30 September 2024 respectively, the fees are therefore pro-rated.
5. Any discrepancies are due to rounding.
External directorships
Executive Directors are not permitted to hold external directorships or offices without the Board’s prior approval.
Payments to exiting Directors (audited information)
No payments were made to any exiting Directors during 2024.
Payments to former Directors (audited information)
No payments were made to any former Directors during 2024.
On page 125 of the 2022 Annual Report, we explained that upon retiring, Andrew Formica was treated as a good leaver and his
outstanding share awards would continue to vest on their original terms subject to any applicable performance and time pro-rating
terms. In 2024, Andrew informed us that he had taken up an executive role and therefore his ‘good leaver’ treatment has been
repealed, with his remaining awards subsequently cancelled.
Payments for loss of office (audited information)
No payments were made for loss of office in 2024.
Performance condition testing for 2022 LTIP award, vesting 3 March 2025
The LTIP award vesting figure for Matthew Beesley and Wayne Mepham shown in the single total figure on page 111 is due to vest
on 3 March 2025, subject to three performance conditions measured to 31 December 2024. The performance conditions have been
tested and performance against those conditions and the associated level of vesting are outlined below. The Committee is satisfied
that the vesting outcome is appropriate in the context of the overall shareholder and client experience and has not exercised any
discretion in relation to the testing of the performance conditions.
117Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Performance condition
Performance against the condition over the
performance period
Proportion of condition
vesting
Underlying EPS growth (40% weighting)
• 0% vesting for 5% growth or below;
• 100% vesting for 25% growth or above; and
• Straight-line vesting between these points
Jupiter’s underlying EPS fell by 53.5%, excluding
performance fees over the performance period.
Jupiter’s underlying EPS growth over the
performance period did not therefore
exceed the 5% threshold.
0% of condition vesting
(0% of total award)
Investment outperformance (30% weighting)
1
The proportion of all of Jupiter’s assets
(weighted by AUM) achieving above median
performance relative to their peer group or
above benchmark performance weighted:
• 25% over the three-year period to
31 December preceding the vesting date; and
• 75% over the five-year period to 31 December
preceding the vesting date.
• 0% vesting for less than 50%;
• 25% vesting for 50%;
• 100% vesting for 80%; and
• Straight-line vesting between these points.
Jupiter’s investment performance was such that:
59.9% of AUM performed above median or above
the benchmark over the three-year period to
31 December 2024; and
60.3% of AUM performed above median or above
the benchmark over the five-year period to
31 December 2024.
On a weighted basis, 60.2% of AUM performed
above median or above the benchmark.
50.5% of condition vesting
(15.1% of total award)
Net flows (30% weighting)
• 0% vesting for less than £1.5bn;
• 25% vesting for £1.5bn;
• 100% vesting for £4.5bn or above; and
• Straight-line vesting between these points.
There were total net outflows of £16.1bn over
the performance period. Jupiter’s net flows
over the performance period did not therefore
exceed the £1.5bn increase threshold.
0% of condition vesting
(0% of total award)
Total 15.1% vesting
1. Investment performance of mutual fund AUM outperforming the median uses Morningstar as the single source of relative investment performance data
for all funds.
Remuneration Committee Report continued
Implementation in 2025
The following section provides an overview as to how each
element will be applied in 2025.
The CEO’s salary will increase by c.3% to £484,000, which is below
the average Jupiter employee salary increase for 2025 of 4.8%.
There will be no change to the CEO’s annual bonus percentage
opportunity, whilst the CEO’s 2025 LTIP award will revert to 375%
of salary, after the temporary reduction for 2024 award.
As detailed in last year’s DRR, the Committee will be
implementing the second stage of a phased two-year increase
in our CFOO’s salary from £400,000 to £425,000 (6.25% increase)
in 2025. Under the Policy approved in 2024, the maximum bonus
opportunity and LTIP award for the CFOO were also increased
to 300% and 275% of salary respectively. In view of the CFOO’s
demonstrated performance and growth in the substantially
expanded role, for 2025, the Committee intends to implement
these limits.
Base salary
The CEO’s base salary will increase by c.3% to £484,000, below
the average 4.8% increase for Jupiter employees. As explained
on page 113 of the 2023 Annual Report, the CFOO’s base salary
will increase by 6.25% in 2025 to £425,000, the second phase
of a staged increase to recognise the promotion to CFOO.
Matthew Beesley (CEO): £484,000 (2024: £470,000);
Wayne Mepham (CFOO): Proposed to increase to £425,000
(2024: £400,000).
Annual bonus
Annual bonuses in respect of 2025 (inclusive of any deferred
bonus award) will continue to be subject to the following
individual caps as a percentage of base salary:
Matthew Beesley (CEO): 425%;
Wayne Mepham (CFOO): 300%.
The 2025 bonuses will be determined on the normal timetable
and in line with the process below.
The performance measures for the 2025 annual bonus will
be set within the following balanced scorecard. 65% of these
measures will be corporate quantitative measures, with clearly
determined ‘Threshold’, ‘On target’ and ‘Maximum’ goals. The
remaining objectives will be strategic and individual measures.
Determination of bonus amounts is not formulaic; in addition to
reviewing each of the performance measures, the Committee
will take a holistic view of the overall performance of the
Company for the year to ensure that any bonus amounts
appropriately reflect the experience of shareholders. Where
performance measures produce an outcome which does not
align with that of shareholders, the Committee may exercise
its discretion as it considers appropriate.
118
2025 balanced scorecard
Area Metric Performance measures
Corporate
financial
(65%)
Profitability Measured through underlying profit before tax (‘PBT’).
Investment
outperformance
Measured through the proportion of mutual funds achieving first or second quartile
performance and the proportion of segregated mandates beating their benchmarks
(weighted by AUM).
Measured over one year (25% weighting) and three years (75% weighting).
Strategic
and
individual
(35%)
Increase scale Increased levels of AUM and market share in target geographies, but also growth in
absolute AUM (net of market movements) in institutional and other target client segments.
Focus on building critical mass and scale across a range of new and emerging franchises,
while also growing existing capabilities.
Deliver net flows broadly consistent with or better than the financial forecast.
Increased operating margins across our key non-UK geographies in aggregate.
Decrease undue
complexity
Continue to identify opportunities to manage costs lower at an overall company level.
Increase automation and the utilisation of technology, and where appropriate consider
outsourced opportunities or benefits of supplier consolidation.
Further develop and deliver efficiencies, including on data, digital and governance, to
improve our internal processes and enhance the client experience.
Broaden our appeal
to clients
Ongoing curation of the funds we offer and consideration of new fund ideas or new ways to
access our investment capabilities. Explore opportunities for diversification and the potential
development of new investment capabilities and new investment platforms (such as active
ETFs or offshore platforms). Deliver active investment excellence, focused on using
technology to increase levels of client reporting, data sharing and knowledge transfer.
Deepen relationships
with all stakeholders
Sustainability considered thoughtfully and authentically in all that we do.
Increase the positive impact on society through our people and work.
Promotion of ESG capabilities and product offering to increase AUM in this market segment.
Continue progress towards existing net zero targets for our operations and in-scope funds
and as relevant, consider opportunity to increase range of in-scope funds.
Personal
performance
Achievement against specific personal performance objectives.
Underpin
Risk and regulatory
compliance
The Committee considers the checkpoints set out on page 130 when exercising its
judgement to determine the appropriate variable compensation pool, at a Group level.
The Committee also considers an annual report on internal control and risk management
factors when assessing appropriate awards, at an individual level.
Any risk or compliance factor (corporate or individual) has the potential to reduce variable
compensation, including to zero.
Targets for each performance measure will be set by the Committee in line with the framework described on page 107.
The Committee considers more specific details of the 2025 performance measures and targets to be commercially sensitive
and therefore further details of the targets and weightings for each of these measures and performance against each will be
provided in the 2025 DRR.
The determination of variable pay awards in relation to 2025 performance will continue to be assessed with the application
of judgement, taking into account a holistic assessment of Group and individual performance.
The balanced scorecard, set out in the table above, will allow the Committee to assess performance against key financial
and strategic metrics. The Committee’s assessment against these metrics and the decision about any variable pay awards
will be clearly disclosed to shareholders.
In addition to the performance measures outlined above, the Committee considers the checkpoints set out on page 130 when
exercising its judgement to determine the overall variable compensation spend for any particular year, and also considers
individual risk behaviours when assessing individual awards.
119Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Proportion of bonus and delivery method
The payment of bonuses for Executive Directors for 2025 will be as follows and is compliant with the relevant remuneration regulations.
25% 25% 50%
Delivered
as cash.
Delivered as either deferred Jupiter shares or
deferred fund units in a Jupiter fund (or collection
of funds). Choice between these can be made
by the Executive Director nearer the grant date.
Immediate vesting, but subject to a subsequent
six-month post-vesting holding period.
Delivered as either deferred Jupiter shares and/or deferred
fund units in a Jupiter fund (or collection of funds). Choice
between these can be made by the Executive Director nearer
the grant date. Where the Executive Director has not yet met
the minimum shareholding requirement, deferral into fund units
will be restricted to 25% of this portion of the bonus.
Vesting in equal tranches over three years, but subject
to a subsequent six-month post-vesting holding period.
LTIP awards
The 2025 LTIP awards will be subject to the following performance conditions.
Proportion
of LTIP Performance condition Performance measure Outcome
30%
EPS
Jupiter’s underlying EPS must
hit a pence target at the end
of the performance period.
Jupiter’s underlying EPS target at
the end of the performance period
1
• Targets to be disclosed when no
longer commercially sensitive
(see following page).
Proportion of the award subject
to the EPS performance condition
that will vest
• 25% for threshold
• 100% for maximum
• Sliding scale between the
relevant percentages above
25%
Investment outperformance
The proportion of all of Jupiter’s assets
(weighted by AUM) achieving above
median performance relative to their
peer group or above benchmark
performance weighted:
• 25% over the three-year period
to 31 December preceding the vesting
date; and 75% over the five-year
period to 31 December preceding
the vesting date.
Proportion of AUM achieving above
median/benchmark performance
• Less than 50%
• 50%
• 80% or above
• Any other percentage
Proportion of the award subject
to the investment outperformance
condition that will vest
• 0%
• 25%
• 100%
• Sliding scale between the
relevant percentages above
20%
Net flows for ’growth capabilities’
over the performance period
Cumulative net flows for ’growth
capabilities’ over the performance
period (see next page for further details).
There will be an underpin to this element
which will be a requirement for positive
Group AUM movement over the period.
Net flows for ‘growth capabilities’
over the performance period
• Less than £6bn
• £6bn
• £9bn or above
• Any other value
Proportion of the award subject
to the net flows for ‘growth
capabilities’ performance
condition that will vest
• 0%
• 25%
• 100%
• Sliding scale between the
relevant percentages above
1. Due to their volatility, performance fees will be excluded from the EPS calculation for LTIP awards.
Remuneration Committee Report continued
120
These awards will be granted in March 2025 and will vest in
March 2028, subject to the achievement of the stretching, but
achievable, performance conditions, as set out in the table
above. The awards will also be subject to a two-year post-
vesting holding period in line with the DRP.
As for previous awards, the Committee will review the final
outturn to ensure that there have not been any windfall gains.
This is additional to the standard risk and compliance
assessment and review of the final outturn to ensure it is
warranted based on shareholder and client experience
over the performance period.
The 2025 LTIP will revert to 375% of salary for the CEO following
a temporary cap in 2024 at 320% and increase to the Policy
maximum of 275% of salary for the CFOO in recognition of
demonstrated performance and growth in the substantially
expanded role.
The 2025 LTIP award values will be as follows:
Matthew Beesley (CEO): £1,762,500 (375% of salary);
Wayne Mepham (CFOO): £1,100,000 (275% of salary).
Investment outperformance is critical to Jupiter’s clients and
Jupiter’s long-term success. Its importance is recognised
through its use as a performance measure within the annual
bonus scorecard and the LTIP. Given the longer time horizon
over which LTIP assesses performance, both a three- and
five-year outperformance measure is included. In order to
focus reward on growth channels central to the future business
strategy, the net flows measure directly targets ’growth
capabilities‘ (parts of our portfolio where we see significant
growth potential). These are a key determinant of changes in
future revenue streams for the business. There is also a further
underpin on this element where there is a requirement for
positive Group AUM movement over the period.
EPS is the best measure of Jupiter’s successful execution of its
growth strategy for shareholders. The Board currently considers
these EPS targets to be commercially sensitive at this time due
to market volatility and on the basis that they would provide
market sensitive insights into the Group’s long-term forecasts.
This, in part, reflects the transition of the Jupiter assets previously
managed by Ben Whitmore to his successors announced last
year. The Committee is confident that the EPS target range set is
appropriately stretching taking into account the market outlook
and our strategic ambitions. We will disclose the EPS target
range in due course, when the Board is comfortable that this
information is no longer commercially sensitive.
Increasing scale of the business in our key geographic regions
is fundamental to driving future growth. 9 regions will be
considered for the purposes of this metric, and to achieve
‘scale’ will require both:
• reduction in the distribution direct cost ratio; and
• at least 5% increase in run-rate revenues.
Jupiter’s culture and inclusive environment form the key building
blocks of our success. We set stretching targets across our
people and culture metric to cement our position as a diverse
and inclusive employer of choice within the industry.
Given the commercial importance of delivery of our
strategic objectives to drive the future growth of Jupiter, we
will again include LTIP metrics for two of our four key strategic
objectives (increasing scale and deepening relationships
with all stakeholders) where longer-term targets are
particularly relevant.
In addition to a risk and compliance assessment, LTIP awards
are subject to an underlying business performance underpin.
The Committee will compare the vesting outcome for LTIP
awards against shareholder and client experience over
the same performance period.
Proportion
of LTIP Performance condition Performance measure Outcome
12.5%
Increase scale
Increasing scale of the business in any
of our 9 key geographic regions, which
will require both versus the benchmark
year (2024):
• a reduction in the distribution
direct cost ratio; and
• at least 5% increase in the
run-rate revenues
Assessment at the end of
performance period
• 1 region has achieved
‘scale’ (threshold)
• At least 3 regions have
achieved ‘scale’ (maximum)
Proportion of the award subject to
the ‘increase scale’ performance
condition that will vest
• 25% for threshold
• 100% for maximum
• Sliding scale between the
relevant percentages above
12.5%
People and culture
Combination of qualitative and
quantitative assessment by the
Committee of progress made in
cementing our position as a diverse
and inclusive employer of choice
within the industry.
Assessment at the end of the
performance period
As well as the qualitative assessment,
quantitative progress on the
following areas:
• Percentage of female
representation in senior leadership
roles and overall
• Percentage of ethnic minority
representation in senior
leadership roles and overall
• Rate of ‘talent’ retention
Proportion of the award subject
to the ’people and culture’
performance condition that will vest
• Between 0% and 100% based
on the Committee assessment
121Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Non-Executive Director fees, roles and Committee responsibilities
Jupiter normally reviews Non-Executive Director fees annually. The Non-Executive Chair’s fee and the base fee for Non-Executive roles
were last increased with effect from 1 January 2018 and 1 April 2023 respectively. Fees for chairing the Audit and Risk Committee and
Remuneration Committee were last increased with effect from 1 January 2020. Following the annual review, fees for the Non-Executive
Chair have been increased with effect from 1 April 2025. The increase is below the 4.8% average increase for the wider workforce. Fees
for all other Non-Executive roles remain unchanged for the 2025 financial year.
2024
annual fee
2025
annual fee
Base fee £66,000 £66,000
Senior Independent Director fee £12,500 £12,500
ARC Chair fee (in addition to member fee) £22,000 £22,000
Remuneration Committee Chair fee (in addition to member fee) £22,000 £22,000
ARC member fee £7,500 £7,500
Remuneration Committee member fee £7,500 £7,500
Non-Executive Chair fee (all inclusive) £235,000 £245,000
Non-Executive Directors are reimbursed for reasonable business expenses.
The roles and Committee responsibilities of the Non-Executive Directors during 2024 were as follows:
Director Title Roles and Committee responsibilities
David Cruickshank
Independent Chair • Nomination Committee Chair
Karl Sternberg
Independent Non-Executive Director • Interim ARC Chair
• Nomination Committee member
• Remuneration Committee member
Roger Yates
Independent Non-Executive Director
Senior Independent Director
• Senior Independent Director
• Nomination Committee member
• Remuneration Committee Chair
• ARC member
Dale Murray
Independent Non-Executive Director • ARC member
• Nomination Committee member
Suzy Neubert
Independent Non-Executive Director • Remuneration Committee member
• Nomination Committee member
Siobhan Boylan
Independent Non-Executive Director (appointed 5
March 2024)
• ARC member
• Nomination Committee member
James Macpherson
Independent Non-Executive Director (appointed
30 September 2024)
• ARC member
• Nomination Committee member
• Remuneration Committee member
Remuneration Committee Report continued
122
Directors’ shareholdings (audited information)
Director
Ordinary
shares
held at
31 December
2024 (no
restrictions
Unvested
ordinary
shares
held at
31 December
2024 (subject
to continued
employment)
Total ordinary
shares
held at
31 December
2024
Vested but
unexercised
options at
31 December
2024
Unvested
options,
vesting not
subject to
performance
conditions at
31 December
2024
Unvested
options,
vesting
subject to
performance
conditions at
31 December
2024
Total options
over ordinary
shares
held at
31 December
2024
Shareholding
as a
percentage
of salary
Shareholding
as a
percentage
of salary
including
vested and
unvested
share options
1
Matthew Beesley 235,049 6,361 241,410 9,367 1,444,522 3,570,714 5,024,603 43% 182%
Wayne Mepham 235,966 6,106 242,072 63,732 471,574 2,323,540 2,858,846 51% 112%
David Cruickshank 60,000 – 60,000 – – – – – –
Siobhan Boylan – – – – – – – – –
James Macpherson 30,000 – 30,000 – – – – – –
Dale Murray 72,012 – 72,012 – – – – – –
Suzy Neubert 46,000 – 46,000 – – – – – –
Karl Sternberg 28,601 – 28,601 – – – – – –
Roger Yates 325,000 – 325,000 – – – – – –
1. The shareholding as a percentage of salary is calculated based on unvested options not subject to performance conditions and vested but unexercised options,
both after tax.
There have been no changes to the above interests between the year-end and 24 February 2025 (the latest practicable date before
the finalising of the Annual Report and Accounts).
Minimum shareholding requirements
Executive Directors should maintain a significant holding of shares in the Company. The Remuneration Policy in operation for the 2024
performance year provided that the CEO should hold shares in the Company with a value equivalent to at least 500% of base salary,
and other Executive Directors a value equivalent to at least 300% of base salary. The Committee expects Executive Directors to build
up their required shareholding within five years from appointment to the Board, and is satisfied with the progress of all Executive
Directors against this.
Post-employment shareholding requirements
Under the DRP in operation for the 2024 performance year and in line with the Corporate Governance Code requirements, the
Committee has a formal post-employment shareholding requirement for Executive Directors. Executive Directors will be required
to maintain a meaningful shareholding for two years after stepping down as a Director, specifically shares worth 500% of salary for
the CEO and 300% of salary for other Directors in the first year, decreasing to 250% of salary for the CEO and 150% of salary for other
Directors in the second year after stepping down.
Directors’ service contracts unexpired terms
The Executive Directors are the only Directors with service contracts, none of which contains an expiry term. The CEO has a 12-month
notice period. The CFOO has a six-month notice period.
123Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Share awards (audited information)
DBP – options over Jupiter shares
Options held at
start of year Options granted during the year
Options exercised/lapsed
during the year
Options held
at end of year
Director
Year
granted
Number of
shares under
option held as
at 1 January
2024 including
dividend
adjustments
1,2,3,4,5,6
Market
value per
share at
date of
grant
9
Grant
date
Face value
at award
Price
used to
determine
number of
shares
9
Number
of shares
under
option
Number of
shares
under
option
lapsed
during the
year
Number of
shares
under
option
exercised
during the
year
Number
of shares
under
option
held as
at 31
December
2024
7,8
Earliest
exercise
date
Latest
exercise
date
Matthew
Beesley
2022
(Buyout
Award) 115,763 £2.04 – – – – – 115,763
16
3 Sept
2023
3 March
2030
115,763 £2.04 – – – – – 119,979
17
4,156
3 Sept
2024
3 March
2031
115,763 £2.04 – – – – – – 124,135
3 Sept
2025
3 March
2032
2023 (in
respect
of 2022) 131,424 £1.485 – – – – – 136,710
18
5,211
3 Sept
2024
3 March
2031
131,424 £1.485 – – – – – – 141,921
3 Sept
2025
3 March
2032
131,423 £1.485 – – – – – – 141,920
3 Sep
2026
3 March
2033
2024 (in
respect
of 2023)
4 March
2024 £773,500 £0.828 311,456 – – 337,940
4 Sept
2025
4 March
2032
311,456 – – 337,940
4 Sept
2026
4 March
2033
311,455 – – 337,939
4 Sept
2027
4 March
2034
Remuneration Committee Report continued
124
DBP – options over Jupiter shares continued
Options held at
start of year Options granted during the year
Options exercised/lapsed
during the year
Options held
at end of year
Director
Year
granted
Number of
shares under
option held as
at 1 January
2024 including
dividend
adjustments
1,2,3,4,5,6
Market
value per
share at
date of
grant
9
Grant
date
Face value
at award
Price
used to
determine
number of
shares
9
Number
of shares
under
option
Number of
shares
under
option
lapsed
during the
year
Number of
shares
under
option
exercised
during the
year
Number
of shares
under
option
held as
at 31
December
2024
7,8
Earliest
exercise
date
Latest
exercise
date
Wayne
Mepham
2020 (in
respect
of 2019) 29,712 £3.11 – – – – – 29,712
10
–
5 Sept
2023
5 March
2030
2021 (in
respect
of 2020) 35,655 £2.81 – – – – – 35,655
11
–
9 Sept
2023
9 March
2030
35,656 £2.81 – – – – – 36,878
12
1,204
9 Sept
2024
9 March
2031
2022 (in
respect
of 2021) 47,969 £2.04 – – – – – 47,969
13
–
3 Sept
2023
3 March
2030
47,969 £2.04 – – – – – 49,716
14
1,722
3 Sept
2024
3 March
2031
45,336 £2.04 – – – – – – 51,438
3 Sept
2025
3 March
2032
2023 (in
respect
of 2022) 26,298 £1.485 – – – – – 27,355
15
1,042
3 Sept
2024
3 March
2031
26,298 £1.485 – – – – – – 28,397
3 Sept
2025
3 March
2032
26,300 £1.485 – – – – – – 28,399
3 Sep
2026
3 March
2033
2024 (in
respect
of 2023)
4 March
2024 £259,875 £0.828 104,641 – – 113,538
4 Sept
2025
4 March
2032
104,641 – – 113,538
4 Sept
2026
4 March
2033
104,640 – – 113,537
4 Sept
2027
4 March
2034
1. Outstanding share awards granted in 2020 and 2021 were adjusted by 4.35% as a result of the 14 May 2021 Final and Special Dividend.
2. Outstanding share awards granted in 2020 and 2021 were adjusted by 2.95% as a result of the 1 September 2021 Interim Dividend.
3. Outstanding share awards granted in 2020, 2021 and 2022 were adjusted by 4.6% as a result of the 20 May 2022 Final Dividend.
