Annual Report and Accounts 2025
Building
momentum
Building
momentum
Jupiter is an active asset manager. We believe that
investment excellence requires diverse thinking,
creativity, and a relentless drive to seek opportunities.
At Jupiter, our purpose is clear: to create a better future for our clients
through active investment excellence.
We have made significant progress this year towards all of our key strategic
objectives, building on the momentum of prior years to increase scale,
decrease undue complexity, broaden our appeal to clients and to deepen
relationships with all of our stakeholders. We have seen an improvement in
a number of key leading indicators, which we believe should lead to long-
term value creation.
We remain resolute in advancing our ambition and are confident that our
strategic clarity and active investment approach will continue to deliver
positive outcomes over the long term.
Net management fees
£310.7m
2024: £332.9m
Cost:income ratio
82%
2024: 78%
Underlying earnings per share
19.4p
2024: 13.4p
Financial KPIs
Assets under management (AUM)
£54.0bn
2024: £45.3bn
Employee engagement
88%
2024: 79%
Total shareholder return
+92%
2024: +1%
Net flows
£1.3bn
2024: £(10.3)bn
Investment performance
1
68%
2024: 61%
Non-Financial KPIs Outcome KPI
1. Investment performance throughout the Annual Report and Accounts relates to the percentage of mutual fund assets which are above
their peer group median over a three-year period.
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 185.
Strategic report
2 At a glance
4 Chair’s statement
6 Strategic overview
8 Chief Executive Officer’s review
14 Our strategic objectives
18 Market trends
20 Key performance indicators
22 Our business model
24 Financial review
32 Investment management
34 Client solutions and experience
36 Sustainability
45 Non-financial and sustainability
information statement
48 Engaging with our stakeholders
52 People and culture
58 Risk management
Governance
64
Chair’s introduction
to Governance
66
Board of Directors
68
Governance framework
70
How the Board operates
73
Board composition, succession
and evaluation
76
Nomination Committee report
80
Audit and Risk Committee report
88
Remuneration Committee report
92
Annual report on remuneration
120
Directors’ report
126
Directors’ responsibility and
compliance statements
Our broader reporting suite includes our Policy and Context Report,
Activities and Outcomes Report, Sustainability Report and Pay Gap Report
Financial statements
127 Group financial statements
131 Notes to the Group
financial statements
167 Company financial statements
169 Notes to the Company financial
statements
175 Independent auditor’s report
Other information
184 Historical summary (unaudited)
185 The use of Alternative Performance
Measures
188 Shareholder information
189 Glossary of terms
1Jupiter Fund Management plc Annual Report and Accounts 2025
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
AUM by client channel
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 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
At 31 December 2025, our clients entrusted us to manage
£54bn of their assets. This was invested across a range
of asset classes and investment capabilities and on behalf
of retail, wholesale and institutional clients.
At a glance
Our business
Equities 59%
Fixed Income
12%
Multi-Asset
12%
Alternatives
17%
Retail, wholesale
& investment trusts
83%
17%
Institutional
European equities
6%
Global equities
14%
Systematic equities
30%
12%
Asian and Emerging
Market equities
13%
12%
Multi-manager
Fixed Income
UK equities 13%
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
Rest of world
6%
AUM
Asia
5%
AUM
13
Employees
EMEA
27%
AUM
37
Employees
UK
62%
AUM
392
Employees
Who we are and what we do
Jupiter office Third-party Remote coverage
3Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Welcome to Jupiter’s 2025 Annual Report and Accounts.
This letter signposts you to the material items covered in
our reporting.
I hope you find the 2025 Annual Report and Accounts
informative. We see it as a vital point of engagement with
all our stakeholders.
Strategy
In 2025, we made a significant step forward on Jupiter’s key
strategic objective of increasing scale, with the announcement
of the acquisition of CCLA Investment Management Limited
(CCLA). This acquisition will add scale specifically within Jupiter’s
home market of the UK, and will open up a new client channel
and provide complementary investment expertise with a high
degree of cultural alignment. It has been encouraging to see
the preparatory work ahead of completion, and the integration
which commenced from February this year.
In relation to decreasing undue complexity, the outcomes for
our stakeholders have been clear with non-compensation costs
falling to £99m at year end and headcount down to 442. We will
continue in our efforts, with the Board’s oversight on keeping the
balance between controlling costs, and investing in the right
way for future profitable growth.
We are proud of the investment performance we have delivered
to clients this year and the positive feedback they have given
us on their experience of working with Jupiter. We believe this
performance, and our new not for profit channel through CCLA
will broaden our appeal to clients.
We continue to deepen our relationship with all stakeholders. We
have had thoughtful and supportive engagement with our
shareholders in a year of strategic milestones and Board change.
We believe our investors are now starting to be rewarded for their
support in the 92% shareholder return across 2025. Our relationship
with the Financial Conduct Authority and with our overseas
regulators is collaborative and we prioritise regulatory horizon
scanning and following industry best practice.
We were pleased to support Matt in taking on his role as a
member of the Board of the Investment Association.
And finally a great vote of thanks to my Jupiter colleagues. Despite
a year of intensive work, our most recent colleague survey showed
a rise in engagement score to 88%, meaningfully ahead of the
financial services benchmark.
Further information in our Strategic Report from page
14, and People and Culture Report from page 52.
Shares and capital
For 2025, we have made returns of 4.4p per share through the
2.1p interim dividend paid in September 2025 and the final year
dividend of 2.3p, that we have declared subject to approval at
the 2026 AGM.
In addition to the ordinary dividend, we are also returning 50% of
performance fee-related revenue generated in respect of 2025,
which equates to 11.4p per share. This distribution will be made
equally weighted through a special dividend and share buyback
programme.
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, as we have done this year.
During 2025, the Board carried out a buyback of c.16m shares
between March and September. The repurchased shares were
placed in Treasury and the Board made a decision to cancel
those shares in February 2026.
The Group’s balance sheet remains strong with a regulatory
capital surplus, post the CCLA acquisition, of £146m. The Board
remains supportive of the firm’s growth strategy. We anticipate
seeing the value of allocating a portion of our capital to the
CCLA acquisition and we remain open to further inorganic
opportunities.
Further information in our Financial Review
on page 24.
Welcome to
Jupiter’s 2025
Annual Report
and Accounts
Chair’s statement
4
Monitoring performance
Putting clients at the heart of our business means that
investment performance remains a key factor for our continued
success. At the end of 2025, we saw improvement across all our
investment performance time-frames, with particularly strong
performance over one year: 84% of our mutual fund AUM
outperformed the peer group median over the last twelve months.
Our gross flows have risen by 20% in the year, with total net flows
across the Group in 2025 of £1.3bn, our first calendar year of net
flows since 2017 and a marked step forward from prior year
(2024: £10.3bn outflow).
Our AUM has increased over the year by 19% to £54bn
(2024: £45.3bn), driven by market movements of £7.4bn, and our
positive net flows.
Our net revenue for 2025 has been impacted by the material
loss of AUM that we saw in 2024. This was well planned for and
managed. Underlying profit before tax was £138.3m, driven by
very strong performance fees of £120.3m.
One of our most successful areas of financial focus this year
was our cost discipline. We announced in May 2025 new
cost targets and guidance, which our executive team had been
working on since 2024. The Board considered these carefully,
challenging management on stretching but achievable actions,
and taking into account the views of shareholders. Non-
compensation costs and headcount have both been
successfully reduced compared to prior year.
We continue to target a cost:income ratio of 70% and the Board
keeps this challenge front of mind. While we are still working
towards this target, we are confident that the opportunities to
grow revenue and the cost management culture shown by Matt
and team over 2025 position us very well for 2026.
Further information in our Financial Review
on page 24.
Board succession
More detail on Board succession is in the Governance Report,
so I will use this section for welcomes, thanks and farewells.
Firstly, my thanks to Roger Yates for his eight years of
service to the Board, retiring in October 2025. Roger served
as Remuneration Committee Chair and Senior Independent
Director. Roger’s expertise in the asset management industry
was a great strength to Jupiter over the years.