4. Outstanding share awards granted in 2020, 2021 and 2022 were adjusted by 6.5% as a result of the 31 August 2022 Interim Dividend.
5. Outstanding share awards granted in 2021, 2022 and 2023 were adjusted by 0.4% as a result of the 19 May 2023 Final Dividend.
6. Outstanding share awards granted in 2021, 2022 and 2023 were adjusted by 6.1% as a result of the 1 September 2023 Interim Dividend.
7. Outstanding share awards granted in 2021, 2022, 2023 and 2024 were adjusted by 4.27% as a result of the 20 May 2024 Final Dividend.
8. Outstanding share awards granted in 2021, 2022, 2023 and 2024 were adjusted by 4.21% as a result of the 4 September 2024 Interim Dividend.
9. Average closing share price from the three trading days prior to date of grant.
10. Share prices at times of exercise on 8 March 2024 and 11 September 2024, were £0.90 (26,277 shares) and £0.81 (3,435 shares) respectively.
This resulted in a value of shares on exercise of £26,550.
11. Share price at time of exercise on 8 March 2024, was £0.90. This resulted in a value of shares on exercise of £32,208.
12. Share price at time of exercise on 11 September 2024, was £0.81. This resulted in a value of shares on exercise of £29,759.
13. Share price at time of exercise on 8 March 2024, was £0.90. This resulted in a value of shares on exercise of £43,212.
14. Share price at time of exercise on 11 September 2024, was £0.81. This resulted in a value of shares on exercise of £40,121.
15. Share price at time of exercise on 11 September 2024, was £0.81. This resulted in a value of shares on exercise of £22,038.
16. Share price at time of exercise on 8 March 2024, was £0.90. This resulted in a value of shares on exercise of £104,510.
17. Share price at time of exercise on 10 September 2024, was £0.81. This resulted in a value of shares on exercise of £97,258.
18. Share price at time of exercise on 10 September 2024, was £0.81. This resulted in a value of shares on exercise of £110,735.
125Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
DBP – options over Jupiter fund units
Fund units held at start of year Fund units granted during the year
Funds units released/
lapsed during the year
Fund units held at
end of year
Director
Year
granted
Number of
units held as at
1 January 2024
Market
value per
unit at date
of grant
1
Grant date
Face value
at award
Price
used to
determine
number of
units
Number of
units
Number of
units lapsed
during the
year
Number
of units
released
during the
year
Number of
units held
as at 31
December
2024
Earliest
release
date
Matthew
Beesley
2024 (in
respect
of 2023)
4 March
2024 £ 386,750 £3.011 128,433 – 128,433 –
4 Sept
2024
Wayne
Mepham
2022 (in
respect
of 2021) 35,134 £0.79 – 35,134 –
3 Sept
2024
35,135 – – 35,135
3 Sept
2025
2023 (in
respect
of 2022) 9,223 £1.33 – 9,223 –
3 Sept
2024
9,223 9,223 – – 9,223
3 Sept
2025
9,224 9,224 – – 9,224
3 Sept
2026
2024 (in
respect
of 2023)
4 March
2024 £86,625 £108.17 267 – – 267
4 Sept
2025
267 – – 267
4 Sept
2026
267 – – 267
4 Sept
2027
2024 (in
respect
of 2023)
4 March
2024
£ 173,250 £3.011 57,532 – 57,532 – 4 Sept
2024
1. Closing unit price from the day prior to the date of grant.
Key terms:
No performance measures are attached to awards granted under the DBP, although awards are normally subject to continued
employment with the Company;
Malus and clawback provisions may apply (see the Remuneration Policy on page 118 of the 2023 Annual Report for further details);
No exercise price is payable on the exercise of DBP options; and
Holders of unvested share option awards are not entitled to cash dividend payments as the holders are not the legal owners of the
shares. The Committee determined that it was appropriate for holders of share option awards to benefit from dividends declared
in 2024 as follows, as permitted under the relevant plan rules: For awards granted under the DBP and LTIP schemes, an upwards
adjustment to the number of shares over which options were held was applied based on the Final and Interim dividend payments
as shown in the footnotes on pages 124 to 125. These factors are equivalent to the value the holder of a share option award would
have received had they been entitled to receive the Final and Interim dividends as cash payments.
Remuneration Committee Report continued
126
LTIP – options over Jupiter shares
Options held at start of year Options granted during the year
Options exercised/lapsed
during the year
Options held
at end of year
Director
Year
granted
Number of
shares under
option held as
at 1 January
2024 including
dividend
adjustments
1,2,3,4,5,6
Market
value per
share at
date of
grant
9
Grant
date
Face value
at award
Price
used to
determine
number of
shares
9
Number
of shares
under
option
Number of
shares
under
option
lapsed
during the
year
Number of
shares
under
option
exercised
during the
year
Number
of shares
under
option
held as
at 31
December
2024
7,8
Earliest
exercise
date
Latest
exercise
date
Matthew
Beesley 2022 287,497 £2.04 – – – – – – 308,291
3 Sept
2025
3 March
2032
2023 1,223,148 £1.49 – – – – – – 1,320,855
3 March
2028
3 March
2033
2024
9 May
2024 £ 1,504,000 £0.807 1,862,923 – – 1,941,568
4 March
2029
4 March
2034
Wayne
Mepham 2021 314,368 £2.82 – – – – 258,411 – 59,764
9 March
2026
9 March
2031
2022 426,934 £2.04 – – – – – – 457,814
3 March
2027
3 March
2032
2023 532,271 £1.49 – – – – – – 574,789
3 March
2028
3 March
2033
2024
9 May
2024 £ 1,000,000 £0.807 1,238,646 – – 1,290,937
4 March
2029
4 March
2034
1. Outstanding share awards granted in 2020 and 2021 were adjusted by 4.35% as a result of the 14 May 2021 Final and Special Dividend.
2. Outstanding share awards granted in 2020 and 2021 were adjusted by 2.95% as a result of the 1 September 2021 Interim Dividend.
3. Outstanding share awards granted in 2020, 2021 and 2022 were adjusted by 4.6% as a result of the 20 May 2022 Final Dividend.
4. Outstanding share awards granted in 2020, 2021 and 2022 were adjusted by 6.5% as a result of the 31 August 2022 Interim Dividend.
5. Outstanding share awards granted in 2021, 2022 and 2023 were adjusted by 0.4% as a result of the 19 May 2023 Final Dividend.
6. Outstanding share awards granted in 2021, 2022 and 2023 were adjusted by 6.1% as a result of the 1 September 2023 Interim Dividend.
7. Outstanding share awards granted in 2021, 2022, 2023 and 2024 were adjusted by 4.27% as a result of the 20 May 2024 Final Dividend.
8. Outstanding share awards granted in 2021, 2022, 2023 and 2024 were adjusted by 4.21% as a result of the 4 September 2024 Interim Dividend.
9. Average closing share price from three trading days prior to date of grant.
10. The 2022 LTIP shares under option have not been adjusted for the performance conditions as at 31 December 2024.
There have been no changes to the above interests between the year-end and 24 February 2025 (the latest practicable
date before the printing of the Annual Report and Accounts).
127Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Key terms:
Performance conditions for LTIP awards granted in 2021, 2022 and 2023 are: 40% EPS growth, 30% investment outperformance
and 30% net flows.
Performance conditions for LTIP awards granted in 2024 are: 30% EPS, 25% investment outperformance, 20% net flows for ‘growth
capabilities’, 12.5% increase scale and 12.5% people and culture.
The targets and vesting schedule for EPS for awards granted in 2021, 2022 and 2023 are as follows: less than 5% EPS growth over
the performance period, 0% vesting; 25% EPS growth or above over the performance period, 100% vesting; any other EPS growth
percentage is subject to a sliding scale between 0% and 100%.
The targets and vesting schedule for investment outperformance for awards granted in 2021, 2022 and 2023 are as follows: less
than 50% of AUM achieving median/benchmark performance, 0% vesting; 50% of AUM achieving median/benchmark performance,
25% vesting; 80% or above of AUM achieving median/benchmark performance, 100% vesting; any other percentage of AUM achieving
median/benchmark performance, a sliding scale in between the relevant percentages.
The targets and vesting schedule for net flows for awards granted in 2021, 2022 and 2023 are as follows: less than £1.5bn over the
performance period, 0% vesting; £4.5bn or more over the performance period, 100% vesting; any other net flows between £1.5bn and
£4.5bn is subject to a sliding scale between 25% and 100%.
These performance conditions are measured over the period 1 January in the year of grant to 31 December in the year prior to vesting.
Awards are subject to a two-year post-vesting holding period.
The targets and vesting schedule for EPS for awards granted in 2024 are as follows: 25% vesting at threshold, 100% vesting at
maximum, with a sliding scale between 25% and 100%. Targets are considered commercially sensitive and will be disclosed in due
course, when the Board is comfortable that this information is no longer commercially sensitive.
The targets and vesting schedule for investment outperformance for awards granted in 2024 are as follows: less than 50% of AUM
achieving median/benchmark performance, 0% vesting; 50% of AUM achieving median/benchmark performance, 25% vesting; 80% or
above of AUM achieving median/benchmark performance, 100% vesting; any other percentage of AUM achieving median/benchmark
performance, a sliding scale in between the relevant percentages.
The targets and vesting schedule for net flows for awards granted in 2024 are as follows: less than £2.6bn over the performance
period, 0% vesting; £3.6bn or more over the performance period, 100% vesting; any other net flows between £2.6bn and £3.6bn is
subject to a sliding scale between 25% and 100%.
The targets and vesting schedule for increasing scale for awards granted in 2024 are as follows: 1 region has achieved scale,
25% vesting; At least 3 regions have achieved scale, 100% vesting; any other number of regions achieving scale, a sliding scale
in between the relevant numbers.
The targets and vesting schedule for people and culture for awards granted in 2024 are as follows: a combination of qualitative
and quantitative assessment by the Committee of progress made in cementing our position as a diverse and inclusive employer
of choice within the industry.
Malus and clawback provisions may apply (see the DRP on page 118 of the 2023 Annual Report for further details).
Remuneration Committee Report continued
128
Share Incentive Plan
Shares held at start of year Shares acquired/forfeited during the year Shares held at end of year
Number of
shares subject
to award as at
1 January 2024
Market value
per share at
award
1
Award date
Face value
at award
Price used to
determine
number of
shares
1
Number of
shares
awarded
during the
year
Number of
shares
forfeited
during the
year
Number of
shares subject to
award as at 31
December 2024
Earliest
vesting date
Matthew
Beesley 957 £2.09 – – – – – 957 1 April 2025
83 £1.80 – – – – – 83 4 May 2025
84 £1.78 – – – – – 84 6 June 2025
107 £1.41 – – – – – 107 4 July 2025
117 £1.28 – – – – – 117 4 Aug 2025
1,248 £0.96 – – – – – 1,248 6 Sept 2025
1,497 £1.34 – – – – – 1,497 31 Mar 2026
1 £0.84 – – – – – 1 8 Nov 2026
1 April 2024 £2,000 £0.882 2,267 – 2,267 1 April 2027
Wayne
Mepham 1,007 £1.99 – – – – – 1,007 1 April 2023
716 £2.79 – – – – – 716 1 April 2024
957 £2.09 – – – – – 957 1 April 2025
1,497 £1.34 – – – – – 1,497 31 March 2026
1,384 £1.30 – – – – – 1,384 6 Apr 2026
1 £0.96 – – – – – 1 6 Oct 2026
1 April 2024 £2,000 £0.882 2,267 – 2,267 1 April 2027
1. Market price on the date of purchase of SIP shares.
Sharesave – options over Jupiter shares
Options held at start of year Options granted during the year
Options lapsed
during the year Options held at end of year
Director
Year
granted
Number of
shares
under
option as at
1 January
2024
Market
value per
share at
date of
grant
Grant
date
Face value
at award
Price used to
determine
number of
shares
1
Number of
shares
under
option
Number of
shares
under option
lapsed
during the
year
Number of
shares under
option held
as at 31
December
2024
Earliest
exercise
date
Latest exercise
date
Matthew
Beesley 2022 22,727 £0.79 – – – – – 22,727 1 Dec 2025 31 May 2026
Wayne
Mepham 2022 22,727 £0.79 – – – – – 22,727 1 Dec 2025 31 May 2026
1. Sharesave is an all-employee share plan operated in line with applicable tax legislation. Average closing share price from three trading days prior to date of grant,
discounted by 20% in line with the Sharesave rules applicable to all eligible employees.
129Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Remuneration Committee Report continued
Checkpoints
Capital base and liquidity: Can Jupiter afford
the proposed variable compensation spend?
• Is there sufficient liquidity to make payments?
• Consider impact on Jupiter’s capital base.
• Request and consider input from the CFOO.
Underlying financial performance: Does Jupiter’s
underlying financial performance support the
proposed variable compensation spend?
• Consider performance against financial KPIs listed
in the Annual Report.
• Is there any reason to believe the financial results
are not a fair reflection of underlying performance?
• Request and consider input from the ARC.
Risk: Does Jupiter’s risk profile and risk management
support the variable compensation spend? Are any
adjustments required?
• Consideration of the ERMF report.
• Are all risks being suitably monitored and managed?
Have there been any material failures of risk management
(or any near misses) in the year?
• Consider whether profit reflects current and future risks
and timing and likelihood of future revenues.
• Request and consider input from the Risk and Compliance
teams and the ARC.
Compliance: Have there been any material compliance
breaches in the year?
• Are any adjustments required?
• Consideration of any significant compliance
breaches and/or near misses.
• Consideration of any fines received in the year
and any ongoing regulatory investigations.
• Request and consider input from the Risk
and Compliance teams.
Commercial: Are there any commercial drivers to support
adjustments to the variable compensation spend?
• Consider the market for talent and whether the spend
would likely result in any significant over/underpayment
against the market.
Reputational: Are there any reputational drivers
to support adjustments to the variable
compensation spend?
• Has there been any reputational damage to the Group
in the year?
• Will the proposed variable compensation pool quantum
have any adverse reputational impact on the Group?
• Variable compensation spend and total compensation
ratio approval.
Risk and Reward at Jupiter
Discussion
The Committee gives careful consideration to the linkage between risk and reward to ensure the desired behaviours and culture are
being rewarded. This includes ensuring the reward structures are consistent with and promote sound and effective risk management,
and ensuring remuneration outcomes appropriately reflect the risk profile and behaviours of the Group and each individual. This is
demonstrated through a variety of reward features and processes that ensure alignment to risk considerations throughout the
organisation.
When assessing the overall variable compensation spend, the Committee considers a number of checkpoints, as described in the
checkpoints chart below.
For all employees there is consideration of conduct and performance against risk and compliance criteria, ensuring there is risk
adjustment at an individual level.
Assessment of individual performance includes consideration of financial and non-financial metrics.
All employees with bonuses of over £75,000 have a portion of bonus deferred into shares and/or fund units. In total approximately
one quarter of employees are subject to some kind of deferral, ensuring their interests are aligned with the long-term success of
the Group and with the interests of clients.
Shareholding requirements apply to Executive Directors, further enhancing the link to the Group’s long-term success.
For Executive Directors and MRTs, all variable remuneration is subject to malus and clawback provisions, whereby incentive
awards may be reduced, withheld or reclaimed in certain circumstances, including where there has been a material failure of
risk management.
In addition to the ARC feeding into the process, the Risk and Compliance teams prepare a report to the Committee, setting out
thoughts and assurances around how the remuneration structures and processes support sound and effective risk management.
This is also considered by the Chair of the Audit and Risk Committee.
130
Compliance statement
This Remuneration Report was prepared in accordance with the Large and Medium-sized Companies and Groups (Accounts and
Reports) (Amendment) Regulations 2013. This report contains both audited and non-audited information. The information subject
to audit is set out in the Annual Report on Remuneration and is identified accordingly.
During the year Jupiter has been subject to a number of regulations including IFPR, AIFMD and UCITS V. The Committee fulfils all of its
requirements under these regulations and ensures that the Remuneration Policy adheres to their principles. The Group has followed
the requirements of the UK Corporate Governance Code. Further information can be found on page 108.
Dilution
Our policy regarding dilution from employee share awards is to ensure that dilution (through new issue or re-issued treasury shares)
will be no more than 10% in any rolling 10-year period.
Notwithstanding the target outlined above, as a business exposed to both market shocks and critical people issues, we believe we
should retain flexibility to act very quickly to take steps that could increase dilution up to a maximum of 15% on a temporary and
short-term basis, if the Committee and Board believe it is clearly in shareholders’ interests to do so.
If dilution were to exceed 10% in any rolling 10-year period, this would be on an exceptional basis and for a short time period. The DRR
for the relevant year would also contain the necessary justifications for such an outcome. The Committee and Board would ensure
that dilution levels returned to within the 10% level in any rolling 10-year period as soon as practicable thereafter.
As at 31 December 2024, share awards granted under the DBP, LTIP and Sharesave in the eleven and a half years since Jupiter’s listing
were outstanding over 54.8m shares (including 7.9m granted to Executive Directors). This represented 10.1% (1.5% to Executive
Directors) of the Company’s issued share capital.
Whilst this represented over 10%, we typically settle share awards outstanding as at 31 December 2024 with market-purchased shares.
No new shares have been issued since listing in 2010 in settlement of share awards to employees. Therefore, we are currently
operating within the relevant dilution targets by a comfortable margin.
131Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Remuneration Committee Report continued
Table of historic levels of CEO pay
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
CEO single figure of total remuneration (£’000) 2,157 2,073 1,135
7
2,490 1,759 1,764 2,014 3,546 2,437 2,716
CEO bonus as a percentage of maximum
potential
2
79% 80% 39%
7
85% 64% 56%
1
55% N/A N/A N/A
Long-term incentive vesting rates against
maximum potential 15% N/A
9
0%
8
30%
6
N/A
5
32% 43% 74%
4
44%
3
71%
1. Calculated as Maarten Slendebroek’s remuneration to 28 February 2019 and Andrew Formica’s from 1 March 2019 when he took on the role of CEO, plus the value of
Maarten Slendebroek’s pro-rated LTIP award vesting based on performance conditions tested to 31 December 2019. Restated based on the share price on the 2017
LTIP vesting date 9 March 2020 of £1.94.
2. Jupiter’s Remuneration Policy for the period from 2013 to 2017 did not include individual maximum bonuses, therefore a percentage is not provided for these years.
3. Maarten Slendebroek has two separate LTIP awards included in the 2016 single figure, both of which had performance periods ending during that financial year.
The 44% vesting is a weighted average of the vesting outcomes for both awards combined.
4. Maarten Slendebroek has two separate LTIP awards included in the 2017 single figure, both of which had performance periods ending during that financial year.
The 74% vesting is a weighted average of the vesting outcomes for both awards combined.
5. Andrew Formica did not have an LTIP award with performance conditions ending in the 2020 performance year, therefore there is no LTIP vesting percentage
available for 2020.
6. Andrew Formica’s 2019 LTIP award vested on 22 March 2022 at 30.3% which was subject to two equally weighted performance conditions measured
to 31 December 2021.
7. Calculated as Andrew Formica’s remuneration to 30 September 2022 when he stepped down as CEO, plus the value of Matthew Beesley’s remuneration from
1 October 2022 when he became CEO.
8. Andrew Formica’s 2020 LTIP award due to vest on 5 March 2023 subject to two equally weighted performance conditions measured to 31 December 2022.
9. Matthew Beesley did not have an LTIP award with performance conditions ending in the 2023 performance year, therefore there is no LTIP vesting percentage
available for 2023.
Jupiter’s total shareholder return compared against total shareholder return of FTSE 250 and FTSE 350
Investment Banking and Brokerage Services indices since December 2014
The chart below shows the Company’s share price performance (based on total shareholder return, with dividends reinvested
net of tax) in the 10-year period to 31 December, compared with the movement of the FTSE 250 Index and the FTSE 350 Investment
Banking and Brokerage Services Index. These two indices were chosen as the Company is in the FTSE 250 and the FTSE 350
Investment Banking and Brokerage Services Index includes UK-listed financial stocks, including asset managers.
0
20
40
60
80
100
120
140
180
160
Dec 14
Jupiter
Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23
Dec 24
FTSE 250 FTSE 350 Financials
Note: Data points are measured on a Daily Base
Source: Bloomberg as at 17 January 2025
132
CEO pay ratio
Year Method 25
th
Percentile Median 75
th
Percentile
2019 Option A 27:1 18:1 11:1
2020 Option A 23:1 16:1 9:1
2021 Option A 34:1 22:1 11:1
2022 Option A 14:1 9:1 6:1
2023 Option A 25:1 17:1 10:1
2024 Option A 25:1 17:1 10:1
The Company has chosen to use Option A as the methodology for calculating the pay and benefits of all UK employees, as this is
consistent with the approach that must be used for the CEO single figure. It therefore allows a like-for-like comparison to take place
between the pay data of the CEO and employees at the lower, median and upper quartiles, as well as a more accurate analysis of
the resulting ratios. For the purpose of this disclosure, the Company has chosen 31 December 2024 as the reference date on which
the pay for all employees in employment as at 1 October 2024 was calculated, consistent with our approach taken in prior years.
25
th
Percentile Median 75
th
Percentile
CEO single figure (£’000)
1
2,157
Employee single figure (£’000) 87 126 209
Employee single figure salary component (£’000) 62 87 125
1. Whilst the CEO single figure for 2024 includes the first vested value an LTIP award post appointment, this is offset by a lower increase in bonus value relative to the
average employee. The ratio for 2024 is therefore broadly flat.
Jupiter operates consistent reward policies across its UK workforce, with the exception of any variation required by regulation,
legislation or corporate governance. Remuneration requirements that are considered more onerous are limited only to those
individuals to whom the relevant rules apply. Notwithstanding this, the Committee recognises that the CEO pay ratio will fluctuate from
year to year as it is dependent on a number of factors, some of which are out of the Committee’s control, for example movements in
share price which affect the value of deferred share-based compensation with performance conditions. The Committee therefore
does not target a specific pay ratio, but will consider any movement in the ratio year-on-year when assessing the balance of
remuneration for all other employees relative to maintaining a competitive remuneration package for the CEO.
133Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Remuneration Committee Report continued
Change in Board Directors’ pay vs employees
The following table sets out the percentage change in remuneration from FY23 to FY24 paid to each Director (plus the prior years’
comparatives), as well as the average percentage change for employees. Jupiter Fund Management plc only employs the CEO
and CFOO; however, data for employees has been calculated looking at all employees for the Jupiter Group as a whole.