We were therefore very focused on replacing those industry
skills. Willie Watt joined the Board in June 2025 and brings similar
industry and leadership experience. Willie has made a very
valuable contribution in his first six months on the Board.
I am retiring from the Board in April 2026 and we are delighted
to be welcoming my successor, Nathan Bostock, in March.
I look forward to following Jupiter’s progress in driving
sustainable growth as we move into the next stage of the firm’s
evolution. I wish Nathan, Matt, my fellow Board members
and Jupiter colleagues the very best for the opportunities
that lie ahead.
David Cruickshank
Chair
25 February 2026
In 2025, we made a
significant step forward
on Jupiter’s key strategic
objective of increasing
scale, with the
announcement of the
acquisition of CCLA.”
David Cruickshank
Chair
5Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Our strategic pillars
Progress in 2025 Progress in 2025
£16.9bn
Strong gross flows
£1.3bn
Positive net flows
Strengthened
European and Global equities investment expertise
Positive
net flows in calendar year for the first time since 2017
Scale through acquisition
of Origin Asset Management and CCLA
New expertise
gained in multi-regional equity strategies
£256m
Total operating costs (excl. impact of performance fees)
42 mins
Estimated time saved per user per day through AI tools
Ongoing cost discipline
non-compensation and headcount both lower than
prior year
Simplifying
middle office operating model, resulting in supplier
consolidation and increased outsourcing
Continued investment
in automation and AI-driven improvements
Increase scale
…in select geographies
and channels
Decrease undue
complexity
…with costs managed carefully
through a relentless pursuit
of efficiency
Relevant KPIs
• Underlying earnings per share
• Cost:income ratio
• Total shareholder return
Relevant principal risks
• Outsourcing and supplier risk
• Technology and information security risk
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
• Technology and information security risk
• Financial risk
Strategic overview
More information on progress towards each of our strategic objectives can be found on pages 14 to 17.
6
Progress in 2025Progress in 2025
92%
Total shareholder return
88%
Employee engagement score
Value for shareholders
generated materially positive total shareholder return,
with special dividend and buyback announced
Improving investment
performance
68% of AUM outperforming over three years,
84% over one year and 75% over five years
Highly engaged
employees
with engagement score nine percentage points higher
than prior year and above the benchmark
£73m
Total capital deployed in seed funding
£33m
New investment in seed funding in 2025
New client channel
of non-profit clients through CCLA acquisition
New methods of delivery
with launch of two active ETFs
and new Cayman platform
Broader range
of investment expertise, with key new hires
in Global equities and European equities
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
Relevant KPIs
• Investment performance
• Assets under management
• Net flows
• Net management fees
• Underlying earnings per share
• Total shareholder return
Relevant principal risks
• Market disruption
• Investment performance risk
• Outsourcing and supplier risk
• Financial risk
Relevant KPIs
• Investment performance
• Employee engagement
• Underlying earnings per share
• Total shareholder return
Relevant principal risks
• Market disruption
• Investment performance risk
• Outsourcing and supplier risk
• People risk
• Regulatory risk
7Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Building
momentum
Chief Executive Officer’s review
This is the fourth time that, as Chief
Executive Officer, I have had the privilege of
writing the review of the year. In last year’s
Annual Report and Accounts, I noted that
the stagnant share price might suggest
limited strategic progress despite a
significant number of actions to better
position our company for growth. As we look
back and consider the last 12 months, it is
pleasing therefore that our stakeholders
can now more clearly see the benefits of
these endeavours.
At the start of 2025 we completed the acquisition of Origin Asset
Management, before announcing the acquisition of CCLA in July
2025. This transaction completed on 2 February 2026.
Within our underlying business, further progress was made in
decreasing undue complexity with our ongoing ambitions
reflected in our new cost saving targets that we announced last
May. We have continued to focus on broadening our appeal to
a wider range of clients and with that, considering different
ways to help our clients get access to the benefits of our active
investment excellence; we launched two active ETFs last year
and our first fund on our new Cayman-domiciled platform.
While it was gratifying to see the share price increase by a little
over 80% in 2025, we believe we still have a long way to go
before we are delivering on our full potential.