2024 2023 2022 2021 2020
%
change
in salary/
fee (2023
to 2024)
% change
in taxable
benefits
5
(2023 to
2024)
% change
in annual
bonus
(2023 to
2024)
% change
in salary/
fee (2022
to 2023)
% change
in taxable
benefits
(2022 to
2023)
% change
in annual
bonus
(2022 to
2023)
% change
in salary/
fee (2021
to 2022)
% change
in taxable
benefits
(2021 to
2022)
% change
in annual
bonus
(2021 to
2022)
% change
in salary/
fee (2020
to 2021)
% change
in taxable
benefits
(2020 to
2021)
% change
in annual
bonus
(2020 to
2021)
% change
in salary/
fee (2019
to 2020)
% change
in taxable
benefits
(2019 to
2020)
% change
in annual
bonus
(2019 to
2020)
Matthew
Beesley – CEO
0% 11% 2% 0% -11% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Wayne Mepham
– CFOO
5% 11% 27% 5% -11% 136% 0% -8% -56% 5% 9% 38% 0% 14% 16%
David Cruickshank
1
– NED, Chair
15% 51% n/a 185% 764% n/a 105% 0% n/a n/a n/a n/a n/a n/a n/a
Roger Yates – NED,
Chair of
Remuneration
Committee, SID
3% -46% n/a 6% -75% n/a 4% 0% n/a 20% 0% n/a 19% 0% n/a
Karl Sternberg
2
–
NED. Interim Chair of
Audit and Risk
Committee
8% 57% n/a 21% 0% n/a 0% 0% n/a 5% 0% n/a 5% 0% n/a
Dale Murray– NED 1% -23% n/a 2% 16% n/a 200% 237% n/a n/a n/a n/a n/a n/a n/a
Suzy Neubert – NED 1% 39% n/a 23% 32% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Siobhan Boylan
3
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
James Macpherson
3
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Employees of
Jupiter Group
4
9% 11% 12% 8% -11% 8% 11% -8% 4% 4% 9% 22% 4% 12% 15%
1. The fee increase for David Cruickshank represents the increase received in conjunction with his appointment as Chair of the Board on 26 April 2023.
2. The fee increase for Karl Sternberg represents the increase received in conjunction with his appointment as Interim Chair of the Audit and Risk Committee on
26 April 2023.
3. Siobhan Boylan and James Macpherson joined the Board on 5 March and 30 September 2024 respectively, therefore prior year comparative data is not available
for them.
4. For salary: calculated using the average of all salary percentage changes from 2023 to 2024 for all eligible employees of the Jupiter Group as part of the annual
compensation review process. For benefits: calculated using the percentage increase in the premium for private medical and dental insurance year-on-year paid
by the Company. For annual bonus: calculated using the average of all full year equivalent discretionary annual bonus percentage changes from 2023 to 2024 for
all eligible employees of the Jupiter Group as part of the annual compensation review process.
5. Benefits for Executive Directors and all other employees only include private medical and dental insurance premiums. Benefits for Non-Executive Directors comprise
reasonable taxable business expenses incurred in the performance of duties and the payment of any tax arising, as reported in the table on page 117. The quantums
involved are often de minimis, but small changes can result in large percentage fluctuations shown in the table above.
134
Our fixed staff costs increased from £78.1m in 2023 to £79.1m in 2024, in line with our expectations, as a result of salary inflation offset
by ongoing rigorous focus on cost control. Average headcount in the year was 512, down from 516 in 2023.
Variable staff costs before performance fee-related costs and exceptional items decreased slightly from £72.8m to £71.9m. The net
decrease reflected a number of one-off accounting accruals and accelerations resulting from investment management personnel
changes in the year. This decrease in costs was partially offset by an additional charge from the forthcoming introduction of higher
national insurance charges in the UK.
Shareholder voting
The following table sets out the voting outcomes in respect of the most recent AGM votes on the Annual Report on Remuneration and
the DRP, held on 9 May 2024.
For
Percentage of
total votes cast Against
Percentage of
total votes cast Withheld
Directors’ Remuneration Policy at 2024 AGM 371,052,602 93.28 26,737,044 6.72 1,264,713
Annual Report on Remuneration at 2024 AGM 383,120,004 96.53 13,786,053 3.47 2,148,302
Advisors
In September 2017, the Committee conducted a review of the appointment of its independent advisors. The process included a series
of interviews with the Committee Chair and members of the Committee. As a result of that review, Deloitte LLP were confirmed as
advisors to the Committee and a new team was appointed.
The Committee has formally reviewed the work undertaken by Deloitte and is satisfied that the advice it has received has been
objective and independent. Deloitte are founder members of the Remuneration Consultants Group and abide by its code of conduct
in relation to executive remuneration consulting in the UK. Fees paid to Deloitte for executive remuneration consulting were £43,250 in
2024, determined on a time-spent basis. Deloitte also provided advice to the Company relating to incentive plans, tax and regulatory
matters during the year. The Committee does not consider that the other advice provided has any impact on Deloitte’s
independence as advisors to the Committee.
On behalf of the Board
Roger Yates
Chair of the Remuneration Committee
26 February 2025
Relative importance of spend on pay
The following chart shows the Group’s underlying PBT, total employee remuneration and dividends declared on ordinary shares
for 2023 and 2024.
Stated before exceptional items (see APMs on page 201).
0 50 100 150 200
Underlying profit
before tax (£m)
Total employee
remuneration
Dividends declared
(£m)
2024 2023
53.4
29.4
105.2
97.5
157.3
163.7
135Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Directors’ report
The Directors present their report and the Group’s audited Financial Statements for the year ended 31 December 2024.
Business performance
Principal activities The Company’s principal activity is to act as a holding company for a group of investment
their long-term investment objectives, by creating value through our investment performance
and stewardship of the funds we manage and the effective distribution thereof. Our Group business
model is explained in the Strategic report. The Group operates principally in the United Kingdom with
international operating subsidiaries in Hong Kong, Ireland, Singapore, Switzerland, and Luxembourg.
Our Luxembourg entity has branches across continental Europe.
The Company is incorporated with Company Number 6150195 and is domiciled in England and Wales
Development and
performance
Commentary on the development and performance in the year ended 31 December 2024, and likely
future developments in the Group’s business, is included in the Strategic report on pages 2 to 67.
Financial risk Descriptions of the Group’s financial risk management objectives and policies, and its exposure to
risks arising from its use of financial instruments, are set out in Note 27 to the financial statements
on pages 167 to 172.
Directors’ remuneration Information concerning Directors’ contractual arrangements and entitlements under share-based
remuneration arrangements is given in the Remuneration report on pages 104 to 135.
Environmental
performance
The Group’s environmental performance data including our Streamlined Energy and Carbon
reporting disclosure statement, and the absolute Scope 1 and 2 emissions for 2024, can be found
in the Sustainability section in our Operations section on pages 46 and 55 and in the Group’s separate
Sustainability Report.
Employees in the
business
Information concerning the involvement of employees in the business is given in the Strategic report
on pages 36 to 45.
Stakeholder interests How we consider stakeholder interests, including our section 172 statement, can be found on pages 56
to 59 of the Strategic report with more information on pages 84 to 85 of the Governance report.
Important events
affecting the Company
since the end of the year
On 22 January 2025 the Company completed the acquisition of Origin Asset Management.
The completion of the acquisition has no significant impact on the financial results of the Group.
Further information on the matter is contained in the Strategic report on pages 2 to 67.
136
Listing Rules and Disclosure Guidance and Transparency Rules disclosures
DTR 4.1.5R, DTR 4.1.8R and
DTR 4.1.11R
The annual financial statements are set out on pages 143 to 199. The responsibility statements can be
found on page 142. Information which is the required content of the management report as defined in
DTR 4.1.5R can be found in the Strategic report and in this Directors’ report.
LR 6.6.1 R
Information Location
Interest capitalised Not applicable
Shareholder waiver of dividends Note 24
Shareholder waiver of future dividends Note 24
Agreements with controlling shareholders Not applicable
Provision of services by a controlling shareholder Not applicable
Details of long-term incentive schemes Remuneration report and Note 5
Waiver of emoluments by a Director Not applicable
Waiver of future emoluments by a Director Not applicable
Significant contracts Page 140
Non pre-emptive issues of equity for cash Not applicable
Non pre-emptive issues of equity for cash in relation to
major subsidiary
Not applicable
Participation by parent of a placing by a listed subsidiary Not applicable
Publication of unaudited financial information Page 200
Compliance statement
– DTR 7.2
This statement can be found in our Governance section on page 76 and is deemed to form part of
this Directors’ report.
Internal control and risk
management systems –
DTR 7.2.5
A description of the Company’s financial reporting, internal control and risk management processes
can be found on pages 60 to 67.
Structure of capital and
voting rights – DTR 7.2.6
As at 31 December 2024 and also as at 24 February 2025, the latest practicable date prior to
finalising this report, there were 544,979,510 fully paid ordinary shares of 2p, amounting to £10,899,590.
Each share in issue is listed on the Official List maintained by the FCA in its capacity as the UK Listing
Authority. The Company has one class of ordinary shares which carry the right to attend, speak
and vote at general meetings of the Company. The holders of ordinary shares have the right to
participate in dividends and other distributions according to their respective rights and interests in the
profits of the Company and a return of capital on a winding up of the Company. Full details regarding
the exercise of voting rights in respect of the resolutions to be considered at the AGM to be held on 8
May 2025 will be set out in the Notice of Annual General Meeting. To be valid, the appointment of a proxy
to vote at a general meeting must be received not less than 48 hours before the time appointed for
holding the meeting. Full details on how to submit the proxy can be found in the AGM Notice.
137Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Directors’ report continued
Shares and shareholders
Annual General Meeting Our next AGM will take place on 8 May 2025. The Notice of the AGM will be circulated to all
shareholders at least 20 working days before the meeting and the details of the resolutions to
be proposed will be set out in that Notice.
This document will be available on the Company’s website at www.jupiteram.com.
Dividends The Directors have recommended a final dividend in respect of the year ended 31 December 2024 of
2.2 pence per ordinary share (2023: 3.4 pence per ordinary share). Payment of this dividend is subject
to approval by shareholders at the AGM and if approved will be paid on 20 May 2025 to shareholders
on the register at the close of business on 22 April 2025.
The Company paid an interim dividend, in the amount of 3.2 pence per share (2023: 3.5 pence
per ordinary share) in respect of the period to 30 June 2024. The interim dividend was paid on
4 September 2024 to those shareholders on the register as at 9 August 2024.
Share buyback
programme
There were no share buybacks during the year ended 31 December 2024. The Board
announced a buyback of c. 16m shares in February 2025.
Shares held in Employee
Benefit Trusts
Under the rules of the Jupiter Share Incentive Plan (the SIP), which was introduced in 2013, eligible
employees are entitled to acquire ordinary shares in the Company. The SIP shares are held in trust
for participants by Solium Trustee (UK) Limited (the SIP Trustee). Voting rights are exercised by the SIP
Trustee on receipt of participants’ instructions. If a participant does not submit an instruction to the
SIP Trustee, no vote is registered. In addition, the SIP Trustees do not vote on any unallocated shares
held in trust. As at 24 February 2025, the latest practicable date prior to finalising this report, the SIP
Trustee held 0.92% of the Company’s issued share capital. JTC Employer Solutions Trustee Limited, as
trustee of the Jupiter Employee Benefit Trust (the EBT Trustee), holds ordinary shares in trust for the
benefit of the Group’s employees. Where the EBT Trustee has allocated shares held in the trust in
respect of specific awards granted under the Jupiter Employee Share Plan, the holders of such
awards may recommend to the EBT Trustee how it should exercise voting rights relating to such
shares. To the extent that a participant does not make such recommendations, no vote is registered.
In addition, the EBT Trustee does not vote on any unallocated shares held in the trust. As at
24 February 2025, the EBT Trustee held 3.51% of the Company’s issued share capital.
CREST The Company’s ordinary shares are in CREST, the settlement system for stocks and shares traded on
the London Stock Exchange.
Restrictions on transfer of
shares
There are no restrictions on transfers of shares.
Substantial share
interests
As at 31 December 2024, the Company had been notified of the following voting interests in the
ordinary share capital of the Company in accordance with DTR 5 of the FCA’s Disclosure Guidance
and Transparency Rules. Percentages are shown as notified, calculated with reference to the
Company’s disclosed share capital as at the date of the movement triggering the notification.
Name
Number of shares
notified to the
Company Percentage interest %
Silchester International Investors LLP 99,670,631 18.02
TA Associates 84,115,278 15.21
Aberforth Partners 28,848,052 5.29
JTC Employer Solutions Trustee Ltd 21,641,534 3.97
The following notification has been disclosed to the Company in accordance with DTR 5 during the
period 1 January 2025 to 24 February 2025, the latest practicable date prior to finalising this report.
FIL Limited (Fidelity International) 27,413,383 5.03
138
Directors
Board of Directors During the year, Siobhan Boylan and James Macpherson were appointed as Independent
Non-Executives of the Board on 5 March 2024, and 30 September 2024, respectively. Karl Sternberg
stepped down from the Board on 3 January 2025. There have been no further Board changes up until
the date of this report.
The Directors of the Company who were in office during the year and up to the date of signing the
financial statements were:
• Matthew Beesley
• Siobhan Boylan
• David Cruickshank
• James Macpherson
• Wayne Mepham
• Dale Murray
• Suzy Neubert
• Karl Sternberg (until 3 January 2025)
• Roger Yates
Directors’ interests The Directors’ interests in the Company’s shares are set out in the Remuneration report on pages 123
to 129. No Director had a material interest in any significant contract (other than a service contract
or contract for services) with the Company at any time during the year. The Directors are advised
of their statutory duty to avoid conflicts of interest with the interests of the Company. All actual and
potential conflicts are brought to the attention of the Board. The operation of the Company’s policy
on conflicts of interest is described in the Governance section on page 93.
Appointment and
replacement of Directors
The Company’s Articles of Association provide that Directors may be appointed by the Company by
ordinary resolution or by the Board. If appointed by the Board, a Director holds office only until the
next AGM.
In accordance with the Company’s Articles of Association and the Code’s requirements, all serving
Directors will offer themselves for election or re-election at the AGM in 2025.
As part of the acquisition of Merian Global Investors, TA Associates were issued 84,115,278 ordinary
shares in the Company, representing 15.21% of the issued share capital. Under the terms of the
transaction TA Associates retain the right to appoint a Non-Executive Director to the Board, for so
long as they own 10% or more of the Company’s issued share capital. TA Associates do not currently
exercise this authority.
In addition to any powers under the Companies Act 2006 (the Act) to remove Directors from office,
the Company may, by passing an ordinary resolution, remove any Director from the Board before
the expiration of his or her period in office. The Company may, subject to the Articles of Association,
appoint by ordinary resolution another person who is willing to be a Director in his or her place.
The Company’s Articles of Association may be amended by special resolution of the shareholders.
Powers of the Directors
under Articles of
Association and
authorised by
shareholders
The Directors manage the Company under the powers set out in its Articles of Association.
These powers include the ability to issue or buy back shares. An ordinary resolution was passed
at the 2024 AGM, authorising the Directors to allot shares up to an aggregate nominal amount
of £1,089,959 representing c. 10% of the Company’s issued share capital (ISC). The Directors intend
to seek shareholders’ approval for the renewal of this authority at the 2025 AGM, again up to an
aggregate nominal amount of c. 10% of ISC. At the 2024 AGM, shareholders approved a resolution
authorising the Company to make purchases of its own shares up to a maximum of 16,349,385
ordinary shares, representing 3% of the ISC. As at 24 February 2025, the latest practicable date prior
to finalising this report, the Directors have not used this authority. The rights and obligations attaching
to the Company’s ordinary shares, as well as the powers of the Company’s Directors, are set out in
detail in the Company’s Articles of Association, which are available for inspection at each AGM and
on our website www.jupiteram.com.
139Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Directors continued
Loss of office provisions
on change of control
The Company does not have agreements with any Director or employee that would provide
compensation for loss of office or employment resulting from a change of control following a
takeover bid, except that provisions of the Company’s share schemes may cause options and
awards granted under such schemes to vest in those circumstances.
Directors’ indemnities The Company’s Articles of Association permit the provision of indemnities to the Directors. In
accordance with the Articles of Association, the Company has entered into a deed of indemnity in
favour of each Director (which is a qualifying third-party indemnity provision under the Act) pursuant
to which the Director has been granted the right to indemnification as permitted under the Act. These
arrangements were in place throughout the year and up to the date of approval of this report and
applied to the current and previous Directors. In addition, during the year the Company has
maintained Directors’ and Officers’ liability insurance cover for Directors.
Directors’ service
agreements
Each Executive Director, at the time of this report, has a written service agreement. This may be
terminated by either party on not less than 12 months’ notice in writing for the CEO and on not less
than six months’ notice in writing for the CFOO.
Non-Executive Directors’
letters of appointment
The letters of appointment of the Non-Executive Directors are issued for an initial period of three years,
which may be renewed for further terms as appropriate. All appointments are subject to an annual
review by the Nomination Committee and at the third and sixth anniversaries a deeper review is
undertaken, looking at the Board’s succession plans and the need to refresh the Board’s skills and
experiences. The role and responsibilities of each Director are clearly set out and include the duties of
a Director as provided in the Act. It is made clear that these duties do not include any management
function but an indication that the Director is expected to support and challenge management and
help in the development of the Group’s strategy. Three months’ notice in writing is required to be
served by either party to terminate the appointment. The Non-Executive Directors’ letters of
appointment are available for inspection at the Company’s registered office during normal
business hours and at the AGM (for 15 minutes prior to, and during, the Meeting).
Stakeholders
Change of control With reference to Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and
Reports) Regulations 2008 (paragraph 13(2)(k)), there are a number of agreements that may take
effect, alter or terminate upon a change of control. The only one of these which is considered to
be significant in terms of likely impact on the business of the Group as a whole is the RCF. Under the
RCF a change of control of the Company would allow the relevant lenders to (a) refuse to make any
further loans, (b) cancel their outstanding loan commitments and (c) declare all outstanding loans
together with accrued interest and any other amounts accrued to be immediately due and payable.
Supplier oversight and
significant contracts
Jupiter has five significant supplier relationships:
• SS&C Technologies – Transfer agent for unit trusts and OEICs
• Northern Trust – Custody, fund administration and depositary for unit trusts
• BlackRock – Trading, portfolio management and investment risk reporting system for all funds
• Citi – Depositary, fund administration and prime brokerage
• Deloitte – Regulatory reporting and tax services
• Microsoft – Operating system, hosting and a suite of associated applications.
These organisations’ activities are defined in service level agreements that are closely monitored to
ensure that service delivery standards are met.
Jupiter’s supplier management function, with business owners, oversee a suite of agreed activities,
including: formal meeting governance; site visits (if appropriate); the review of key performance
indicators; reviews by Jupiter’s assurance functions (including Service Delivery, Business Continuity,
IT Security, Enterprise Risk, Compliance and Internal Audit where appropriate); and the review of key
reports (including controls assurance reports and financial reports). Any risks or issues arising are
progressed through to resolution and, where appropriate, escalated to senior management and
reported to the Board.
Directors’ report continued
140
Stakeholders continued
Employees The Group gives full and fair consideration to applications for employment from disabled persons,
where a disabled person can adequately fulfil the job’s requirements. Where existing employees
become disabled, the Group’s policy, wherever practicable, is to provide continuing employment
under normal terms and conditions and make any required changes to their working environment.
The Group provides training, career development and promotion to disabled employees. Further
details of the Company’s employment procedures and practices are set out in the Strategic report
on pages 36 to 45.
Political donations The Group made no political donations or contributions during the year (2023: £nil).
Auditors and audit
Independent auditors
and audit information
EY were re-appointed at the AGM on 9 May 2024 as the Group’s external auditors to hold office
until the conclusion of the next AGM at which accounts will be laid. The Company’s Audit and Risk
Committee has recommended EY’s reappointment to the Board. A resolution to reappoint EY as
external auditors, and to authorise the Audit and Risk Committee, on behalf of the Board, to determine
their remuneration will be proposed at the next AGM on 8 May 2025.
Statements
Directors’ responsibility
statements
The statement of Directors’ responsibility for preparing the Annual Report and Accounts is set out on
page 142 and is deemed to form part of the Directors’ report. Within this, the Directors have included
a statement that the Annual Report and Accounts presents a fair, balanced and understandable
assessment of the Group’s position and prospects. To help the Board discharge its responsibilities in
this area, the Board consulted the Audit and Risk Committee, which advised on the key considerations
to comply with best practice and the Code’s requirements.
Going concern The Strategic report discusses the Group’s business activities, together with the factors likely to affect
its future development, performance and position. In addition, it sets out the Group’s financial position,
cash flows, liquidity position and borrowing facilities. The financial risk management note to the
financial statements sets out the Group’s objectives, policies and processes for managing capital
and its financial risk management objectives, together with details of financial instruments and
exposure to credit and liquidity risk.
The Group has access to the financial resources required to run the business efficiently and has a
strong gross cash position. The Group’s forecasts and projections, including rigorous stress testing,
show that the Group will be able to operate within its available resources for at least 12 months from
the date of this report. This has included a detailed focus on the wider macroeconomic and geopolitical
environment and the potential for multiple risks to occur simultaneously. As a consequence, the
Directors consider it appropriate to prepare the annual financial statements on a going concern
basis of accounting.
Statement of viability In accordance with Provision 31 of the Code, the Directors have assessed the prospects of the Group
over a longer period than the 12 months as required by the Going Concern provision. Details of the
assessment can be found in the Financial Review on page 31.