The challenges that face the active asset management industry
remain just as plentiful, though through our actions, we believe
we are better placed to address these challenges and where
we can, capitalise on the opportunities ahead of us. With many
leading indicators moving in the right direction, we see a clear
path to achieving our 70% target cost:income ratio in the
medium term. This will remain a key focus for 2026 and beyond.
An opportunity for active
management?
While there are still many headwinds for the active asset
management industry to navigate, it could be that we are
entering into a period in which the merits of an active approach
towards investing are more prevalent. One very important
potentially leading indicator for the business is the percentage
of our mutual fund AUM that has outperformed over the last
12 months. As at the end of December 2025, this stood at 84%, up
from 42% a year ago. With volatility of equity markets higher,
asset class correlations lower and the dispersion of returns
within and across asset classes more elevated, if such
conditions persist into the year ahead, then this could prove to
be a fertile environment for the active asset management
industry to better evidence its value proposition.
Overall, world equity markets, as measured by the MSCI All
Countries World index, rose by 13% in GBP terms during 2025.
This is the third year in a row of double digit returns and the 19
th
discrete calendar year of positive returns this century. This is
neither typical nor usual and may itself be a reason to proceed
with heightened caution as we look to the period ahead.
Much has been written about US exceptionalism or indeed the
potential end thereof. Certainly, post the introduction of trade
tariffs by the US, we are in a period in which many non-US
corporates are starting to consider whether they need to
rebalance manufacturing capacity and whether they have an
excessive reliance on the US economy more broadly. In 2025, we
have started to see this become a concern for asset owners too,
with questions over allocations to US equity markets which, after
a period of strong performance, look more fully priced relative to
many non-US assets. If this is a trend that persists, then given
our range of investment expertise, Jupiter should be well placed
to benefit.
We achieved an
extraordinary amount in 2025
and it is encouraging that the
value of our company has
increased markedly over the
last year as a result of our
hard work and focus.”
Matthew Beesley
Chief Executive Officer
8
As we reflect back on 2025 and look ahead to 2026, it is
important to note that economic activity has remained
steadfast despite the challenges associated with US tariffs, and
indeed the IMF-revised growth rates for most large countries are
higher than during 2025.
Linked to this, once again, overall, inflation has remained stickier
than many have expected, notably here in the UK. This however
has not been a uniform outcome, and in some geographies,
such as the Eurozone, headline and core inflation has edged
lower and closer to their formal 2% target. Overall, this has led to
2025 being a year of rates cuts across most of the world’s
largest economies with only Japan and Brazil as notable
exceptions. That there have been exceptions, that we are seeing
different macro and micro trends play out, and that there is
disparity of valuations across and within asset classes – notably
between US equities and non-US equities – are all encouraging
signs for the active investment management industry. As such, it
is likely that the path ahead for all asset classes will indeed be
less uniform from here; an active approach to asset
management should be more readily rewarded as we look
ahead. This should be good for Jupiter.
A challenging financial backdrop,
but with cause for optimism
Given the material loss of AUM during calendar year 2024 (£(6.9)
bn including market movements), the simple annualisation
effect of this loss was always going to materially impact
reported revenues in calendar year 2025. As this was expected,
it was something that we had carefully planned for and were
able to manage accordingly, consistent with our focus on
always managing what we can control.
Underlying profit before tax was £138.3m, an increase of 42% on
2024. This increase was driven by performance fees of £120.3m
(2024: £31.2m). Excluding the impact of performance fees,
underlying profit decreased to £62.2m (2024: £79.0m). A
carefully managed decrease in non-compensation costs
partially offset the decline in management fee revenues.
Positive net flows
£1.3bn
Total shareholder return
+92%
Throughout 2025, 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 2026.”
Matthew Beesley
Chief Executive Officer
AUM increased in the year by some 19% to £54bn. Along with
market movements of £7.4bn, we also generated net positive
flows of £1.3bn. This was positive across both retail & wholesale
and institutional clients, and was the first calendar year of
positive net inflows since 2017. Three of our seven investment
capabilities saw net positive flows in the year: Systematic
equities, Global equities and UK equities.
Delivering positive investment outcomes for our clients
remains key and I am glad to report that investment
performance improved through 2025 over all key time periods.