By order of the Board
Helen Archbold
Company Secretary
26 February 2025
141Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report
Governance
Financial Statements Other Information
Directors’ responsibility and
compliance statements
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 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 International Accounting Standards (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 2025. Following this examination, the
Board was satisfied that the financial statements for 2024 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:
• Suitable accounting policies had been selected in
accordance with IAS 8, Accounting Policies, Changes in
Accounting Estimates and Errors and consistently applied;
• The judgements and accounting estimates that have been
made were reasonable and prudent; and
• Where applicable UK-adopted International Accounting
Standards 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 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 ERMP which
operates in all areas of the Company. The framework 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 Our approach to risk management
section of the Strategic report. The ERMP 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, whose names and functions are listed in
the Directors’ biographies on pages 70 to 75, confirm that, to the
best of their knowledge:
• 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
• 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:
• 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
• 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 & Operating Officer
26 February 2025
142
Consolidated income statement
Notes
| 2024 | 2023 | ||
| £m | £m | ||
Revenue | 1, 2 | ||
Fee and commission expenses | 1 | ( | ( |
Net revenue | 1 | ||
Administrative expenses | 3 | ( | ( |
Other gains | 7 | ||
Amortisation of intangible assets | 12 | ( | ( |
Operating profit | |||
Impairment of goodwill | 11 | ( | |
Finance income | 8 | ||
Finance costs | 8 | ( | ( |
Profit before taxation | |||
Income tax expense | 9 | ( | ( |
Profit/(loss) for the year | ( | ||
| Earnings per share | |||
Basic | 10 | ( | |
Diluted | 10 | ( |
Consolidated statement of comprehensive income
| 2024 | 2023 | |
| £m | £m | |
Profit/(loss) for the year net of tax | ( | |
| Items that may be reclassified subsequently to profit or loss | ||
Exchange movements on translation of subsidiary undertakings | ( | ( |
Other comprehensive loss for the year net of tax | ( | ( |
Total comprehensive income/(loss) for the year net of tax | ( |
Consolidated income statement and Consolidated statement of comprehensive income
for the year ended 31 December 2024
143Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Consolidated balance sheet
Notes
| 2024 | 2023 | ||
| £m | £m | ||
| Non-current assets | |||
Goodwill | 11 | ||
Intangible assets | 12 | ||
Property, plant and equipment | 13 | ||
Investment in associates | 14 | ||
Deferred tax assets | 15 | ||
Trade and other receivables | 17 | ||
| Current assets | |||
Financial assets | 16 | ||
Trade and other receivables | 17 | ||
Cash and cash equivalents | 18 | ||
Current tax asset | |||
Total assets | |||
| Equity | |||
Share capital | 22 | ||
Own share reserve | 23 | ( | ( |
Other reserves | 23 | ||
Foreign currency translation reserve | 23 | ||
Retained earnings | 23 | ||
Total equity | |||
| Non-current liabilities | |||
Loans and borrowings | 19 | ||
Trade and other payables | 20 | ||
Deferred tax liabilities | 15 | ||
| Current liabilities | |||
Financial liabilities at fair value through profit or loss | 16 | ||
Trade and other payables | 20 | ||
Current tax liability | |||
Provisions | 21 | ||
Total liabilities | |||
Total equity and liabilities |
Consolidated balance sheet at 31 December 2024
144
Consolidated statement of changes in equity
| Foreign | ||||||||
| currency | Non- | |||||||
| Share | Own share | Other | translation | Retained | controlling | Total | ||
| capital | reserve | reserves | reserve | earnings | Total | interests | equity | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2023 | ( | |||||||
Loss for the year after tax | ( | ( | ( | |||||
Exchange movements on translation of subsidiary undertakings | ( | ( | ( | |||||
Other comprehensive loss net of tax | ( | ( | ( | |||||
Total comprehensive loss net of tax | ( | ( | ( | ( | ||||
Vesting of ordinary shares and options | ( | |||||||
Dividends paid | ( | ( | ( | |||||
Purchase of shares by EBT | ( | ( | ( | ( | ||||
Share-based payments | ||||||||
Other movements | ||||||||
Disposal of non-controlling interests | ( | ( | ||||||
Total transactions with owners | ( | ( | ( | ( | ( | |||
At 31 December 2023 | ( | |||||||
Profit for the year after tax | ||||||||
Exchange movements on translation of subsidiary undertakings | ( | ( | ( | |||||
Other comprehensive loss net of tax | ( | ( | ( | |||||
| Total comprehensive (loss)/income net | ||||||||
of tax | ( | |||||||
Vesting of ordinary shares and options | ( | |||||||
Dividends paid | ( | ( | ( | |||||
Purchase of shares by EBT | ( | ( | ( | |||||
Share-based payments | ||||||||
Transfers 1 | ( | |||||||
Other movements | ( | ( | ( | |||||
Total transactions with owners | ( | ( | ( | ( | ||||
At 31 December 2024 | ( |
Notes 22 23 23 23 23
1. Represents partial realisation of the merger relief reserve – see footnote on page 183.
Consolidated statement of changes in equity for the year ended 31 December 2024
145Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Consolidated statement of cash flows
Notes
| 2024 | 2023 | ||
| £m | £m | ||
| Cash flows from operating activities | |||
Cash generated from operations | 25 | ||
Income tax paid | ( | ( | |
Net cash inflows from operating activities | |||
| Cash flows from investing activities | |||
Purchase of intangible assets | 12 | ( | ( |
Purchase of property, plant and equipment | 13 | ( | ( |
Purchase of financial assets 1 | ( | ( | |
Proceeds from disposals of financial assets 2 | |||
Cash movement from funds and subsidiaries at the date they are no longer consolidated 3 | ( | ( | |
Cash movement from funds at the date they are consolidated 4 | |||
Interest income received | |||
Dividend income received | |||
Net cash outflows from investing activities | ( | ( | |
| Cash flows from financing activities | |||
Dividends paid | 24 | ( | ( |
Purchase of shares by EBT | 23 | ( | ( |
Purchase of shares for cancellation | 22 | ( | |
Finance costs paid | ( | ( | |
Cash paid in respect of lease arrangements | 13 | ( | ( |
Third-party subscriptions into consolidated funds | |||
Third-party redemptions from consolidated funds | ( | ( | |
Distributions paid by consolidated funds | ( | ||
Net cash inflows/(outflows) from financing activities | ( | ||
Net decrease in cash and cash equivalents | ( | ( | |
Cash and cash equivalents at beginning of year | |||
Foreign exchange loss on cash and cash equivalents | ( | ( | |
Cash and cash equivalents at end of year | 18 |
1. Includes purchases of seed investments and 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 of financial assets by that fund. Purchases of fund units were £24.2 m
(2023: £38.3 m).
2. Includes proceeds from disposals of seed investments, fund units used as a hedge against compensation awards, derivative instruments and, where the Group’s
investment in seed is judged to give it control of a fund, disposals of financial assets by that fund. Disposals of fund units were £31.7 m (2023: £21.9 m).
3. During the year, the gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was lost were £232.4 m and £239.3 m respectively
(2023: £0.2 m and £1.8 m respectively).
4. During the year, the gross amounts of assets and liabilities, other than cash or cash equivalents, over which control was obtained were £127.2 m (for both assets and
liabilities (2023: £nil for both).
Consolidated statement of cash flows for the year ended 31 December 2024
146
Notes to the Group Financial statements
Introduction
Accounting policies are contained within relevant notes, with the basis of preparation and general policies collected in Note 30.
An explanation of the use of APMs is provided on pages 201 to 203.
| 2024 | 2023 | |
| Net revenue | £m | £m |
Management fees | 368.9 | 389.9 |
Initial charges and commissions | 2.4 | 2.5 |
Performance fees | 31.2 | 13.2 |
Revenue | 402.5 | 405.6 |
Fee and commission expenses relating to management fees | (37.6) | (35.9) |
Fee and commission expenses relating to initial charges and commissions | (0.8) | (0.9) |
Net revenue | 364.1 | 368.8 |
147Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Notes to the Group Financial Statements continued
1. Revenue and fee and commission expenses continued
| 2024 | 2023 | |
| Revenue by product type | £m | £m |
Pooled funds | 368.3 | 373.7 |
Segregated mandates | 34.2 | 31.9 |
Revenue | 402.5 | 405.6 |
| 2024 | 2023 | |
| Revenue by location of clients | £m | £m |
UK | 286.1 | 299.6 |
EMEA | 78.1 | 72.3 |
Asia | 19.0 | 15.0 |
Rest of the world | 19.3 | 18.7 |
Revenue by location | 402.5 | 405.6 |
| 2024 | 2023 | |
| Non-current assets for the Group | £m | £m |
UK | 540.0 | 547.1 |
EMEA | 1.2 | 1.1 |
Asia | 0.3 | 1.1 |
Rest of the world | – | 0.1 |
Non-current assets by location | 541.5 | 549.4 |
148
| 2024 | 2023 | |
| £m | £m | |
Staff costs (Note 4) | 163.7 | 158.1 |
Depreciation of property, plant and equipment (Note 13) | 5.0 | 5.2 |
Auditors’ remuneration (see below) | 1.8 | 1.9 |
Other administrative expenses | 102.7 | 100.2 |
Total administrative expenses | 273.2 | 265.4 |
| 2024 | 2023 | |
| Auditors’ remuneration | £m | £m |
| Fees payable to the Company’s auditors and their associates for the audit of the parent company | ||
and consolidated financial statements | 0.4 | 0.4 |
| Fees payable to the Company’s auditors and their associates for other services to the Group: | ||
Audit of the Company’s subsidiaries pursuant to legislation | 0.8 | 0.9 |
Audit-related assurance services | 0.3 | 0.3 |
Other assurance services | 0.3 | 0.3 |
Total auditors’ remuneration | 1.8 | 1.9 |
| 2024 | 2023 | |
| £m | £m | |
Wages and salaries | 119.6 | 116.8 |
Share-based payments (Note 5) | 17.2 | 18.5 |
Social security costs | 18.4 | 15.8 |
Pension costs | 7.2 | 6.3 |
Redundancy costs | 3.7 | 2.2 |
Staff costs before net gains arising from the economic hedging of fund awards | 166.1 | 159.6 |
Net gains on instruments held to provide an economic hedge for fund awards 1 | (2.4) | (1.5) |
Staff costs | 163.7 | 158.1 |
| 2024 | 2023 1 | |
| m | m | |
Investment management | 124 | 137 |
Client Group, including marketing | 136 | 136 |
Infrastructure and operations | 252 | 243 |
512 | 516 |
149Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Notes to the Group Financial Statements continued
5. Share-based payments
The Group engages in share-based payment transactions in respect of services receivable from certain employees by granting
the right to either shares or options over shares in the parent company of the Group, Jupiter Fund Management plc (the Company),
subject to certain vesting conditions and exercise prices. These have been accounted for as equity-settled share-based payments.
The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate
performance and vesting period. The corresponding credit is recognised in retained earnings within total equity. The fair value of
the awards is calculated using an option pricing model, the principal inputs being the market value on the date of award, discounted
for any dividends forgone over the holding period of the award, and an adjustment for expected and actual levels of vesting, which
includes estimating the number of eligible employees leaving the Group and the number of employees satisfying the relevant
performance conditions. Shares and options vest on the occurrence of a specified event under the rules of the relevant plan.
A summary of the charge taken to the income statement (excluding social security) for each share-based payment arrangement
is shown below:
| 2024 | 2023 | |
| £m | £m | |
Deferred Bonus Plan (DBP) | 13.4 | 14.3 |
Long-Term Incentive Plan (LTIP) | 3.1 | 2.9 |
Sharesave Plan (SAYE) | 0.4 | 0.4 |
Share Incentive Plan (SIP) | 0.1 | 0.2 |
Free Share Awards (FSA) | 0.2 | 0.7 |
Total (Note 4) | 17.2 | 18.5 |
The fair value of the services provided by employees has been calculated indirectly by reference to the fair value of the equity
instruments granted. Fair value amounts for the options granted under the DBP, LTIP and SAYE schemes were determined using
a Black-Scholes option-pricing method and the following assumptions:
2024 | 2023 | |||||
DBP 2023 | LTIP 2024 | SAYE 2024 | DBP 2022 | LTIP 2023 | SAYE 2023 | |
Weighted average share price | £0.83 | £0.82 | £0.85 | £1.48 | £1.48 | £0.99 |
Weighted average exercise price | – | – | £0.68 | – | – | £0.79 |
Weighted average expected volatility 1 | 34.9% | 33.6% | 37.5% | 32.1% | 32.0% | 40.1% |
Weighted average option life (years) | 8.8 | 9.6 | 3.7 | 9.5 | 10.4 | 3.7 |
Weighted average dividend yield | – | – | 7.7% | – | – | 7.0% |
Weighted average risk-free interest rate | 4.5% | 4.6% | – | 3.9% | 3.9% | – |
1. Expected volatility for options granted in 2024 and 2023 has been calculated using the historical volatility of the Group.
In respect of DBP and LTIP awards, the Group initially estimates that 2% of recipients per annum will leave prior to the vesting dates
and forfeit their awards. This estimate is updated each reporting period to reflect the current position. Additionally, for performance-
based LTIP awards, the Group estimates that 50% of such awards will vest. This forecast is updated when the Group has a reasonable
basis for concluding that the forecast may be under- or over-stated. The Group provides a sensitivity analysis to show the impact
to the Group’s profit before taxation in the event that forfeiture and performance condition assumptions exceed or are below the
Group’s estimations on share-based payments by the stated percentages:
| 2024 | 2023 | |
| Credit/(charge) to the income statement as a result of a change in forfeiture assumptions | £m | £m |
+5% | 1.9 | 1.8 |
-5% 1 | (1.4) | (1.2) |
1. Where forfeiture assumptions are less than 5% in relation to an award, we nave modelled the impact of a reduction in forfeitures to 0%.
| 2024 | 2023 | |
| (Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions | £m | £m |
+25% | (2.0) | (1.6) |
-25% | 2.3 | 1.8 |
150
2024 | 2023 | |||
| Options outstanding | Number m | WAEP £ | Number m | WAEP £ |
At 1 January | 21.9 | – | 18.8 | – |
Granted | 17.0 | – | 10.2 | – |
Exercised | (11.6) | – | (6.8) | – |
Forfeited | (1.4) | – | (0.3) | – |
At 31 December | 25.9 | – | 21.9 | – |
Exercisable at 31 December | 2.8 | – | 3.1 | – |
151Jupiter Fund Management plc Annual Report and Accounts 2024
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Notes to the Group Financial Statements continued
5. Share-based payments continued
2024 | 2023 | |||
| Options outstanding | Number m | WAEP £ | Number m | WAEP £ |
At 1 January | 17.2 | – | 13.3 | – |
Granted | 9.1 | – | 9.4 | – |
Exercised | (0.7) | – | (0.5) | – |
Forfeited | (4.6) | – | (5.0) | – |
At 31 December | 21.0 | – | 17.2 | – |
Exercisable at 31 December | 0.4 | – | 0.3 | – |
The weighted average share price at the date of exercise of these options was £0.86 (2023: £1.29).
The weighted average fair value of options granted under this plan during the year was £0.82 (2023: £1.48).
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2024 was 8.1 years
(31 December 2023: 8.8 years).
(iii) Sharesave Plan
All eligible UK employees may participate in the Group’s Sharesave Plan, which was introduced in 2010. Under the terms of this plan,
employees may enter into contracts to save up to the maximum amount permitted under legislation and, at the expiry of a fixed
three- or five-year term, have the option to use these savings to acquire shares in the Company at a discounted price, calculated
under the rules of the plan (currently a 20% discount to the market price at the date of grant). Participants in the plan have six
months from the date of vesting to exercise their option.
2024 | 2023 | |||
| Options outstanding | Number m | WAEP £ | Number m | WAEP £ |
At 1 January | 4.9 | 0.98 | 5.0 | 1.06 |
Granted | 1.7 | 0.68 | 0.9 | 0.79 |
Exercised | (0.1) | 0.86 | – | – |
Forfeited | (2.0) | 0.83 | (1.0) | 1.21 |
At 31 December | 4.5 | 0.76 | 4.9 | 0.98 |
Exercisable at 31 December | 0.1 | 1.31 | 0.1 | 1.39 |
The weighted average share price at the date of exercise of these options in 2024 was £0.86 (2023: £1.05) per ordinary share.
The weighted average fair value of the options granted under this plan during the year was £0.17 (2023: £0.20).
The range of exercise prices of options granted under this plan is between £0.68 and £2.15.
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2024 was 2.3 years
(31 December 2023: 2.6 years).
(iv) International Share Award (ISA)
All non-UK employees may participate in the Group’s International Share Award, which was introduced in 2017 to create a non-UK
plan similar to the Sharesave Plan. Under the terms of this award, international employees are offered the opportunity to be granted
a share option which is exercisable after three years and three months. The exercise price is set at the same level as for the
Sharesave Plan. Participants in the plan have six months from the date of vesting to exercise their option.
The number of awards made during the year was 0.1m (2023: 0.2m).
(v) Share Incentive Plan (SIP)
All eligible UK employees may participate in the Group’s Share Incentive Plan, which was introduced in 2013. Under the terms of this
plan, employees may contribute from pre-tax salary up to the maximum amount permitted under legislation in any tax year, to
be used to acquire shares in the Company at the market price on the relevant date. Matching shares are then awarded by the
Company on a one matching share for each share purchased basis. The matching shares are subject to forfeiture where the
employee leaves employment with the Group within three years of their award.
The number of matching shares purchased under this scheme during the year was 0.2m (2023: 0.4m).
(vi) Free Share Award (FSA)
All eligible employees may participate in the Free Share Award which was introduced in 2020. Eligible employees in the UK receive
their award through the UK approved SIP. Non-UK eligible employees receive a nil-cost option which will vest over a three-year period.
The number of awards made during the year was 1.1m (2023: 0.8m).
152
6. Cash and fund-based deferred compensation awards
As described in Note 5(i) and (ii), deferred bonuses and LTIP awards can be deferred into either options over the Company’s shares,
a cash amount equivalent to the value of units in the Group’s funds, or cash. The expense included within wages and salaries in the
income statement in relation to cash and fund-based awards was:
2024 | 2023 | |||||
| Fund-based | Fund-based | |||||
| Cash awards | awards | Total | Cash awards | awards | Total | |
| Charge in respect of cash and fund-based | ||||||
awards before net gains arising from hedging | 2.7 | 17.5 | 20.2 | 3.6 | 12.1 | 15.7 |
Net gains on instruments held to provide an economic hedge for fund awards | – | (2.4) | (2.4) | – | (1.5) | (1.5) |
Net charge arising from cash and fund-based awards | 2.7 | 15.1 | 17.8 | 3.6 | 10.6 | 14.2 |
Where bonuses are deferred into cash or fund-based awards, the fair value of the award is expensed over the appropriate
performance and vesting period and included within staff costs. For fund-based awards, the liability is revalued at each balance
sheet date to the expected settlement amount, being the current market value of the underlying fund units adjusted for the
proportion of the vesting period that has passed. Any increase or decrease in value is recognised in the income statement
within staff costs.
For cash awards, there is no variability in the fair value of the awards once granted, and the liability is equal to the amount granted,
including any interest payable over the vesting period, discounted to allow for the time value of money, and adjusted to reflect the
proportion of the vesting period that has passed. The liabilities are included in the balance sheet as part of accrued expenses within
non-current trade and other payables and current trade and other payables (see Note 20).
The Group hedges its exposure to price fluctuations in the underlying fund units by purchasing the fund units at the date of grant.
These are included within financial assets at fair value through profit or loss (FVTPL) in the balance sheet. Changes in the fair value
of the units are recognised in the income statement within staff costs in order to match the gains and losses of both the hedging
instrument and the hedged item within the same line item of the income statement.
The Group provides a sensitivity analysis to show the impact on the Group’s profit before taxation in the event that forfeiture (for all
awards) and performance condition assumptions (in the case of LTIP awards only) exceed or are below the Group’s estimations on
cash and fund-based awards by the stated percentages (see Note 5 for the assumptions at grant date):
| 2024 | 2023 | |
| Credit/(charge) to the income statement as a result of a change in forfeiture assumptions | £m | £m |
+5% | 2.0 | 1.9 |
-5% 1 | (1.0) | (1.0) |
1. Where forfeiture assumptions are less than 5% in relation to an award, we nave modelled the impact of a reduction in forfeitures to 0%.
| 2024 | 2023 | |
| (Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions | £m | £m |
+25% | (0.3) | (0.5) |
-25% | 2.9 | 1.8 |
Volatility in the net charge arising from fund-based awards
In addition to the sensitivities shown above, the Group is also exposed to volatility in its income statement arising from its hedging
policy. Although the policy ensures that, in the absence of award forfeitures or differences between the actual achievement
of performance conditions versus estimated achievement levels, there is no overall net gain or loss arising for the Group from
movements in the value of fund-based awards from the date the hedge is purchased until the vesting date, it may result in
short-term income statement mismatches that subsequently reverse.
Where the Group purchases units or shares in funds to hedge the market risk exposure arising from a fund-based award, any
movements in the value of those assets are recorded as gains or losses from the point that the asset is purchased. However, under
IAS 19, the related liability is initially recorded at zero and is recognised over the period service is provided by the awardee to the
vesting date. Only at the vesting date are the asset and liability equal and, therefore, only from this point are nil net gains and
losses made from the revaluation of the asset and liability.
Until this point is reached, the impact of movements in the value of fund units held for hedging purposes on asset values may be
significantly different to the impact on the fund award liability, resulting effectively in either an acceleration of the compensation
charge (where net losses are recorded) or a deferral of charge until future years (where net gains are recorded). Where awards
vest and are exercised, these timing differences will fully reverse by the vesting date.
153Jupiter Fund Management plc Annual Report and Accounts 2024
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6. Cash and fund-based deferred compensation awards continued
| 2024 | 2023 | |
| £m | £m | |
Dividend income | 0.9 | 0.6 |
Gains on financial instruments at FVTPL – seed | 9.8 | 8.2 |
Losses on financial instruments at FVTPL – derivatives | (3.8) | (5.6) |
Other gains | 6.9 | 3.2 |
| 2024 | 2023 | |
| £m | £m | |
Interest on bank deposits | 2.5 | 3.5 |
Interest on short-term money market fund investments | 5.5 | 2.3 |
Finance income | 8.0 | 5.8 |
| 2024 | 2023 | |
| £m | £m | |
Interest on subordinated debt | 4.5 | 4.5 |
Interest on lease liabilities | 1.4 | 1.5 |
Finance cost on the RCF | 0.2 | 0.2 |
Finance costs | 6.1 | 6.2 |
Notes to the Group Financial Statements continued
154
| 2024 | 2023 | |
| £m | £m | |
| Current tax | ||
Tax on profits for the year | 24.7 | 24.1 |
Adjustments in respect of prior years | 0.2 | (0.7) |
Total current tax | 24.9 | 23.4 |
| Deferred tax | ||
Origination and reversal of temporary differences | (1.8) | 0.1 |
Adjustments in respect of prior years | – | (1.2) |
Total deferred tax (Note 15) | (1.8) | (1.1) |
Income tax expense | 23.1 | 22.3 |
| 2024 | 2023 | |
| Factors affecting tax expense for the year | £m | £m |
Profit before taxation | 88.3 | 9.4 |
Taxation at the standard corporation tax rate (25.0%; 2023: 23.5%) | 22.1 | 2.2 |
Non-taxable expenditure 1 | – | 17.9 |
Other permanent differences | 1.2 | 4.3 |
Adjustments in respect of prior years | 0.2 | (1.9) |
Effect of differences in overseas tax rates | (0.4) | (0.2) |
Total tax expense | 23.1 | 22.3 |
155Jupiter Fund Management plc Annual Report and Accounts 2024
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10. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to equity shareholders of the Company for the
year 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 are shares typically held in an EBT for the benefit of employees.
Diluted EPS is calculated by dividing the profit or loss 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:
| 2024 | 2023 | |
| Number | Number | |
| Weighted average number of shares | m | m |
Issued share capital | 545.0 | 545.0 |
Add: Contingently issuable shares 1 | 7.5 | 6.2 |
Less: Time-apportioned own shares held | (29.1) | (31.9) |
Weighted average number of ordinary shares for the purpose of basic EPS | 523.4 | 519.3 |
Add: Weighted average number of dilutive potential shares arising from share options | 10.3 | – 2 |
Weighted average number of ordinary shares for the purpose of diluted EPS | 533.7 | 519.3 |
1. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.
2. Potential shares can only be treated as dilutive if their conversion to ordinary shares increases the loss per share. As the impact of including potential shares in the
calculation of 2023 EPS would be to decrease the loss per share, they have been excluded from the calculation.
Earnings per share
2024
p
2023
p
Basic 12.5 (2.5)
Diluted 12.2 (2.5)
| 2024 | 2023 | |
| £m | £m | |
| Cost | ||
At 1 January and at 31 December | 570.6 | 570.6 |
| Accumulated impairment | ||
At 1 January | (76.2) | – |
Charge for the year | – | (76.2) |
At 31 December | (76.2) | (76.2) |
| Net book value | ||
At 31 December | 494.4 | 494.4 |
Notes to the Group Financial Statements continued
156
| £m | |
Headroom at 1 January 2024 1 | – |
Increase in VIU of CGU in 2024 | 1.7 |
Decrease in carrying value of CGU in 2024 | 7.9 |
Headroom at 31 December 2024 | 9.6 |
| Reasonably | Decrease in | |
| possible adverse | valuation | |
| Key variable | movement | £m |
Discount rate | +1% | 43 |
Terminal growth rate movement | -0.1% | 3 |
Decrease in revenue 1 | -1% | 23 |
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11. Goodwill continued
2024 | 2023 | |||||
| Investment | Investment | |||||
| Computer | management | Computer | management | |||
| software | contracts | Total | software | contracts | Total | |
| £m | £m | £m | £m | £m | £m | |
| Cost | ||||||
At 1 January | 19.2 | 75.0 | 94.2 | 16.3 | 75.0 | 91.3 |
Additions | 6.2 | – | 6.2 | 2.9 | – | 2.9 |
Disposals | (4.2) | – | (4.2) | – | – | – |
At 31 December | 21.2 | 75.0 | 96.2 | 19.2 | 75.0 | 94.2 |
| Accumulated amortisation | ||||||
At 1 January | (10.9) | (65.8) | (76.7) | (9.1) | (47.0) | (56.1) |
Charge for the year | (2.2) | (9.2) | (11.4) | (1.8) | (18.8) | (20.6) |
Disposals | 4.2 | – | 4.2 | – | – | – |
At 31 December | (8.9) | (75.0) | (83.9) | (10.9) | (65.8) | (76.7) |
| Net book value | ||||||
At 31 December | 12.3 | – | 12.3 | 8.3 | 9.2 | 17.5 |
Notes to the Group Financial Statements continued
158
2024 | 2023 | |||||||
| Office | Office | |||||||
| Right-of-use | Leasehold | furniture and | Right-of-use | Leasehold | furniture and | |||
| assets | improvements | equipment | Total | assets | improvements | equipment | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Cost | ||||||||
At 1 January | 49.3 | 5.4 | 7.0 | 61.7 | 50.1 | 5.4 | 6.4 | 61.9 |
Additions | 0.6 | – | 1.4 | 2.0 | 0.6 | – | 0.6 | 1.2 |
Disposals | (1.3) | – | (0.3) | (1.6) | (1.6) | – | – | (1.6) |
Lease modifications | 0.4 | – | – | 0.4 | 0.2 | – | – | 0.2 |
At 31 December | 49.0 | 5.4 | 8.1 | 62.5 | 49.3 | 5.4 | 7.0 | 61.7 |
| Accumulated depreciation | ||||||||
At 1 January | (16.4) | (2.4) | (5.4) | (24.2) | (14.5) | (2.1) | (4.4) | (21.0) |
Charge for the year | (3.9) | (0.3) | (0.8) | (5.0) | (3.9) | (0.3) | (1.0) | (5.2) |
Disposals | 1.2 | – | 0.3 | 1.5 | 1.6 | – | – | 1.6 |
Lease modifications | – | – | – | – | 0.4 | – | – | 0.4 |
At 31 December | (19.1) | (2.7) | (5.9) | (27.7) | (16.4) | (2.4) | (5.4) | (24.2) |
| Net book value | ||||||||
At 31 December | 29.9 | 2.7 | 2.2 | 34.8 | 32.9 | 3.0 | 1.6 | 37.5 |
| 2024 | 2023 | ||
| £m | £m | ||
| Right-of-use assets | |||
Buildings | 29.5 | 32.8 | |
Equipment | 0.3 | – | |
Motor vehicles | 0.1 | 0.1 | |
29.9 | 32.9 | ||
| Lease liabilities | |||
Current | 20 | 4.2 | 4.3 |
Non-current | 20 | 36.7 | 39.8 |
26 | 40.9 | 44.1 |
159Jupiter Fund Management plc Annual Report and Accounts 2024
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13. Property, plant and equipment continued
| 2024 | 2023 | |
| £m | £m | |
| Depreciation charge of right-of-use assets (included in administrative expenses) | ||
Buildings | 3.7 | 3.7 |
Equipment | – | 0.1 |
Motor vehicles | 0.2 | 0.1 |
3.9 | 3.9 | |
Interest expense (included in finance costs – see Note 8) | 1.4 | 1.5 |
Expense relating to short-term leases (included in administrative expenses) | 0.2 | 0.2 |
Notes to the Group Financial Statements continued
160
2024 | 2023 | |
At 1 January | 1.8 | – |
Additions | – | 1.8 |
Profit for the year after tax | – | – |
At 31 December | 1.8 | 1.8 |
| Intangible | |||||||
| Accelerated | Other | Other deferred | assets arising | ||||
| Share-based | capital | Employee | temporary | compensation | upon | ||
| payments | allowances | benefits | differences | payments | consolidation | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
Assets | 6.3 | 0.5 | – | 0.3 | 9.0 | – | 16.1 |
Liabilities | – | – | – | – | – | (2.3) | (2.3) |
At 31 December 2023 | 6.3 | 0.5 | – | 0.3 | 9.0 | (2.3) | 13.8 |
Assets | 7.2 | 0.2 | – | 0.2 | 8.0 | – | 15.6 |
Liabilities | – | – | – | – | – | – | – |
At 31 December 2024 | 7.2 | 0.2 | – | 0.2 | 8.0 | – | 15.6 |
| Intangible | |||||||
| Accelerated | Other | Other deferred | assets arising | ||||
| Share-based | capital | Employee | temporary | compensation | upon | ||
| payments | allowances | benefits | differences | payments | consolidation | Total | |
| £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2023 | 7.1 | 0.6 | 0.1 | 0.3 | 11.3 | (6.7) | 12.7 |
| (Charged)/credited to the income | |||||||
statement | (0.8) | (0.1) | (0.1) | – | (2.3) | 4.4 | 1.1 |
At 31 December 2023 | 6.3 | 0.5 | – | 0.3 | 9.0 | (2.3) | 13.8 |
| Credited/(charged) to the income | |||||||
statement | 0.9 | (0.3) | – | (0.1) | (1.0) | 2.3 | 1.8 |
At 31 December 2024 | 7.2 | 0.2 | – | 0.2 | 8.0 | – | 15.6 |
161Jupiter Fund Management plc Annual Report and Accounts 2024
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| 2024 | 2023 | |
| £m | £m | |
| Financial assets | ||
Direct seed investment at fair value | 126.5 | 87.5 |
Additional financial assets due to consolidation of funds | 99.2 | 76.8 |
Derivatives and fund unit hedges | 46.2 | 55.1 |
Financial assets at FVTPL | 271.9 | 219.4 |
Financial assets at amortised cost | 16.7 | 13.4 |
Total financial assets | 288.6 | 232.8 |
| 2024 | 2023 | |
| £m | £m | |
| Financial liabilities | ||
Financial liabilities at FVTPL | (100.1) | (80.2) |
Other financial liabilities at FVTPL | (0.4) | (0.1) |
Total financial liabilities | (100.5) | (80.3) |
Notes to the Group Financial Statements continued
162
| 2024 | 2023 | |
| Non-current | £m | £m |
Rent deposits | 0.4 | 0.4 |
0.4 | 0.4 |
| 2024 | 2023 | |
| Current | £m | £m |
Trade receivables | 83.4 | 89.5 |
Prepayments | 10.0 | 10.1 |
Accrued income | 51.1 | 37.6 |
Contract assets | 1.4 | 0.4 |
145.9 | 137.6 |
| 2024 | 2023 | |
| Contract assets | £m | £m |
< 1 year | 1.4 | 0.4 |
1.4 | 0.4 |
163Jupiter Fund Management plc Annual Report and Accounts 2024
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| 2024 | 2023 | |
| £m | £m | |
Cash at bank and in hand | 113.4 | 137.5 |
Cash equivalents | 147.1 | 128.4 |
Cash held by EBT and seed investment subsidiaries | 0.6 | 2.3 |
261.1 | 268.2 |
| 2024 | 2023 | |
| £m | £m | |
Non-current subordinated debt in issue | 49.9 | 49.7 |
| 2024 | 2023 | |
| Non-current | £m | £m |
Lease liabilities | 36.7 | 39.8 |
Accrued expenses | 19.5 | 16.0 |
Social security and other taxes | 5.3 | 3.9 |
61.5 | 59.7 |
| 2024 | 2023 | |
| Current | £m | £m |
Accrued expenses | 104.1 | 112.6 |
Trade payables | 75.3 | 81.6 |
Social security and other taxes | 13.9 | 12.5 |
Other payables | 3.6 | 10.4 |
Lease liabilities | 4.2 | 4.3 |
201.1 | 221.4 |
Notes to the Group Financial Statements continued
164
| 2024 | |
| £m | |
At 1 January | 4.7 |
Charge for the year | 2.5 |
Provisions utilised | (1.6) |
Provisions released | (0.5) |
At 31 December | 5.1 |
Number of shares | Par value | |||
| 2024 | 2023 | 2024 | 2023 | |
| Authorised, issued, allotted, called-up and fully paid | m | m | £m | £m |
| Share capital | ||||
Ordinary shares of 2p each | 545.0 | 545.0 | 10.9 | 10.9 |
545.0 | 545.0 | 10.9 | 10.9 |
Number of shares | Par value | |||
| 2024 | 2023 | 2024 | 2023 | |
| m | m | £m | £m | |
| Movements in ordinary shares | ||||
At 1 January | 545.0 | 546.4 | 10.9 | 10.9 |
Shares cancelled | – | (1.4) | – | – |
At 31 December | 545.0 | 545.0 | 10.9 | 10.9 |
165Jupiter Fund Management plc Annual Report and Accounts 2024
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24. Dividends
Dividend distributions to the Company’s shareholders are recognised in the accounting period in which the dividends are paid.
| 2024 | 2023 | |
| £m | £m | |
Prior year final dividend (3.4p per ordinary share) (2023: 0.5p per ordinary share) | 17.6 | 2.6 |
Current year interim dividend (3.2p per ordinary share) (2023: 3.5p per ordinary share) | 16.6 | 17.8 |
Prior year special dividend (nil) (2023: 2.9p per ordinary share) | – | 14.8 |
34.2 | 35.2 |
Final dividends 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 2024
were £1.8m (2023: £2.4m).
A final dividend for 2024 of 2.2 p per share (2023: 3.4 p) has been proposed by the Directors. This dividend amounts to £12.0 m (before
adjusting for any dividends waived on shares in the EBT) and will be accounted for in 2025. Including the interim dividend for 2024
of 3.2p per share (2023: interim and special dividends of 6.4p), this gives a total dividend per share of 5.4p (2023: 9.8p).
25. Cash flows from operating activities
Notes
| 2024 | 2023 | ||
| £m | £m | ||
Operating profit | 86.4 | 86.0 | |
| Adjustments for: | |||
Amortisation of intangible assets | 12 | 11.4 | 20.6 |
Depreciation of property, plant and equipment | 13 | 5.0 | 5.2 |
Other net gains 1 | 0.2 | (5.0) | |
Gains on fund unit hedges 2 | (2.4) | (1.5) | |
Share-based payments | 17.2 | 18.5 | |
Increase in trade and other receivables 3 | (7.7) | (14.4) | |
Decrease in trade and other payables 3 | (14.6) | (0.3) | |
Cash generated from operations | 95.5 | 109.1 |
1. Comprises the reversal of items included in ‘Other gains’ in the income statement that relate to either unrealised gains and losses, or to cash flows relating to the
disposal of financial assets. Cash flows relating to disposals are included in the Cash flow statement on page 146 within ‘Proceeds from disposals of financial assets
at FVTPL’.
2. Comprises the reversal of net gains on financial instruments held to provide an economic hedge for funds awards that are recognised within Staff costs (Note 4).
Cash flows arising from the acquisition and disposal of such instruments are included in the Cash flow statement, in line with the basis set out in footnote 1 above.
3. Amounts reported in these lines can differ from the movement in the balance sheet where cash flows that form part of that movement are separately reported in a
different line of the Cash flow statement or its notes. In 2023 and 2024, these differences are principally in respect of cash flow movements relating to consolidated
funds. For trade and other payables, additionally, cash flows arising from movements in lease liabilities are presented on the face of the Cash flow statement.
26. Changes in liabilities arising from financing activities
2024 | 2023 | |||||||
| Financial | Financial | |||||||
| liabilities at | Loans and | liabilities at | Loans and | |||||
| FVTPL | borrowings 1 | Leases | Total | FVTPL | borrowings 1 | Leases | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Brought forward at 1 January | 80.2 | 49.7 | 44.1 | 174.0 | 48.6 | 49.5 | 46.3 | 144.4 |
New leases | – | – | 0.6 | 0.6 | – | – | 0.6 | 0.6 |
Changes from financing cash flows | 147.3 2 | – | (5.6) | 141.7 | 28.9 2 | – | (4.9) | 24.0 |
| Changes arising from obtaining or losing | ||||||||
control of consolidated funds | (160.9) | – | – | (160.9) | (1.2) | – | – | (1.2) |
Changes in fair value | 33.5 | – | – | 33.5 | 3.9 | – | – | 3.9 |
Interest expense | – | 0.2 | 1.4 | 1.6 | – | 0.2 | 1.5 | 1.7 |
Lease reassignment and modifications | – | – | 0.4 | 0.4 | – | – | 0.6 | 0.6 |
| Liabilities arising from financing | ||||||||
activities carried forward at 31 December | 100.1 | 49.9 | 40.9 | 190.9 | 80.2 | 49.7 | 44.1 | 174.0 |
Notes | 16 | 19 | 20 | 16 | 19 | 20 |
1. Accrued interest on loans and borrowings is recorded within ‘Trade and other payables’ (Note 20) 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. Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement).
Notes to the Group Financial Statements continued
166
| Financial | ||||||
| Financial | assets held at | Financial | Financial | |||
| assets | amortised cost | liabilities | liabilities at | Non-financial | ||
| at FVTPL | and other 2 | at FVTPL | amortised cost | instruments | Total | |
| 2024 | £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 associates | – | 1.8 | – | – | – | 1.8 |
Deferred tax assets | – | – | – | – | 15.6 | 15.6 |
Non-current trade and other receivables 1 | – | 0.4 | – | – | – | 0.4 |
Financial assets | 271.9 | 16.7 | – | – | – | 288.6 |
Current trade and other receivables 1 | – | 134.5 | – | – | 11.4 | 145.9 |
Cash and cash equivalents | – | 261.1 | – | – | – | 261.1 |
Current tax asset | – | – | – | – | 1.6 | 1.6 |
Non-current loans and borrowings | – | – | – | (49.9) | – | (49.9) |
Non-current trade and other payables 1 | – | – | – | (56.2) | (5.3) | (61.5) |
Financial liabilities at FVTPL | – | – | (100.5) | – | – | (100.5) |
Current trade and other payables 1 | – | – | – | (187.2) | (13.9) | (201.1) |
Current tax liability 1 | – | – | – | – | (4.4) | (4.4) |
Provisions | – | – | – | (5.1) | – | (5.1) |
Total | 271.9 | 414.5 | (100.5) | (298.4) | 546.5 | 834.0 |
| Financial | ||||||
| assets held at | Financial | Financial | ||||
| Financial assets | amortised cost | liabilities | liabilities at | Non-financial | ||
| at FVTPL | and other 2 | at FVTPL | amortised cost | instruments | Total | |
| 2023 | £m | £m | £m | £m | £m | £m |
Goodwill | – | – | – | – | 494.4 | 494.4 |
Intangible assets | – | – | – | – | 17.5 | 17.5 |
Property, plant and equipment | – | – | – | – | 37.5 | 37.5 |
Investment in associates | – | 1.8 | – | – | – | 1.8 |
Deferred tax assets | – | – | – | – | 16.1 | 16.1 |
Non-current trade and other receivables 1 | – | 0.4 | – | – | – | 0.4 |
Financial assets | 219.4 | 13.4 | – | – | – | 232.8 |
Current trade and other receivables 1 | – | 127.1 | – | – | 10.5 | 137.6 |
Cash and cash equivalents | – | 268.2 | – | – | – | 268.2 |
Current tax asset 1 | – | – | – | – | 1.3 | 1.3 |
Non-current loans and borrowings | – | – | – | (49.7) | – | (49.7) |
Non-current trade and other payables 1 | – | – | – | (55.8) | (3.9) | (59.7) |
Deferred tax liabilities | – | – | – | – | (2.3) | (2.3) |
Financial liabilities at FVTPL | – | – | (80.3) | – | – | (80.3) |
Current trade and other payables 1 | – | – | – | (208.9) | (12.5) | (221.4) |
Provisions | – | – | – | (4.7) | – | (4.7) |
Total | 219.4 | 410.9 | (80.3) | (319.1) | 558.6 | 789.5 |
167Jupiter Fund Management plc Annual Report and Accounts 2024
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27. Financial risk management continued
2024 | 2023 | |||||
| Financial assets | Other income | Financial assets | Other income | |||
at FVTPL 1 | and expense | Total | at FVTPL 1 | and expense | Total | |
| £m | £m | £m | £m | £m | £m | |
Revenue | – | 402.5 | 402.5 | – | 405.6 | 405.6 |
Fee and commission expenses | – | (38.4) | (38.4) | – | (36.8) | (36.8) |
Administrative expenses | 2.4 | (275.6) | (273.2) | 1.5 | (266.9) | (265.4) |
Other gains | 6.9 | – | 6.9 | 3.2 | – | 3.2 |
Amortisation of intangible assets | – | (11.4) | (11.4) | – | (20.6) | (20.6) |
Impairment of goodwill | – | – | – | – | (76.2) | (76.2) |
Finance income | – | 8.0 | 8.0 | – | 5.8 | 5.8 |
Finance costs | – | (6.1) | (6.1) | – | (6.2) | (6.2) |
Income tax expense | – | (23.1) | (23.1) | – | (22.3) | (22.3) |
Profit for the year | 9.3 | 55.9 | 65.2 | 4.7 | (17.6) | (12.9) |
| Level 1 | Level 2 | Level 3 | Total | |
| 2024 | £m | £m | £m | £m |
Financial assets at FVTPL – funds | 271.0 | – | – | 271.0 |
Financial assets at FVTPL – derivatives | – | 0.9 | – | 0.9 |
Financial liabilities at FVTPL | (100.1) | – | – | (100.1) |
Other financial liabilities at FVTPL – derivatives | – | (0.4) | – | (0.4) |
170.9 | 0.5 | – | 171.4 |
| Level 1 | Level 2 | Level 3 | Total | |
| 2023 | £m | £m | £m | £m |
Financial assets at FVTPL – funds | 141.7 | 77.7 | – | 219.4 |
Financial liabilities at FVTPL | (80.2) | – | – | (80.2) |
Other financial liabilities at FVTPL – derivatives | – | (0.1) | – | (0.1) |
61.5 | 77.6 | – | 139.1 |
Notes to the Group Financial Statements continued
168
169Jupiter Fund Management plc Annual Report and Accounts 2024
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27. Financial risk management continued
| 2024 | 2023 | |
| Impact on the income statement of change in equity markets | £m | £m |
+10% | 4.4 | 0.3 |
-10% | (4.4) | (0.3) |
2024 | 2023 | |||
| +10% | -10% | +10% | -10% | |
| Impact on the income statement of change in exchange rates | £m | £m | £m | £m |
Sterling against Euro | (7.9) | 9.6 | (9.1) | 11.1 |
Sterling against US Dollar | (6.6) | 8.1 | (5.5) | 6.7 |
Sterling against Hong Kong Dollar | (1.3) | 1.5 | (1.4) | 1.8 |
Sterling against Singaporean Dollar | (0.5) | 0.7 | (0.4) | 0.5 |
Sterling against Swiss Franc | (0.4) | 0.5 | (0.3) | 0.3 |
| 2024 | 2023 | |
| Impact on the income statement of change in interest rates | £m | £m |
+100 bps | 2.6 | 2.7 |
-100 bps | (2.6) | (2.7) |
Notes to the Group Financial Statements continued
170
| 2024 | 2023 | |
| £m | £m | |
Neither past due nor impaired | 82.0 | 87.1 |
| Days past due: | ||
< 30 | 0.3 | 1.1 |
30-60 | 0.9 | 0.1 |
61-90 | – | 0.5 |
> 90 | 0.2 | 0.7 |
83.4 | 89.5 |
2024 | 2023 | |||||||
| Other financial | ||||||||
| Financial | assets held at | Other financial | ||||||
| assets | Cash and cash | amortised | Financial assets | Cash and cash | assets held at | |||
| at FVTPL | equivalents | cost¹ | Total | at FVTPL | equivalents | amortised cost¹ | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
AAA | – | – | – | – | 4.6 | – | – | 4.6 |
AA | – | – | 20.2 | 20.2 | 3.9 | - | 13.4 | 17.3 |
A | – | 198.6 | – | 198.6 | – | 201.6 | 3.5 | 205.1 |
BBB | – | 62.5 | – | 62.5 | 6.7 | 66.6 | - | 73.3 |
BB | – | – | – | – | 25.1 | – | – | 25.1 |
B | – | – | – | – | 27.4 | – | – | 27.4 |
CCC | – | – | – | – | 5.1 | – | – | 5.1 |
Not rated | 271.9 | – | 79.9 | 351.8 | 146.6 | - | 86.0 | 232.6 |
Total | 271.9 | 261.1 | 100.1 | 633.1 | 219.4 | 268.2 | 102.9 | 590.5 |
171Jupiter Fund Management plc Annual Report and Accounts 2024
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Other Information
27. Financial risk management continued
2024 | 2023 | |||||||
| Within 1 year | Within 1 year | |||||||
| or repayable | or repayable | |||||||
| on demand | 1-5 years | > 5 years | Total | on demand | 1-5 years | > 5 years | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Loans and borrowings¹ | 54.4 | – | – | 54.4 | 4.5 | 54.4 | – | 58.9 |
Lease liabilities | 5.6 | 19.3 | 23.1 | 48.0 | 5.8 | 19.0 | 27.6 | 52.4 |
Trade and other payables | 180.0 | 19.4 | – | 199.4 | 200.0 | 15.9 | – | 215.9 |
Provisions | 5.1 | – | – | 5.1 | 4.7 | – | – | 4.7 |
Financial liabilities at FVTPL | 100.5 | – | – | 100.5 | 80.3 | – | – | 80.3 |
Total | 345.6 | 38.7 | 23.1 | 407.4 | 295.3 | 89.3 | 27.6 | 412.2 |
| 2024 | 2023 | |
| £m | £m | |
Equity¹ | 255.0 | 260.5 |
Retained earnings, foreign currency translation reserve | 579.0 | 529.0 |
Total equity | 834.0 | 789.5 |
Notes to the Group Financial Statements continued
172
| Financial | Management/ | Management/ | |||
| Net AUM | assets | performance | performance | ||
| Number | of funds | at FVTPL | fees in the year | fees receivable | |
| of funds | £bn | £m | £m | £m | |
As at 31 December 2024 | 60 | 32.4 | 270.9 | 271.8 | 39.9 |
As at 31 December 2023 | 66 | 34.3 | 232.8 | 293.8 | 24.0 |
173Jupiter Fund Management plc Annual Report and Accounts 2024
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28. Interests in structured entities continued
| Date of the end | ||||||||
| Financial | Investment in | Percentage | of the fund’s | |||||
| Country of | Principal | assets at | associates | of total AUM | Share class held | reporting | ||
Name | Category | incorporation | activities | FVTPL £m | £m | held | by the Group | period |
| Jupiter Global Emerging | Subsidiary | Ireland | ICVC | 5.8 | 0 | 100% | F EUR Acc | 31-Dec |
| Markets Focus ex | sub-fund | F GBP Acc | ||||||
| China Fund | F USD Acc | |||||||
| I EUR Acc | ||||||||
| I GBP Acc | ||||||||
| I USD Acc | ||||||||
| and | ||||||||
| L USD Acc | ||||||||
| Jupiter Global Fund SICAV: | Subsidiary | Luxembourg | SICAV | 37.8 | 0 | 27% | B USD Dist | 30-Sep |
| Asia Pacific Income | sub-fund | C2 USD Acc | ||||||
| C2 USD Dist | ||||||||
| I EUR Dist | ||||||||
| I USD Dist | ||||||||
| L EUR ACC | ||||||||
| L EUR Dist | ||||||||
| L HKD Acc | ||||||||
| L HKD Dist | ||||||||
| L HKD Inc | ||||||||
| L JPY Dist | ||||||||
| L Q USD Dist | ||||||||
| L SGD Inc Dist | ||||||||
| HSC | ||||||||
| L USD Acc | ||||||||
| L USD Dist | ||||||||
| and | ||||||||
| L USD Inc Dist | ||||||||
| Jupiter Merlin | Subsidiary | England & | Unit Trust | 5.4 | 0 | 100% | I Acc | 31-May |
| Moderate Select | Wales | I Inc | ||||||
| J Acc | ||||||||
| and | ||||||||
| J Inc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 6.3 | 0 | 100% | I USD Acc | 31-Dec |
| Consumer Trends Fund | sub-fund | |||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 6.6 | 0 | 100% | I USD Acc | 31-Dec |
| Demographic | sub-fund | |||||||
| Opportunities Fund | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 6.7 | 0 | 100% | I USD Acc | 31-Dec |
| Disruptive Technology Fund | sub-fund | |||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 5.2 | 0 | 100% | I USD Acc | 31-Dec |
| Healthcare Innovation Fund | sub-fund | |||||||
| Jupiter Systematic Physical | Subsidiary | Ireland | ICVC | 6.1 | 0 | 100% | I USD Acc | 31-Dec |
| World Fund | sub-fund |
Notes to the Group Financial Statements continued
174
| Date of | |||||||
| Percentage | the end | ||||||
| of share | of the | ||||||
| Financial | class held | Percentage | fund’s | ||||
| Share class held | Country of | assets at | by the | of total | reporting | ||
| Name | by the Group | Incorporation | Principal Activities | FVTPL £m | Group | shares held | period |
| Jupiter Asset Management Series Plc: Merian | I2 EUR | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Global Equity Absolute Return Fund | Hedged Acc | ||||||
| Jupiter Asset Management Series Plc: Merian | I2 USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Global Equity Absolute Return Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | L SEK Hedged | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Global Equity Absolute Return Fund | Acc | ||||||
| Jupiter Asset Management Series Plc: Merian | N USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Global Equity Absolute Return Fund | |||||||
| Jupiter Asset Management Series Plc: Strategic | I JPY Acc HSC | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Absolute Return Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Strategic | I GBP Acc | Ireland | ICVC sub-fund | 0.4 | 26% | 0% | 31-Dec |
| Absolute Return Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Strategic | L1 USD Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Absolute Return Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Strategic | L2 EUR | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Absolute Return Bond Fund | Hedged Acc | ||||||
| Jupiter Asset Management Series Plc: Strategic | U2 USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Absolute Return Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Strategic | U3 SEK Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Absolute Return Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Emerging | B AUD H Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Market Debt Income Fund | |||||||
| Jupiter Asset Management Series Plc: Emerging | B ZAR H Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Market Debt Income Fund | |||||||
| Jupiter Asset Management Series Plc: Financial | F USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Contingent Capital Fund | |||||||
| Jupiter Asset Management Series Plc: Financial | I CHF H Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Contingent Capital Fund | |||||||
| Jupiter Asset Management Series Plc: Global | N USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Emerging Markets Focus Fund | |||||||
| Jupiter Asset Management Series Plc: Global | L HKD Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Fixed Income Fund | HSC | ||||||
| Jupiter Asset Management Series Plc: Global | U2 GBP Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Macro Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Global | U2 GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Macro Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Gold & | N USD Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Silver Fund | |||||||