Over three years, our KPI, 68% of our mutual fund assets
outperformed their peer group median (2024: 61%). Over one
year, 84% outperformed (2024: 42%) and over five years the
figure was 75% (2024: 58%). Although the reported financial
results are clearly set against a challenging backdrop, a number
of leading indicators are now looking encouraging. We are also
making meaningful progress as relates each of our four key
strategic objectives.
9Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Increase scale
We have consistently stated that of our four key strategic
objectives, increasing scale in select geographies and channels
is the most important because it is also the most challenging.
When we think about scale, we don’t only aspire to manage
more client assets but we also think carefully about our
operating model. We certainly want more clients to benefit from
our active asset management skills, but we also aspire to do so
while better leveraging our existing infrastructure and cost base.
We want the incremental costs of adding new client assets to
our platform to decrease and with that, new client assets to
increase the incremental profitability of our business. This is
what increasing scale means to us. We remain committed to
delivering a 70% cost:income ratio and know that if this is to be
sustainable, we need to balance the delivery of further
efficiencies with consistent top line revenue growth.
We are making some progress in this regard.
Our overall AUM increased by 19% in 2025, to end the year at
£54bn. While market movements added £7.4bn, we also saw
positive net flows in three of our seven investment capabilities.
Systematic equities was the biggest contributor to AUM growth,
but it was encouraging to see a broadening out of client interest
into our Global equities and UK equities capabilities. Assets
sourced from European clients increased by almost 40%, with
growth in both Italy and Germany. There was also ongoing
momentum evident in our Institutional business.
We also added more market-leading investment expertise in
2025. We brought in a new team to manage our European
equities capabilities who joined with a long track record of both
excellent investment performance, and also of gathering assets
given their differentiated investment process. We also acquired
the investment team and client assets of Origin Asset
Management. This investment team also has an outstanding
track record of delivering investment returns – a track record
that was extended further after an exceptional 2025. The
opportunities for us to grow their client assets under
management are meaningful and were further supplemented
by the launch of a Global Smaller Companies active ETF at the
end of 2025.
Lastly but very importantly, the acquisition of the specialist
responsible investment manager CCLA completed in February
2026. This has added material scale to our business since then,
bringing an additional £15bn of client assets across the UK
non-profit sector. More details on CCLA, their position in the
market and how they interact with their clients can be found
on page 12.
Decrease undue complexity
To deliver on our targeted 70% cost:income ratio, we will need to
pair our focus on increasing scale, with an ongoing focus on
taking undue complexity out of our business. A big part of that is
continuing to carefully manage costs. Our philosophy remains
to control costs where we can but to invest where we should, all
to ensure that we continue to drive future profitable growth.
More details can be found in the Financial Review on page 24.
As a management team over the last few years, we have
consistently evidenced our ability to thoughtfully and carefully
take complexity out of our business and with that reduce costs,
whilst also simultaneously enhancing client outcomes.
We continue to deliver on our commitments, with new cost
guidance and targets published in May. We stated in May
that we had identified an initial target of £15m of savings
which we will now deliver within 2026, ahead of our target date.
Despite ongoing inflationary pressures, non-compensation
costs again fell, to end the year at £99m. This compares to
£126m at the end of 2021. Once again, headcount was also lower
with 442 FTE as at the end of 2025, compared to 492 as at the
end of 2024 and 585 as at the end of 2021. Throughout, we have
worked hard to build and maintain a strong client-centric
culture and have achieved consistently high employee
engagement scores, more details of which can found from
page 50.
As part of our intense focus on removing undue complexity, we
continue to evolve our structures to ensure we have a suitably
efficient operating model. A significant change effected in 2025
has involved a meaningful consolidation of suppliers and the
outsourcing of a number of middle and back office operations
activities to Bank of New York Mellon (BNY). Together, this has
helped us be more efficient as a business and most importantly,
serve our clients better.
Where possible we also continue to embrace the opportunities
that come with increased levels of automation and a deeper
penetration of technology within our business. Most of our
people are already using no-code and low-code tools or
artificial intelligence to save time with workflows and redirect
effort to more value-added tasks – again, all to benefit our
clients and our shareholders.