| Jupiter Asset Management Series Plc: Jupiter UK | I GBP Acc | Ireland | ICVC sub-fund | 0.4 | 31% | 3% | 31-Dec |
| Specialist Equity Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | L SGD H Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| Dynamic Bond Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | I GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| North American Equity Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | I USD Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| North American Equity Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | L USD Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| North American Equity Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | U2 GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| North American Equity Fund | |||||||
| Jupiter Asset Management Series Plc: Merian | I EUR Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec |
| World Equity Fund |
175Jupiter Fund Management plc Annual Report and Accounts 2024
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Other Information
| Date of | ||||||||
| Percentage | the end | |||||||
| of share | of the | |||||||
| Financial | class held | Percentage | fund’s | |||||
| Share class held | Country of | assets at | by the | of total | reporting | |||
| Name | by the Group | Incorporation | Principal Activities | FVTPL £m | Group | shares held | period | |
| Jupiter Asset Management Series Plc: Merian | I GBP Acc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
| Jupiter Asset Management Series Plc: Merian | I GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
| Jupiter Asset Management Series Plc: Merian | L GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
| Jupiter Asset Management Series Plc: Merian | L USD Dist | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
| Jupiter Asset Management Series Plc: Merian | L GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
| Jupiter Asset Management Series Plc: Merian | U1 GBP Inc | Ireland | ICVC sub-fund | 0.0 | 100% | 0% | 31-Dec | |
| World Equity Fund | ||||||||
Jupiter European Smaller Companies | G GBP Acc | England & | Unit Trust | 0.0 | 100% | 0% | 30-Aug | |
| Wales | ||||||||
Jupiter European Smaller Companies | G GBP Dist | England & | Unit Trust | 0.0 | 100% | 0% | 30-Aug | |
| Wales | ||||||||
Jupiter European Smaller Companies | Z GBP Acc | England & | Unit Trust | 0.8 | 100% | 21% | 30-Aug | |
| Wales | ||||||||
Jupiter Global Emerging Markets Fund | L GBP Inc | England & | Unit Trust | 0.0 | 100% | 0% | 31-May | |
| Wales | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | C Q HSC USD | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Inc | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | L CHF M Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| IRD | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | L EUR M Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| IRD | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | L GBP M Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| IRD | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | L JPY HSC | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Acc | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | L JPY M Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| IRD | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond | N USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Dynamic Bond ESG | D EUR Q Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Dist | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond ESG | D SGD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond ESG | D SGD M Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| IRD HSC | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond ESG | I EUR Q Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Dynamic Bond ESG | I SEK Acc HSC | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Dynamic Bond ESG | K EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Dynamic Bond ESG | L EUR Q Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Dist | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond ESG | L SEK Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Dynamic Bond ESG | Y EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: European Growth | C USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: European Growth | D SGD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: European Growth | D USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: European Growth | L HKD Acc | Luxembourg SICAV sub-fund | 0.0 | 20% | 0% | 30-Sep | ||
| HSC | ||||||||
Notes to the Group Financial Statements continued
176
| Date of | ||||||||
| Percentage | the end | |||||||
| of share | of the | |||||||
| Financial | class held | Percentage | fund’s | |||||
| Share class held | Country of | assets at | by the | of total | reporting | |||
| Name | by the Group | Incorporation | Principal Activities | FVTPL £m | Group | shares held | period | |
Jupiter Global Fund SICAV: European Growth | N USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Financial Innovation | A USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Financial Innovation | D USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Financial Innovation | N USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Financial Innovation | N USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
| Jupiter Global Fund SICAV: Global | D EUR Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Ecology Growth | ||||||||
| Jupiter Global Fund SICAV: Global | U2 GBP Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Ecology Growth | ||||||||
| Jupiter Global Fund SICAV: Global Equity | D EUR | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Growth Unconstrained | Hedged Acc | |||||||
| HSC | ||||||||
| Jupiter Global Fund SICAV: Global Equity Growth | G EUR Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Unconstrained | ||||||||
| Jupiter Global Fund SICAV: Global Equity Growth | N USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Unconstrained | ||||||||
| Jupiter Global Fund SICAV: Global High Yield | A USD Q Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | A USD Q Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | IRD | |||||||
| Jupiter Global Fund SICAV: Global High Yield | D EUR Acc | Luxembourg | SICAV sub-fund | 12.0 | 83% | 3% | 30-Sep | |
| Short Duration Bond | ||||||||
| Jupiter Global Fund SICAV: Global High Yield | D EUR Q Inc | Luxembourg SICAV sub-fund | 0.8 | 98% | 0% | 30-Sep | ||
| Short Duration Bond | Dist | |||||||
| Jupiter Global Fund SICAV: Global High Yield | F EUR Acc | Luxembourg | SICAV sub-fund | 1.1 | 100% | 0% | 30-Sep | |
| Short Duration Bond | ||||||||
| Jupiter Global Fund SICAV: Global High Yield | G GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | I CHF Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | I GBP Acc | Luxembourg SICAV sub-fund | 0.6 | 97% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | L EUR Acc | Luxembourg | SICAV sub-fund | 20.3 | 79% | 6% | 30-Sep | |
| Short Duration Bond | ||||||||
| Jupiter Global Fund SICAV: Global High Yield | L HKD MINC | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | IRD HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | L SEK Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | L SGD Inc IRD | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Short Duration Bond | HSC | |||||||
| Jupiter Global Fund SICAV: Global High Yield | L USD Acc | Luxembourg SICAV sub-fund | 0.0 | 33% | 0% | 30-Sep | ||
| Short Duration Bond | HSC Dist | |||||||
Jupiter Global Fund SICAV: Global Value | A USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Global Value | U2 USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: India Select | A USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: India Select | I EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: India Select | L USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: India Select | N USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Income | U4 GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Income | U4 GBP Dist | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Income | U4H GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
177Jupiter Fund Management plc Annual Report and Accounts 2024
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Other Information
| Date of | ||||||||
| Percentage | the end | |||||||
| of share | of the | |||||||
| Financial | class held | Percentage | fund’s | |||||
| Share class held | Country of | assets at | by the | of total | reporting | |||
| Name | by the Group | Incorporation | Principal Activities | FVTPL £m | Group | shares held | period | |
Jupiter Global Fund SICAV: Japan Income | U4H GBP Dist | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Japan Select | A USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Japan Select | D GBP Acc | Luxembourg SICAV sub-fund | 0.9 | 93% | 0% | 30-Sep | ||
| PHSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | D GBP S Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| PHSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | U4 EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Select | U4 EUR S Dist | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Japan Select | U4 GBP Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Japan Select | U4 GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | U4 GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| PHSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | U4 GBP S Dist | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Select | U4 GBP S Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| HSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | U4 GBP S Inc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| PHSC | ||||||||
Jupiter Global Fund SICAV: Japan Select | U4 JPY Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Select | U4 JPY S Dist | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
Jupiter Global Fund SICAV: Japan Select | U4 USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Japan Select | U4 USD S Dist | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Jupiter Global Fund SICAV: Jupiter Global | A USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Sovereign Opportunities | ||||||||
| Jupiter Global Fund SICAV: Jupiter Global | D USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Sovereign Opportunities | ||||||||
| Jupiter Global Fund SICAV: Jupiter Global | D USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Sovereign Opportunities | HSC | |||||||
| Jupiter Global Fund SICAV: Jupiter Global | I EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Sovereign Opportunities | HSC | |||||||
| Jupiter Global Fund SICAV: Jupiter Global | I GBP Acc | Luxembourg SICAV sub-fund | 0.8 | 99% | 0% | 30-Sep | ||
| Sovereign Opportunities | HSC | |||||||
| Jupiter Global Fund SICAV: Jupiter Global | L EUR Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Sovereign Opportunities | HSC | |||||||
| Jupiter Global Fund SICAV: Jupiter Global | L USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Sovereign Opportunities | ||||||||
| Jupiter Global Fund SICAV: Jupiter Global | L USD Inc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Sovereign Opportunities | ||||||||
| Jupiter Global Fund SICAV: Jupiter Global | N USD Acc | Luxembourg | SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | |
| Sovereign Opportunities | ||||||||
| Jupiter Global Fund SICAV: Pan European | A USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
| Jupiter Global Fund SICAV: Pan European | C USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
| Jupiter Global Fund SICAV: Pan European | D GBP Acc | Luxembourg SICAV sub-fund | 0.0 | 64% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
| Jupiter Global Fund SICAV: Pan European | N USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
| Jupiter Global Fund SICAV: Pan European | L USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
| Jupiter Global Fund SICAV: Pan European | N USD Acc | Luxembourg SICAV sub-fund | 0.0 | 100% | 0% | 30-Sep | ||
| Smaller Companies | HSC | |||||||
Jupiter Global Value Equity Fund | U2 GBP Acc | England & | Unit Trust | 0.0 | 100% | 0% | 31-May | |
| Wales | ||||||||
Notes to the Group Financial Statements continued
178
| Date of | |||||||
| Percentage | the end | ||||||
| of share | of the | ||||||
| Financial | class held | Percentage | fund’s | ||||
| Share class held | Country of | assets at | by the | of total | reporting | ||
| Name | by the Group | Incorporation | Principal Activities | FVTPL £m | Group | shares held | period |
| Jupiter Investment Management Series I: | U2 GBP Acc | England & | OEIC sub-fund | 2.9 | 32% | 0% | 31-Jul |
| Merian Global Equity Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | I GBP Acc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | I GBP Inc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | U1 GBP Acc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | U1 GBP Inc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | U2 GBP Acc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| Jupiter Investment Management Series I: UK | U2 GBP Inc | England & | OEIC sub-fund | 0.0 | 100% | 0% | 31-Jul |
| Multip Cap Income Fund | Wales | ||||||
| England & | |||||||
Jupiter Strategic Bond Fund | X GBP Inc | Wales | Unit Trust | 0.0 | 100% | 0% | 31-May |
| 2024 | 2023 | |
| £m | £m | |
Short-term employee benefits | 5.4 | 3.7 |
Share-based payments | 3.3 | 1.3 |
Other long-term employee benefits | 1.6 | 1.2 |
10.3 | 6.2 |
179Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
30. Basis of preparation and other accounting policies
Notes to the Group Financial Statements continued
180
181Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Company balance sheet
Notes
2024
£m
2023
£m
Non-current assets
Investment in subsidiary undertakings 32 580.6 569.9
Deferred tax assets 0.8 0.8
581.4 570.7
Current assets
Financial assets at FVTPL 34 0.3 11.3
Trade and other receivables 35 103.0 97.9
Cash and cash equivalents 36 0.7 0.9
104.0 110.1
Total assets 685.4 680.8
Equity
Share capital 22 10.9 10.9
Own share reserve 23 (0.5) (0.7)
Other reserves 23 244.6 250.3
Retained earnings 269.8 230.2
Total equity 524.8 490.7
Non-current liabilities
Loans and borrowings 19 49.9 49.7
Trade and other payables 37 0.5 0.7
50.4 50.4
Current liabilities
Trade and other payables 37 110.2 139.7
110.2 139.7
Total liabilities 160.6 190.1
Total equity and liabilities 685.4 680.8
The financial statements of Jupiter Fund Management plc (registered number 6150195) on pages 182 to 189 were approved by the
Board of Directors and authorised for issue on 26 February 2025. They were signed on its behalf by:
Wayne Mepham
Chief Financial & Operating Officer
Company balance sheet at 31 December 2024
182
Company statement of changes in equity
Share
capital
£m
Own share
reserve
£m
Other
reserves
£m
Retained
earnings
£m
Total
£m
At 1 January 2023 10.9 (0.5) 250.3 124.9 385.6
Profit for the year – – – 146.3 146.3
Total comprehensive income – – – 146.3 146.3
Vesting of ordinary shares and options – 0.2 – (0.2) –
Dividends paid – – – (35.2) (35.2)
Share-based payments – – – 18.5 18.5
Purchase of shares by EBT – (0.4) – (24.1) (24.5)
Total transactions with owners – (0.2) – (41.0) (41.2)
At 31 December 2023 10.9 (0.7) 250.3 230.2 490.7
Profit for the year – – – 52.1 52.1
Total comprehensive income – – – 52.1 52.1
Vesting of ordinary shares and options – 0.2 – (0.2) –
Dividends paid – – – (34.2) (34.2)
Share-based payments – – – 17.2 17.2
Purchase of shares by EBT – – – (1.0) (1.0)
Transfers
1
– – (5.7) 5.7 –
Total transactions with owners – 0.2 (5.7) (12.5) (18.0)
At 31 December 2024 10.9 (0.5) 244.6 269.8 524.8
Notes 22 23 23
1. The impairment charge of £5.7m recognised in respect of the Company’s investment in Merian Global Investors Limited (see Note 32) has been transferred from the
Company’s merger relief reserve (included within Other reserves) to Retained earnings on the basis that the charge represents a partial realisation of the merger
relief reserve that arose on the acquisition of Merian Global Investors Limited in 2020.
Company statement of cash flows
Notes
2024
£m
2023
£m
Cash flows from operating activities
Cash generated from operations 38 30.7 63.1
Net cash inflows from operating activities 30.7 63.1
Cash flows from investing activities
Purchase of financial assets at FVTPL – (0.2)
Proceeds from sale of financial assets at FVTPL 9.1 3.6
Net cash inflows from investing activities 9.1 3.4
Cash flows from financing activities
Share repurchases – (2.0)
Purchase of shares by EBT (1.0) (24.5)
Finance costs paid (4.8) (4.8)
Dividends paid 24 (34.2) (35.2)
Net cash outflows from financing activities (40.0) (66.5)
Net movement in cash and cash equivalents (0.2) –
Cash and cash equivalents at beginning of year 0.9 0.9
Cash and cash equivalents at end of year 36 0.7 0.9
31. Accounting policies
Basis of preparation
The separate financial statements of the Company have been prepared in accordance with UK-adopted IAS and with the
requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The principal accounting
policies adopted are the same as those set out in the Group’s financial statements.
The Company has taken advantage of the exemption in section 408 of the Act not to present its own income statement. The Company’s
profit after tax for the year was £52.1m (2023: £146.3m).
Significant accounting estimates, judgements and assumptions
There is a reasonable level of risk that the use of estimates and judgements could lead to a material change within the next financial
year in respect of the assessment of any possible impairment in the carrying value of the Company’s investment in subsidiary
undertakings, as set out in Note 32.
Company statement of changes in equity for the year ended 31 December 2024
and Company statement of cash flows for the year ended 31 December 2024
183Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
31. Accounting policies continued
Investments in subsidiary undertakings
Investments in subsidiary undertakings are held at cost less provision for impairment.
Share-based payments
The grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the Group is
treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value,
is recognised over the vesting period as an increase to the investment in subsidiary undertakings, with a corresponding credit to
equity in the Company financial statements.
32. Investment in subsidiary undertakings
2024
£m
2023
£m
At 1 January 569.9 552.3
Share-based payments 16.4 17.6
Provision for impairment (5.7) –
At 31 December 580.6 569.9
During 2024 and 2023, a number of subsidiary companies granted options to their employees over the shares of Jupiter Fund
Management plc. For accounting purposes, these grants are recorded as investments by the Company in its subsidiary undertakings.
Impairment reviews are performed when there is an indicator that the carrying value of the Company’s investment in subsidiary
undertakings could exceed the recoverable value based on the higher of their VIU and fair value less costs to sell. As a result of the
recognition of impairment of the Group’s goodwill asset in 2023, and the continuing low level of headroom of the VIU over the carrying
value of the relevant CGU, an impairment review was undertaken, applying valuation techniques consistent with those described
in Note 11 to the Company’s investments. In the case of the Company’s investment in Merian Global Investors Limited, a holding
company with no ownership of any of the Group’s operational asset management businesses, the VIU was lower than the carrying
value and therefore an impairment loss has been recognised. All ongoing asset management activity, including operations relating
to the acquired Merian business, forms part of the Company’s investment in Jupiter Asset Management Group Limited and its
subsidiaries in respect of which no impairment charges have been recognised.
Significant area of estimation
The impairment testing described above requires estimation of the VIU of entities under the Company’s control. These values have been
derived from the valuations produced as part of the goodwill impairment testing (see Note 11), provided by third-party valuation specialists.
33. Related undertakings
The following information relates to the Company’s operating subsidiaries. At 31 December 2023 and 2024 (unless otherwise
indicated), with the exception of Jupiter Fund Management Group Limited and Merian Global Investors Limited, these were all
indirectly held, although the Company has some direct investments in operating subsidiaries for accounting purposes as a result of
share-based payment awards (see Notes 31 and 32). All subsidiaries have the same reporting dates and period of reporting as the
parent Company. The parent held directly or indirectly all of the issued ordinary shares and controlled all of the voting rights in all of
the subsidiaries, unless otherwise indicated. All subsidiaries have been consolidated in the Group financial statements and operate
and are incorporated in the countries in which they are registered.
Name Registered office Principal activities
Jupiter Asset Management (Asia Pacific)
Limited
6
th
Floor, Alexandra House,
18 Chater Road, Central, Hong Kong
Dormant
Jupiter Asset Management (Asia) Private
Limited
50 Raffles Place, #27-01 Singapore Land Tower,
Singapore
Investment management
Jupiter Asset Management Australia Pty Limited Level 10, 68 Pitt Street, Sydney, Australia Investment management
Jupiter Asset Management (Canada) Limited 45 O’Connor Street, Ottawa, Canada Dormant
Jupiter Asset Management (Europe) Limited 53 Merrion Square South, Dublin, Ireland ICVC management
Jupiter Asset Management Group Limited 70 Victoria Street, London, UK Investment holding company
Jupiter Asset Management (Hong Kong)
Limited
6
th
Floor, Alexandra House,
18 Chater Road, Central, Hong Kong
Investment management
Jupiter Asset Management International S.A 5 Rue Heienhaff, Senningerberg,
L-1736, Luxembourg
SICAV management
Jupiter Asset Management Limited 70 Victoria Street, London, UK Investment management
Jupiter Asset Management (N America) Inc 1209 Orange Street, Wilmington, Delaware, USA Investment holding company
Jupiter Asset Management (Switzerland) AG 16 Löwenstrasse, Zurich, Switzerland Investment management
Jupiter Asset Management US LLC 1675 South State Street, #B, Dover, Delaware, USA Investment management
Jupiter Fund Management Group Limited 70 Victoria Street, London, UK Investment holding company
Notes to the Company Financial Statements continued
184
Name Registered office Principal activities
Jupiter Fund Managers Limited 70 Victoria Street, London, UK Dormant
Jupiter Investment Management Group Limited 70 Victoria Street, London, UK Investment holding company
Jupiter Investment Management Holdings LLC 1675 South State Street, #B, Dover, Delaware, USA Investment holding company
Jupiter Investment Management Limited 70 Victoria Street, London, UK Investment management
Jupiter Investment Trust Limited 70 Victoria Street, London, UK Dormant
Jupiter Management GP LLC 1675 South State Street, #B, Dover, Delaware, USA Investment management
Jupiter Unit Trust Managers Limited 70 Victoria Street, London, UK Unit trust management
Knightsbridge Asset Management Limited 70 Victoria Street, London, UK Investment holding company
Merian Global Investors (Finance) Limited 47 Esplanade, St Helier, Jersey, Channel Islands Investment holding company
Merian Global Investors Holdings Limited 70 Victoria Street, London, UK Investment holding company
Merian Global Investors (Jersey) Limited 47 Esplanade, St Helier, Jersey, Channel Islands Investment holding company
Merian Global Investors Limited 47 Esplanade, St Helier, Jersey, Channel Islands Investment holding company
Tyndall Holdings Limited 70 Victoria Street, London, UK Investment holding company
Tyndall Investments Limited 70 Victoria Street, London, UK Dormant
The following information relates to an investment which is judged to be an associate of the Group at 31 December 2024. This
investment was consolidated up to 31 December 2023, at which time it was judged to be an associate rather than a subsidiary
undertaking (see Note 14).
Name Registered office Principal activities
Ownership
percentage
NZS Capital LLC 850 New Burton Road, #201, Dover,
Delaware, USA
Investment
management
25%
The following information relates to seed capital investments which are judged to be subsidiaries or associates of the Group at 31
December 2024.
Name Registered office Principal activities
Percentage of AUM
indirectly held by
the Company
Jupiter Global Emerging Markets Focus ex
China Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Global Fund SICAV: Asia Pacific Income 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 27%
Jupiter Merlin Moderate Select 70 Victoria Street, London, UK Unit Trust 100%
Jupiter Systematic Consumer Trends Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Systematic Demographic
Opportunities Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Systematic Disruptive Technology Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Systematic Healthcare Innovation Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Systematic Physical World Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
The following information relates to seed capital investments where the Group holds more than 20% of the shares in any single share
class, but over which the Group has neither control nor significant influence.
Name Registered office Principal activities
Jupiter Asset Management Series Plc: Merian
Global Equity Absolute Return Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Strategic
Absolute Return Bond Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Emerging
Market Debt Income Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Financial
Contingent Capital Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Global
Emerging Markets Focus Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Global Fixed
Income Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
185Jupiter Fund Management plc Annual Report and Accounts 2024
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Other Information
33. Related undertakings continued
Name Registered office Principal activities
Jupiter Asset Management Series Plc: Global
Macro Bond Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Gold &
Silver Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Jupiter UK
Specialist Equity Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Merian
Dynamic Bond Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Merian
North American Equity Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter Asset Management Series Plc: Merian
World Equity Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund
Jupiter European Smaller Companies 70 Victoria Street, London, UK Unit Trust
Jupiter Global Emerging Markets Fund 70 Victoria Street, London, UK Unit Trust
Jupiter Global Fund SICAV: Dynamic Bond 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Dynamic Bond ESG 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: European Growth 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Financial Innovation 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Global Ecology Growth 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Global Equity
Growth Unconstrained
6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Global High Yield Short
Duration Bond
6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Global Value 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: India Select 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Japan Income 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Japan Select 6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Jupiter Global
Sovereign Opportunities
6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Fund SICAV: Pan European
Smaller Companies
6 Route de Trèves, Senningerberg,
Luxembourg
SICAV sub-fund
Jupiter Global Value Equity Fund 70 Victoria Street, London, UK Unit Trust
Jupiter Investment Management Series I:
Merian Global Equity Fund
70 Victoria Street, London, UK OEIC sub-fund
Jupiter Investment Management Series I:
UK Multip Cap Income Fund
70 Victoria Street, London, UK OEIC sub-fund
Jupiter Strategic Bond Fund 70 Victoria Street, London, UK Unit Trust
Notes to the Company Financial Statements continued
186
36. Cash and cash equivalents
2024
£m
2023
£m
Cash at bank and in hand 0.6 0.7
Cash held by EBT 0.1 0.2
0.7 0.9
37. Trade and other payables
Non-current
2024
£m
2023
£m
Accruals 0.3 0.5
Social security and other taxes 0.2 0.2
0.5 0.7
Current
2024
£m
2023
£m
Amounts due to subsidiaries 105.4 134.7
Accruals 4.5 4.7
Social security and other taxes 0.3 0.3
110.2 139.7
38. Cash flows from operating activities
2024
£m
2023
£m
Operating profit 57.6 147.3
Adjustments for: –
Share-based payments 0.8 0.9
(Increase)/decrease in trade and other receivables (2.0) 14.3
Decrease in trade and other payables (25.7) (99.4)
Cash generated from operations 30.7 63.1
34. Financial assets at FVTPL
Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which
they arise. Financial assets at FVTPL comprise shares in certain funds managed by the Group held in the EBT in order to hedge
compensation awards made by a subsidiary of the Company.
2024
£m
2023
£m
Financial assets
Financial assets at FVTPL 0.3 11.3
0.3 11.3
35. Trade and other receivables
Trade and other receivables are initially recorded at fair value and subsequently at amortised cost. All trade and other receivables
are due within one year or repayable on demand. In line with the Company’s historical experience, and after consideration of current
credit exposures, the Company does not expect to incur any credit losses and has not recognised any expected credit losses in the
current year (2023: £nil).
2024
£m
2023
£m
Amounts due from subsidiaries 102.9 97.8
Prepayments and accrued income 0.1 0.1
103.0 97.9
As set out in Note 17, trade and other receivables are judged to be credit impaired when one or more detrimental events have
occurred, such as significant financial difficulty of the counterparty or it becoming probable that the counterparty will enter
bankruptcy or other financial reorganisation. Having considered the solvency position of the subsidiary undertakings from which
amounts are due to the Company and their ability to settle these balances out of their net assets, the Company does not expect
to incur any credit losses and has not recognised any ECLs in the current year (2023: £nil).
187Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
39. Financial instruments
Financial instruments by category
The carrying value of the financial instruments of the Company at 31 December is shown below:
2024
Financial assets
held at amortised
cost and other
2
£m
Financial assets
held at FVTPL
£m
Financial
liabilities held at
amortised cost
£m
Non-financial
instruments
£m
Total
£m
Investment in subsidiary undertakings 580.6 – – – 580.6
Deferred tax assets – – – 0.8 0.8
Financial assets at FVTPL – 0.3 – – 0.3
Current trade and other receivables 103.0 – – – 103.0
Cash and cash equivalents 0.7 – – – 0.7
Non-current loans and borrowings – – (49.9) – (49.9)
Non-current trade and other payables
1
– – (0.3) (0.2) (0.5)
Current trade and other payables
1
– – (109.9) (0.3) (110.2)
Total 684.3 0.3 (160.1) 0.3 524.8
1. Social security and other taxes do not meet the definition of financial instruments.
2. Investment in subsidiary undertakings is held at cost less provision for impairment.
2023
Financial assets
held at amortised
cost and other
2
£m
Financial assets
held at FVTPL
£m
Financial
liabilities held at
amortised cost
£m
Non-financial
instruments
£m
Total
£m
Investment in subsidiary undertakings 569.9 – – – 569.9
Deferred tax assets – – – 0.8 0.8
Financial assets at FVTPL – 11.3 – – 11.3
Current trade and other receivables 97.9 – – – 97.9
Cash and cash equivalents 0.9 – – – 0.9
Non-current loans and borrowings – – (49.7) – (49.7)
Non-current trade and other payables
1
– – (0.5) (0.2) (0.7)
Current trade and other payables
1
– – (139.4) (0.3) (139.7)
Total 668.7 11.3 (189.6) 0.3 490.7
1. Social security and other taxes do not meet the definition of financial instruments.
2. Investment in subsidiary undertakings is held at cost less provision for impairment.
For financial instruments held at 31 December 2024, issued subordinated debt, recorded within non-current loans and borrowings
above, had a fair value of £50.4m (2023: £50.2m), less unamortised expenses of £nil (2023: £0.1m).
Notes to the Company Financial Statements continued
188
At 31 December 2024 and 2023, the following hierarchy was used for determining and disclosing the fair value of financial instruments:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.
• 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).
As at 31 December 2024, the Company held the following financial instruments measured at fair value:
2024
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets at FVTPL – funds 0.3 – – 0.3
As at 31 December 2023, the Company held the following financial instruments measured at fair value:
2023
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets at FVTPL – funds 11.3 – – 11.3
Financial assets at FVTPL
Financial assets at FVTPL – funds relates to hedges of compensation awards made in shares in an investment trust and proprietary
holdings in an investment trust.
Price risk
Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Company. Management has
identified price risk as the exposure to unfavourable movements in the value of financial assets held by the Company which would
result in a loss recognised in the consolidated income statement. The Company is not exposed to commodity price risk. The Company,
through an EBT, holds listed equity investments as a hedge against compensation awards made by a subsidiary of the Company.
Gains and losses are borne by the subsidiary and, as a result, the Company is not subject to price risk on these investments.
The Company’s exposure to foreign exchange, interest rate, credit and liquidity risk is not considered to be material and, therefore, no
further information is provided.
40. Related parties
Investments in subsidiary undertakings are disclosed in Note 32 and the amounts due from and to subsidiaries in Notes 35 and 37.
Key management compensation
The Company also considers transactions with its key management personnel as related party transactions. Key management
personnel is 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:
2024
£m
2023
£m
Short-term employee benefits 1.6 1.4
Share-based payments 0.8 0.4
Other long-term benefits 0.3 0.3
2.7 2.1
189Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Independent Auditor’s Report to the members of Jupiter Fund Management plc
Opinion
In our opinion:
• Jupiter Fund Management plc’s consolidated financial statements and parent company financial statements (the “Financial
Statements”) give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 December 2024
and of the Group’s profit for the year then ended;
• the consolidated financial statements have been properly prepared in accordance with UK-adopted international
accounting standards;
• the Parent Company financial statements have been properly prepared in accordance with UK-adopted international
accounting standards as applied in accordance with section 408 of the Companies Act 2006; and
• the Financial Statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Jupiter Fund Management plc (the ‘Parent Company’) and its subsidiaries (together,
the ‘Group’) for the year ended 31 December 2024 which comprise:
Group Parent Company
Consolidated balance sheet as at 31 December 2024. Company balance sheet as at 31 December 2024.
Consolidated income statement for the year ended 31 December 2024. Company statement of changes in equity for the
year ended 31 December 2024.
Consolidated statement of comprehensive income for the year ended
31 December 2024.
Company statement of cash flows for the year
ended 31 December 2024.
Consolidated statement of changes in equity for the year ended
31 December 2024.
Related notes 31 to 40 to the financial statements,
including material accounting policy information.
Consolidated statement of cash flows for the year ended 31 December 2024.
Related notes 1 to 30 to the financial statements, including material
accounting policy information.
The financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international
accounting standards and as regards the Parent Company financial statements, as applied in accordance with section 408 of
the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our
report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Group or the Parent Company and we
remain independent of the Group and the Parent Company in conducting the audit.
Conclusions relating to going concern
In auditing the Financial Statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the Financial Statements is appropriate. To evaluate the Directors’ assessment of the Group and Parent Company’s
ability to continue to adopt the going concern basis of accounting, we have:
• assessed the assumptions used in management’s five-year forecast by comparing to internal management information and
external market sources. We also determined that the model is appropriate to enable management to make an assessment
of the going concern of the Group for a period of twelve months from the date the Annual Report and Accounts are approved;
• performed back-testing of prior-year forecasts by comparing them to the Group’s results over the same periods;
• performed enquiries of management and those charged with governance to identify risks or events that may impact the Group
and Parent Company’s ability to continue as a going concern. We reviewed the paper approved by the Board and minutes of
meetings of the Board and its committees;
• evaluated the capital and liquidity position of the Group by reviewing management’s forecasts and the Internal Capital Adequacy
and Risk Assessment;
• assessed the appropriateness of the stress and reverse stress test scenarios determined by management by considering the
key risks identified by management, our understanding of the business and the external market environment. We evaluated the
assumptions used in the scenarios by comparing them to internal management information and external market sources, tested
the clerical accuracy and assessed the conclusions reached in the stress and reverse stress test scenarios;
Independent Auditor’s Report to the members of Jupiter Fund Management plc
190
• assessed the plausibility of available options to mitigate the impact of the key risks and downside scenarios by comparing them to
our understanding of the Group and Parent Company; and
• assessed the appropriateness of the going concern and viability disclosures by comparing them to management’s assessment for
consistency and for compliance with the relevant reporting requirements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern
for twelve months from the date the Annual Report and Accounts are approved.
In relation to the Group and Parent Company’s reporting on how they have applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the Directors’ statement in the Financial Statements about whether the
Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this
report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group and
Parent company’s ability to continue as a going concern.
Overview of our audit approach
Audit scope • The Group is comprised of 29 legal entities domiciled in nine countries.
• We performed an audit of the complete financial information of four legal
entities and audit procedures on specific balances for a further 12 legal entities.
• The Group’s processes over financial reporting are centralised in London.
Therefore, our testing was performed centrally by the Group audit team in London.
Key audit matters • Impairment of goodwill
• Improper recognition of revenue
• Improper recognition of fee and commission expenses
• Improper recognition of provisions
Materiality • Overall group materiality of £4.46m which represents 5% of profit before tax.
An overview of the scope of the Parent company and Group audits
Tailoring the scope
In the current year our audit scoping has been updated to reflect the new requirements of ISA (UK) 600 (Revised). We have followed
a risk-based approach when developing our audit approach to obtain sufficient appropriate audit evidence on which to base our
audit opinion. We performed risk assessment procedures, with input from our overseas teams, to identify and assess risks of material
misstatement of the Group financial statements and identified significant accounts and disclosures.
When identifying legal entities for which audit work needed to be performed to respond to the identified risks of material misstatement
of the Group financial statements, we considered our understanding of the Group and its business environment, the potential impact
of climate change, the applicable financial framework, the Group’s system of internal control at the entity level, the existence of
centralised processes or applications and any relevant internal audit results.
We determined that centralised audit procedures would be performed for all in-scope entities, for all audit areas.
We identified 16 legal entities as individually relevant to the Group. This was due to relevant events and conditions underlying the
identified risks of material misstatement of the Group financial statements. These risks were associated with the reporting entity,
pervasive risks of material misstatement of the Group financial statements, or there is a significant risk or an area of higher assessed
risk of material misstatement of the Group financial statements associated with the entity. Four legal entities were identified as
individually relevant due to the materiality of the entity relative to the Group.
For those individually relevant entities, we identified the significant accounts over which audit work needed to be performed
by applying professional judgment, having considered the Group significant accounts on which centralised procedures will be
performed, the reasons for identifying the entity as an individually relevant entity and the size of the entity’s account balance
relative to the Group account balance.
We then considered whether the remaining Group significant account balances not yet subject to audit procedures, in aggregate,
could give rise to a risk of material misstatement of the Group financial statements. We have determined that the residual risk of
these balances not subject to audit procedures to be not material, therefore, we did not select any further significant accounts to
perform audit procedures on.
Having identified the entities for which work will be performed, we determined the scope to assign to each entity.
Of the 16 entities selected, we designed and performed audit procedures on the entire financial information of four legal entities
(“full scope components”). For the remaining 12 legal entities, we designed and performed audit procedures on specific significant
financial statement account balances or disclosures of the entity (“specific scope components”).
191Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
Involvement with overseas teams
In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of the
legal entities by us, as the Group audit engagement team, or by local auditors from other EY global network firms operating under
our instruction.
The Group has centralised its processes and controls over financial reporting in the UK. Therefore, our Group audit team in the
UK performed testing centrally for all accounts to obtain appropriate evidence for our opinion on the Group financial statements.
The Group team has maintained oversight of the Ireland, Hong Kong, Singapore and Luxembourg overseas audit teams through use
of remote collaboration platforms and virtual meetings. This allowed the Group team to gain a greater understanding of any
business issues faced in each location, discuss the centralised audit approach with the local team and any issues arising from their
work on entity audits. This, together with the procedures performed centrally at Group level, gave us appropriate evidence for our
opinion on the Group financial statements.
Climate change
The Group has determined that the most significant future impacts from climate change on their operations will be on the assets
it manages on behalf of its clients. This is primarily explained on pages 48 to 51 in the Task Force On Climate Related Financial
Disclosures and on pages 60 to 67 in the Risk Management section of the Annual Report and Accounts. The Group has also explained
their climate commitments on pages 46 to 47. All of these disclosures form part of the “Other information”, rather than the audited
financial statements. Our procedures on these unaudited disclosures therefore consisted solely of considering whether they are
materially inconsistent with the Financial Statements or our knowledge obtained in the course of the audit, or otherwise appear
to be materially misstated, in line with our responsibilities in relation to “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and the
opportunity for any consequential material impact on its financial statements.
The Group has explained in their Basis of Preparation and other accounting policies note on pages 180 to 181 how they have reflected
the impact of climate change in the Financial Statements where management consider it appropriate. The principal areas of
consideration by management include the measurement of financial assets and impairment assessments.
Our audit effort in considering the impact of climate change on the Financial Statements was focused on evaluating management’s
assessment of the impact of physical and transition climate risk, their climate commitments, the effects of the climate risks disclosed
on page 52 and the significant judgments and estimates disclosed in note 30, and whether these have been appropriately reflected
following the requirements of the UK-adopted international accounting standards. As part of this evaluation, we performed our own
risk assessment to determine whether there were risks of material misstatement of the Financial Statements resulting from climate
change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate change risks in their assessment of going concern and viability and
associated disclosures. Where considerations of climate change were relevant to our assessment of going concern, these are
described above.
Based on our work we have not identified the impact of climate change on the Financial Statements to be a key audit matter or
to materially impact a key audit matter.
192
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Financial
Statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of
resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit
of the Financial Statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
Risk Our response to the risk
Impairment of goodwill
(£494.4 million, 2023: £494.4 million)
Refer to the Audit and Risk Committee
Report (page 94) and Note 11 of the
Consolidated Financial Statements
(page 156).
The Group recognised goodwill with
a carrying amount of £494.4m at 31
December 2024. IAS 36 – Impairment of
Assets (‘IAS 36’) requires management
to assess the goodwill balance for
impairment on at least an annual
basis, and more regularly in the event
an indicator of potential impairment
is identified.
Management and the Audit and Risk
Committee (‘ARC’) have determined
that the Group as a whole is a
single cash generating unit (‘CGU’).
Management used a discounted
cash flow (‘DCF’) model to calculate
the net present value of the Group’s
future earnings and therefore the
value-in-use (‘VIU’) of the CGU. The
model requires management to make
judgments on the growth of assets
under management (‘AUM’), margins,
terminal growth rates, discount rates,
and forecast the profit before tax of the
Group. The methodology adopted by
management is consistent with that
proposed by their third-party
valuation specialist.
If the performance of the business
does not match or exceed the
Board-approved forecasts, the model
may indicate impairment of goodwill.
There is a risk that management makes
inappropriate or inaccurate judgments
or estimates when performing the
goodwill impairment assessment.
We have:
• confirmed and updated our understanding of the process for assessing the potential for
impairment of goodwill through walkthrough procedures and enquiries with management
and members of the Board;
• challenged management over the appropriateness of the single CGU identified by
considering the separately identifiable assets and cash flows for the CGU and the level
at which management monitor financial information;
• inspected the valuation report provided to management by their third-party
valuation specialist and with the support of our valuation specialists made enquiries to
understand the methodology applied and key assumptions and judgments used; and
• considered the group’s financial and business performance, share price, and other
external factors, by challenging the cash flow forecasts.
Discount rate and terminal growth rate
We have challenged the discount rate and the terminal growth rate used in management’s
impairment assessment by:
• inspecting the sensitivity analysis performed by management in relation to the discount
rate and terminal growth rate, which illustrates the rates that would be required for an
impairment to be indicated; and
• with the support of our valuation specialists, established a reasonable range of values
for the discount rate and the terminal growth rate and compared management’s rate
to that range.
Five-year forecasts from 2025 to 2029
We have assessed management’s forecasts by:
• making enquiries regarding the five-year forecasts with management and members of
the Board, including understanding how the timing of the growth outlined in the forecasts
aligns with the Group’s strategy and challenging the likelihood that the forecasts will
be achieved;
• challenging the forecast AUM inflows with management, including members of the
client group, in the context of the wider macroeconomic environment and gaining
an understanding of how these align with the Group’s stated growth objectives;
• challenging management, including the Chief Executive Officer, Chief Financial and
Operating Officer and Co-Head of the Client Group, regarding the impact of known
joining and departing fund managers during 2024 on the forecasts;
• challenging the costs used in the five-year forecasts with the Head of Finance;
• performing our own stress testing of management’s model; and
• comparing the market capitalisation of the Group to management’s VIU,
assessing whether the premium implied is reasonable.
Disclosures in the Report and Accounts
We have:
• reviewed the draft disclosures in the Annual Report and Accounts related to goodwill and
raised challenges and observations to management;
• assessed the compliance of management’s accounting policies and disclosures with
IAS 36; and
• compared the carrying value of goodwill and sensitivity analysis data disclosed in the
Annual Report and Accounts to management’s calculations.
Key observations communicated to the Audit and Risk Committee
We performed full scope procedures over this risk which covered 100% of the amount.
We concluded that the disclosures in the Annual Report and Accounts appropriately reflect the sensitivity of the carrying value of
goodwill to reasonably possible changes in key assumptions, noting that these downside scenarios could result in an impairment
of the carrying amount of goodwill in future.
Based on the procedures performed we are satisfied that management’s methodologies, judgments and assumptions supporting
their goodwill impairment assessment were reasonable and, where relevant, in accordance with IAS 36 and IAS 38. Based on the audit
procedures we have performed, we have no matters to report in respect of impairment of goodwill.
193Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
Risk Our response to the risk
Improper recognition of revenue
(£402.5 million, 2023: £405.6 million)
Refer to the Audit and Risk Committee
Report (page 94) and Note 1 of the
Consolidated Financial Statements
(page 147)
The Group manages funds in three
domiciles, namely Ireland, Luxembourg
and the UK, which consist of many
share classes. Jupiter also manages
investment trusts and segregated
mandates for a range of institutions.
The inputs and calculation
methodologies that drive the fees
vary significantly across this population.
We deem the following to be the key risks
in relation to revenue recognition:
• not all agreements in place have
been identified and accounted for;
• fee or rebate terms have not been
correctly interpreted or applied in
the fee and rebate calculations;
• AUM has not been properly attributed
to fee or rebate agreements;
• errors in the calculation of fees
and rebates;
• incorrect billing of management
and performance fees; and
• incorrect recording of revenue
journal entries, including cut-off.
There is also the risk that management
may influence the timing or recognition
of revenue in order to meet market
expectations or revenue-based targets.
We have:
• confirmed and updated our understanding of the procedures and controls in place
throughout the revenue process, both at the Group and at third-party service providers,
through walkthrough procedures and review of independent controls assurance reports;
• confirmed and updated our understanding of the technology processes and
applications supporting the revenue process through walkthrough procedures;
• for a sample of performance fees, management fees and rebates, tested the
completeness and accuracy of data inputs, including comparing the fee and rebate
rates used to agreements, and AUM to third-party administrator and custodian reports;
• recalculated a sample of performance fees, management fees and rebates, comparing
the calculation method to relevant agreements and comparing input and static data to
third-party sources and underlying systems and agreements;
• for a sample of performance fees, management fees and rebates, agreed the amounts
invoiced to bank statements;
• for a sample of performance fees, management fees and rebates, agreed the invoices
issued to the revenue and rebate calculations and the general ledger, testing that the
revenue is recorded in the correct period and cash receipts to bank statements. For
amounts unpaid at year end, assessed the recoverability of debtors through inspection
of the aged debtors report and testing of subsequent cash receipts, and the
reasonableness of rebate accruals through analytical procedures comparing
expected rebate accruals to actual accruals recorded;
• for a sample of rebates, reviewed the relevant legal agreement to verify that these have
been appropriately classified as rebates rather than fee and commission expenses;
• used data analytics to identify any unusual items or trends in the posting of revenue
and rebate journals;
• addressed the residual risk of management override by making enquiries of management,
reading minutes of meetings of the Board and its committees throughout the year and
performing journal entry testing; and
• inspected the complaints register and operational incident logs to identify material
errors in revenue or rebates or other indications of control deficiencies.
Key observations communicated to the Audit and Risk Committee
We performed full and specific scope audit procedures over this risk for five entities, which covered 100% of the amount.
The transactions tested have been recognised in accordance with the underlying agreements and other supporting documentation.
Based on the procedures performed, revenue has been recorded materially in accordance with IFRS 15 – Revenue from Contracts
with Customers.
Based on the procedures performed, we have no matters to report in respect of revenue recognition.
194
Risk Our response to the risk
Improper recognition of fee and
commission expenses (£37.6 million,
2023: £35.9 million)
Refer to the Audit and Risk Committee
Report (page 94) and Note 1 of the
Consolidated Financial Statements
(page 147).
Jupiter has fee and commission expense
agreements in place with intermediaries
for distribution services. The expenses
are generally based on AUM.
The following are identified as the key
risks or subjective areas in correctly
recognising fee expenses:
• not all agreements in place have
been identified and accounted for;
• fee expense terms have not been
correctly interpreted or applied in
the calculations;
• AUM has not been properly identified
or attributed to clients or third parties
with fee expense arrangements;
• errors in the calculation of fee
and commission expenses;
• incorrect payments are processed;
and
• incorrect recording of fee and
commission expense journal entries,
including cut off.
There is also the risk that management
may influence the timing or recognition
of fee and commission expenses in order
to meet market expectations or net
revenue-based targets.
We have:
• confirmed and updated our understanding of the procedures and controls in place
throughout the fee and commission expenses process, both at the Group and at
third-party service providers, through walkthrough procedures and review of
independent controls assurance reports;
• confirmed and updated our understanding of the technology processes and
applications supporting the fee and commission expenses process through
walkthrough procedures;
• for a sample of fee and commission expenses, we tested the completeness and
accuracy of data inputs, including comparing the fee and commission expense rates
used to the relevant agreement, and AUM to administrator or custodian reports;
• recalculated a sample of fee and commission expenses, comparing the calculation
methodology to the relevant agreements and comparing input and static data to
third-party sources and underlying systems and agreements;
• for a sample of fee and commission expenses, reviewed the relevant legal agreement
to verify that these have been appropriately classified as a fee and commission
expenses rather than as a rebate;
• for a sample of fee and commission expenses, compared the amounts recorded to
the statement sent to the intermediary and cash payments to the bank statements;
• for a sample of fee and commission expenses, agreed the invoices issued to the fee
and commission expenses calculations and the general ledger;
• tested that the expense is recorded in the correct period and tested the outstanding
amounts accrued at the year-end through the testing of subsequent cash receipts
and inspection of the aged creditors report;
• used data analytics to identify any unusual items or trends in the posting of fee and
commission expenses journals;
• addressed the residual risk of management override by making enquiries of
management, reading minutes of board and board governance committee meetings
throughout the year and performing journal entry testing; and
• inspected the complaints register and operational incident logs to identify errors in
fee and commission expenses or other indications of control deficiencies.
Key observations communicated to the Audit and Risk Committee
We performed full and specific scope audit procedures over this risk in four entities, which covered 100% of the amount.
All transactions tested have been recognised in accordance with the underlying agreements or other supporting documentation.
Fee and commission expenses have been recorded materially in accordance with IAS 1 – Presentation of Financial Statements (‘IAS 1’).
Based on the procedures performed, we have no matters to report in respect of fee and commission expenses.
195Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
Risk Our response to the risk
Improper recognition of provisions
(£5.1 million, 2023: £4.7 million)
Refer to the Audit and Risk Committee
Report (page 94) and Note 21 of the
Consolidated Financial Statements
(page 164)
The Group operates in an industry
where it is subject to regulatory
oversight and scrutiny. Management
judgment is required when assessing
potential provisions and contingent
liabilities, including:
• determining whether a present
obligation exists and therefore
whether a provision should be
recorded and subsequently
measured in accordance with IAS 37
– Provisions, Contingent Liabilities
and Contingent Assets (‘IAS 37’),
as at 31 December 2024;
• estimating the probability and amount
of any outflow of resources; and
• assessing the adequacy
of disclosures.
There is a risk that management makes
inappropriate or inaccurate judgments
or estimates when recording provisions
at 31 December 2024.
We have:
• confirmed and updated our understanding of the processes and controls in place
through walkthrough procedures;
• evaluated management’s assessment of potential provisions, including challenging
key judgments, assumptions and completeness of the data considered in making
these assessments;
• enquired of members of management and the Board, including the General Counsel,
Head of Compliance, Chief Executive Officer, Chief Financial and Operating Officer,
Chairman of the Board, Chairman of the Audit and Risk Committee and Chairman
of the regulated subsidiary Jupiter Unit Trust Managers Limited to understand the key
judgments and estimates applied in management’s assessment of potential provisions
and those provisions recognised;
• inspected independent confirmations from the Group’s external legal counsel to evaluate
the existence of obligations and to challenge if there were any unrecorded provisions;
• inspected regulatory and legal correspondence to assess the judgments and
assumptions applied by management and to assess whether there was evidence of
non-compliance with laws and regulations that might have a material effect on the
financial statements; and
• assessed the compliance of management’s accounting policies and disclosures
with IAS 37.
Key observations communicated to the Audit and Risk Committee
We performed full and specific scope audit procedures over this risk which covered 100% of the amount.
The provisions tested have been recognised in accordance with IAS 37. Based on our audit procedures, we have concluded
management’s judgments to be reasonable and have no matters to report in respect of provisions.
In the prior year, our auditor’s report included a key audit matter in relation to variable compensation. In the current year, we have
reassessed the risks associated with variable compensation and concluded that it is no longer a key audit matter. This is due to
the one-off impact of the implementation of a compensation accounting system in the prior year, which did not impact our audit
procedures for the 2024 Annual Report and Accounts. In the prior year, we did not identify ‘Improper recognition of provisions’ as a
key audit matter.
196
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the
audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the
economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our
audit procedures.
We determined materiality for the Group to be £4.5 million (2023: £3.9 million), which is 5% of Profit before tax (2023: 5% of profit before
tax, excluding the impairment of goodwill, and performance fees and associated costs).
We determined materiality for the Parent Company to be £5.3 million (2023: £4.9 million), which is 1% of net assets (2023: 1% of net
assets). The Parent Company primarily holds investments in Group entities and, therefore, net assets is considered to be the key focus
for users of the financial statements.
During the course of our audit, we reassessed initial materiality based on 31 December 2024 financial statement amounts and
adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low
level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgment was that
performance materiality was 50% (2023: 50%) of our planning materiality, namely £2.2m (2023: £2.0m).
Audit work at the entity level, for the purpose of obtaining audit coverage over significant financial statement accounts, is undertaken
based on a percentage of total performance materiality. The performance materiality set for each entity is based on the relative scale
and risk of the entity to the Group as a whole and our assessment of the risk of misstatement at that entity. In the current year, the
range of performance materiality allocated to individual entities was £0.4m to £2.1m (2023: £0.4m to £2.0m).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit and Risk Committee that we would report to them all uncorrected audit differences in excess of £0.2m
(2023: £0.2m), which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted
reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of
other relevant qualitative considerations in forming our opinion.
Other information
The other information comprises the information included in the Annual Report set out on pages 1 to 142 and 200 to 206. The Directors
are responsible for the other information contained within the Annual Report.
Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in
this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the Financial Statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise
to a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that there
is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
197Jupiter Fund Management plc Annual Report and Accounts 2024
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Other Information
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course
of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you
if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement
with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Corporate Governance Statement
We have reviewed the Directors’ statement in relation to going concern, longer-term viability and that part of the Corporate
Governance Statement relating to the Group and Parent Company’s compliance with the provisions of the UK Corporate Governance
Code specified for our review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 142;
• Directors’ explanation as to its assessment of the Group and Company’s prospects, the period this assessment covers and why
the period is appropriate set out on page 100;
• Director’s statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meet
its liabilities as they fall due set out on page 142;
• Directors’ statement on fair, balanced and understandable set out on page 100;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 142;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems
set out on pages 60 to 67; and
• The section describing the work of the Audit and Risk Committee set out on pages 94 to 103.
Responsibilities of directors
As explained more fully in the Statement of Directors’ Responsibilities set out on page 142, the directors are responsible for the
preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as
the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the Financial Statements, the directors are responsible for assessing the Group and Parent Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
198
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud
is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery
or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the
Group and Parent Company and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and determined that the
most significant are those that relate to the reporting framework (UK-adopted international accounting standards, the Companies
Act 2006 and UK Corporate Governance Code) and relevant tax compliance regulations. In addition, we concluded that there are
certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the
Financial Statements, being the Listing Rules, relevant rules and regulations of the Financial Conduct Authority (‘FCA’) and those
of other applicable regulators around the world.
• We understood how the Group is complying with those frameworks by making enquiries of senior management, including the Chief
Financial and Operating Officer, General Counsel, Company Secretary, Head of Risk, Head of Internal Audit and the Chairman of the
Audit and Risk Committee. We corroborated our understanding through our review of minutes of the Board and its committees,
papers provided to the Audit and Risk Committee, and correspondence received from the FCA and from other applicable
regulators around the world.
• We assessed the susceptibility of the Group’s financial statements to material misstatement, including how fraud might occur,
by meeting with management to understand where they considered there was susceptibility to fraud. We also considered
performance targets and their potential influence on efforts made by management to manage or influence the perceptions
of stakeholders. We considered the controls that the Group has established to address risks identified, or that otherwise prevent,
deter and detect fraud; and how senior management monitors these controls. Where the risk was considered to be higher, we
performed audit procedures to address each identified fraud risk.
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations.
Our procedures involved: journal entry testing; enquiries of senior management, and focused testing, as referred to in the key
audit matters section above.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit and Risk Committee, we were appointed by the Parent Company on 20 March 2023
to audit the Financial Statements for the year ending 31 December 2023 and subsequent financial periods. Our appointment as
auditor was approved by shareholders at the Annual General Meeting on 10 May 2023.
• The period of total uninterrupted engagement including previous renewals and reappointments is 2 years, covering the years
ending 31 December 2023 to 31 December 2024.
• The audit opinion is consistent with the Audit Results Report to the Audit and Risk Committee.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are
required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work,
for this report, or for the opinions we have formed.
James Beszant (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
26 February 2025
199Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance
Financial Statements
Other Information
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Net revenue 364.1 368.8 397.3 568.6 457.8
Administrative expenses (273.2) (265.4) (302.3) (353.1) (312.1)
Other gains/(losses) 6.9 3.2 (9.7) (4.4) 3.3
Amortisation of intangible assets (11.4) (20.6) (21.0) (20.6) (11.3)
Operating profit 86.4 86.0 64.3 190.5 137.7
Impairment of goodwill – (76.2) – – –
Finance income 8.0 5.8 0.3 – –
Finance costs (6.1) (6.2) (6.6) (6.8) (5.1)
Profit before taxation 88.3 9.4 58.0 183.7 132.6
Income tax expense (23.1) (22.3) (10.1) (34.1) (27.3)
Profit/(loss) for the year 65.2 (12.9) 47.9 149.6 105.3
Earnings per share
Basic (p/share) 12.5 (2.5) 8.9 27.6 21.3
Diluted (p/share) 12.2 (2.5) 8.8 26.9 20.8
Dividends per share
Interim (p/share) 3.2 3.5 7.9 7.9 7.9
Final (p/share) 2.2 3.4 0.5 9.2 9.2
Special (p/share) – 2.9 – – 3.0
Total dividends paid out of current year profit 5.4 9.8 8.4 17.1 20.1
AUM at year end (£bn) 45.3 52.2 50.2 60.5 58.7
Average headcount (number)
1
512 516 560 566 582
Cash and cash equivalents (£m) 261.1 268.2 280.3 197.3 188.1
Net cash inflows from operating activities (£m) 73.9 88.0 162.3 188.9 104.6
Underlying profit before tax (£m) 97.5 105.2 77.6 216.7 179.0
Underlying earnings per share (p/share) 13.4 14.8 11.3 31.7 28.7
1. Restated to exclude headcount for maternity leave and long-term sickness.
Historical summary (unaudited) for the year ended 31 December 2024
200
The use of alternative performance measures
The Group uses APMs for two principal reasons:
• We use ratios to provide metrics for users of the accounts; and
• We use revenue, expense and profitability-based APMs to explain the Group’s underlying profitability.
These non-IFRS measures are considered additional disclosures and are not intended to replace the financial information prepared
in accordance with the basis of preparation detailed in the financial statements. Moreover, the way in which the Group defines and
calculates these measures may differ from the way in which these or similar measures are calculated by other entities. Accordingly,
they may not be comparable to measures used by other entities in the asset management industry.
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 the 2024 Annual Report and Accounts, we have used the following ratios:
APM 2024 2023 Definition Reconciliation
1 Cost:income ratio 78% 73% Administrative expenses before exceptional
items and performance fees divided by Net
revenue before performance fees
See table 1
below
2 Net management fee margin 65bps 70bps Net management fees divided by average AUM
3 Total compensation ratio 45% 43% Fixed staff costs plus Variable staff costs before
exceptional items as a proportion of Net revenue
4 Total compensation ratio
before performance fees
45% 42% Fixed staff costs plus Variable staff costs before
exceptional items and performance fees as
a proportion of Net revenue before
performance fees
5 Underlying EPS 13.4p 14.8p Underlying profit after tax divided by average
issued share capital
6 Underlying EPS before
performance fee profits
10.9p 13.8p Underlying profit after tax before
performance fee profits divided by
average issued share capital
7 Total shareholder return 1% (25)% Movement in share price in the year plus
dividends paid in the year and dividend
reinvestment adjustment divided by the
opening share price
Not available
– supplied by
Bloomberg
The use of alternative performance measures in this Annual Report
201Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance Financial Statements
Other Information
Reconciliations: table 1
APM
2024
£m
2023
£m
Administrative expenses (page 143) 273.2 265.4
Less: Performance fee variable staff costs (page 25) (12.7) (6.4)
Less: Exceptional items included in administrative expenses (page 149) – (0.8)
Administrative expenses before exceptional items and performance fee-related costs 260.5 258.2
Net revenue (page 143) 364.1 368.8
Less: Performance fees (page 147) (31.2) (13.2)
Net revenue before performance fees 332.9 355.6
Cost:income ratio 1 78% 73%
Management fees (page 147) 368.9 389.9
Less: Fees and commissions relating to management fees (page 147) (37.6) (35.9)
Net management fees 331.3 354.0
Average AUM (£bn) (page 26) 50.7 50.9
Net management fee margin 2 65bps 70bps
Fixed staff costs (page 25) 79.1 78.1
Variable staff costs before exceptional items (page 25) 84.6 79.2
Total 163.7 157.3
Net revenue (see above) 364.1 368.8
Total compensation ratio 3 45% 43%
Fixed staff costs (see above) 79.1 78.1
Variable staff costs before exceptional items and performance fees (page 25) 71.9 72.8
Total 151.0 150.9
Net revenue before performance fees (see above) 332.9 355.6
Total compensation ratio before performance fees 4 45% 42%
Statutory profit before tax (page 143) 88.3 9.4
Exceptional items (page 28) 9.2 95.8
Underlying profit before tax 97.5 105.2
Tax at average statutory rate of 25.0% (2023: 23.5%)
1
(24.4) (24.7)
Underlying profit after tax 73.1 80.5
Average issued share capital (m) (page 156) 545.0 545.0
Underlying EPS 5 13.4p 14.8p
1. Actual effective tax rates applicable to underlying profit before tax were 26.0% in 2024 and 25.6% in 2023.
Underlying profit before tax before performance fee profits (page 29) 79.0 98.4
Tax at average statutory rate of 25.0% (2023: 23.5%)
2
(19.8) (23.1)
Underlying profit after tax before performance fee profits (page 29) 59.2 75.3
Average issued share capital (m) (see above) 545.0 545.0
Underlying EPS before performance fee profits 6 10.9p 13.8p
2. Actual effective tax rates applicable to underlying profit before tax before performance fee profits were 26.3% in 2024 and 25.7% in 2023.
The use of alternative performance measures in this Annual Report continued
202
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 below the level required to be disclosed
in the statutory accounts, for example, distinguishing between variable and fixed compensation, as well as non-compensation
expenditure. These subdivisions of expenditure are also presented 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 the 2024 Annual Report and Accounts, we have used the following measures which are reconciled or cross-referenced in table 1:
Rationale for use of measure
Net management fees 1
Exceptional items 2
Net revenue 1
Performance fee costs 2
Fixed staff costs before exceptional items 2
Variable staff costs before exceptional items
1
2
Underlying profit before tax 3
Underlying profit after tax 3, 4
1. We also use this measure excluding performance fees – see page 25.
As stated in 2 above, the Group presents a breakdown of administrative expenses below the level required to be disclosed in the
statutory accounts, distinguishing between variable and fixed compensation, as well as non-compensation expenditure. The relevant
amounts are set out in the table on page 25.
Changes in use of APMs in 2024
There have been no changes in the Group’s APMs compared to those used in 2023.
203Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance Financial Statements
Other Information
Shareholder information
Shareholder
enquiries
All enquiries relating to holdings of shares in Jupiter Fund Management plc, including notification of change
of address, queries regarding dividend/interest payments or the loss of a share certificate, should be
addressed to the Company’s Registrars:
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Tel: 0371 384 2030
Overseas tel: +44 (0) 371 384 2030
Calls outside the UK will be charged at the applicable international rate.
Lines are open (UK only) 8.30am-5.30pm Monday to Friday.
Online: www.shareview.co.uk
Other shareholder queries should be addressed to the Company Secretary (shareholderservices@jupiteram.com).
Share dealing
service
There is a share dealing service offered by the Registrars. It is a simple way to buy and sell shares via the
internet or telephone with quick settlement. For information visit: www.shareview.co.uk
For telephone purchases:
Tel: 03456 037 037. Lines are open 8.00am to 4.30pm, Monday to Friday. UK calls are charged at the standard
geographic rate. Calls outside the UK will be charged at the applicable international rate.
Financial calendar Event
Ex-dividend date for final dividend
Record date for final dividend
Q1 Trading update
Annual General Meeting
Payment date for final dividend
Interim results announcement
Q3 Trading update
Date
17 April 2025
22 April 2025
24 April 2025
08 May 2025
20 May 2025
25 July 2025
15 October 2025
Company details
and principal office
Jupiter Fund Management plc
Registered number: 6150195
Company Secretary – Helen Archbold
Tel: 020 3817 1000
Website The Company has a corporate website, which holds, amongst other information, copies of its latest annual
report and copies of all press announcements released. This site can be found at www.jupiteram.com
Share information The Company’s ordinary shares are traded on the London Stock Exchange:
ISIN GB00B53P2009
SEDOL B53P200
TICKER JUP.LN
Electronic
communications
We encourage shareholders to receive shareholder documentation electronically to help reduce the
environmental impact caused by printing and distributing hard copies. You can register your
communication preference at www.shareview.co.uk
Electronic proxy
voting
This year we will not produce hard copies of the proxy form and are requesting all shareholders vote
electronically by logging onto www.shareview.co.uk and registering. If you have already registered for an
account with Equiniti’s ShareView portfolio service, log into your account at www.shareview.co.uk and select
Jupiter Fund Management plc.
Alternatively you can request a hard copy proxy form by calling our Registrars, Equiniti, on the number above.
Further information can be found in the 2025 Notice of Annual General Meeting.
Shareholder information
204
A
Act
Companies Act 2006 (as amended,
supplemented or replaced from time
to time)
AGM
Annual General Meeting
AIFMD
Alternative Investment Fund
Managers Directive
AML
Anti-money laundering
APMs
Alternative Performance Measures as
defined from page 201
AUM
Assets under management
B
Board
The Board of Directors of the Company
Bps
One one-hundredth of a percentage
point (0.01%)
C
CASS
The FCA’s Client Assets Sourcebook rules
CGU
Cash-generating unit
Code
UK Corporate Governance Code
adopted by the Financial
Reporting Council
Company
Jupiter Fund Management plc
CREST
The system for paperless settlement
of trades in listed securities, of which
Euroclear UK & International Limited is
the operator
D
DE&I
Diversity, Equity and Inclusion
DBP
Deferred Bonus Plan
E
EBT
The Jupiter employee benefit trust
established pursuant to a trust
deed dated 22 April 2004
EPS
Earnings per share
ESG
Environmental, social and governance
F
FCA
Financial Conduct Authority of the
United Kingdom
FRC
Financial Reporting Council
FSA
Free Share Award
FVTPL
Fair value through profit or loss
G
GHG
Greenhouse gas
Group
The Company and all of its subsidiaries
I
IAS
International Accounting Standard(s)
ICARA
Internal Capital Adequacy and
Risk Assessment
ICAV
Irish Collective Asset-management
Vehicle
ICVC
Investment Company with
Variable Capital
IFRS
International Financial
Reporting Standard(s)
IFRS IC
IFRS Interpretations Committee
IIGCC
Institutional Investors Group on
Climate Change
Investment performance
Measured as mutual fund assets under
management outperforming their peer
group median over the respective time
period, net of all fees. The peer group is
defined as the Investment Association
peer group for UK-domiciled fund ranges
and the Morningstar peer group for
offshore fund ranges.
J
Jupiter
The Company and all of its subsidiaries
K
KPI
Key performance indicator
KRI
Key risk indicator
Glossary
205Jupiter Fund Management plc Annual Report and Accounts 2024
Strategic Report Governance Financial Statements
Other Information
L
Listing
The Company’s Listing on the London
Stock Exchange on 21 June 2010
Listing Rules
Regulations subject to the oversight
of the FCA applicable to the Company
following Listing
LGBT+
Lesbian, gay, bisexual, transgender
and other sexual or gender identities
LTIP
Long-term Incentive Plan for retention
M
Merian
Merian Global Investors Limited
and its subsidiary undertakings
Mutual funds
Collective investments where a group
of investors pool their money (buying
units or a portion of the mutual fund)
N
NZAM
Net Zero Asset Management
O
OEIC
Open Ended Investment Company
Ordinary dividends per share
Interim and final/full-year dividends
(does not include any special dividends)
P
PBT
Profit before tax
Platforms
Service providers that enable investors
to buy and hold in a single place a range
of investments from multiple providers
with different tax wrappers
R
RCF
Revolving credit facility
Registrar
Equiniti Limited
S
SAYE
Save As You Earn
SEDOL
Stock Exchange Daily Official List
Segregated mandates
An investment strategy run exclusively
for certain institutional clients
SICAV
Société d’Investissement à Capital
Variable; an open-ended collective
investment scheme offered in Europe
SIP
Share Incentive Plan
SMCR
Senior Managers and Certification
Regime; an FCA regime governing the
regulation of senior employees of entities
operating in the financial services sector
in the UK
SONIA
Sterling Overnight Index Average
T
TCFD
The Task Force on Climate-related
Financial Disclosures (TCFD) is a
market-driven initiative to help investors
understand their financial exposure
to climate risk and help companies
disclose this information in a clear and
consistent way
U
UCITS
Undertaking for Collective Investment in
Transferable Securities as defined by EC
Council Directive 85/611/EEC, as amended
W
WAEP
Weighted average exercise price
Glossary continued
206