Broaden appeal to clients
In previous reviews, we have detailed the substantial work
undertaken to rationalise our product range and make some
changes to our investment management capability set. Our
activities in 2025 have incrementally sharpened the
attractiveness of our investment capabilities, reinforcing both
the active and differentiated nature of all that we do.
The acquisition of CCLA, one of the UK’s leading responsible
investment businesses in the non-profit channel, has been
significant. This is a part of the UK market in which Jupiter did not
have a presence. The opportunities here therefore for us to
leverage the strengths of our businesses, as a more scaled
player in this large and growing client segment, are meaningful.
Within the underlying Jupiter business, last year saw the launch
of our first two active ETFs. We also launched our first fund on our
offshore Cayman Islands platform. Both of these initiatives will
allow us to leverage existing investment expertise into new client
segments. Investor needs are changing, and we must change
with them to stay relevant.
Chief Executive Officer’s review continued
10
Deepen relationships with all stakeholders
Our fourth objective is to continue to build deep relationships
across all of our stakeholder groups; that is, our clients, our
people, our shareholders, our regulators and the communities in
which we operate.
We exist to help our clients achieve their financial objectives
through truly active investment management and as such, the
investment performance we deliver is a very important measure
of our success. Pleasingly, our overall investment performance
has improved this year, with 68% of our mutual fund AUM
outperforming over three years, our key KPI. 11 out of 15 funds with
over £1bn in assets have also outperformed their peer group
median. I am very proud of our investment teams and on behalf
of our clients, thank them for their dedication and focus last
year, like every year. More details on investment performance
can be found on page 32.
Our business is nothing without our clients but also nothing
without our people, who work tirelessly to serve our clients.
I personally spend a significant amount of time engaging with
and supporting our people, recognising the vital role they play
in growing our business and with that the importance of
nurturing a positive culture of which we can all be proud. We
regularly conduct employee surveys, the most recent of which
resulted in an engagement score of 88%, which is up nine
percentage points on the prior year and once again
meaningfully ahead of the financial services benchmark.
Importantly, according to our most recent survey, 90% of
our people feel able to be themselves at work and 83% believe
we are committed to equality of opportunity for all employees,
both a four-percentage point rise on the comparable survey
12 months ago.
I am delighted that after many years of hard work, shareholders
have been rewarded for their patience and their support over
the last year. All of our employees are shareholders, so we too
have shared in the pain of the declining share price over recent
years. In 2025, we generated a total return of 92%, which
included dividends and a share buyback programme on top of
the share price increase of 83%.
I would also like to take this opportunity to thank David
Cruickshank, our retiring Chair, for all that he has done for our
company in recent years. David has provided me and my
management team with steadfast support and appropriate
challenge during his tenure. I have personally both benefited
from but also enjoyed the opportunity to work closely with him
and of course the wider Board, as collectively we have focused
on setting Jupiter up for sustained success in the years to come.
I am delighted that in Nathan Bostock, we have attracted a very
experienced financial services professional who I know will make
a very significant contribution to the next stage of our evolution
and growth. I look forward to working closely with Nathan and
the wider Board to deliver on these ambitions.
An encouraging outlook
Last year was a difficult financial year for our business, but our
careful planning and considered actions allowed us to navigate
through these challenges and make progress in setting
ourselves up to capitalise on the opportunities that we expect to
be ahead of us. That we have made this progress is testimony
to all of the hard work of all of our people. On behalf of all our
shareholders, I sincerely thank you all for your continuing
commitment and endeavour.
As we move into 2026, we are encouraged to see that some key
leading indicators are trending positively. Importantly,
investment performance is continuing to improve. This is being
driven by an ever more impressive array of very talented
investment professionals who work at Jupiter. Our clients see
this and as a result, last year was our first positive calendar year
for flows since 2017. Our dedication to our clients is absolute; this
is the sole focus of our committed and highly engaged
workforce. We have also completed two acquisitions, one of
which has allowed us to move into a new part of the UK
marketplace. Without any client overlap between Jupiter and
CCLA, this further strengthens our position in our home and
largest market.
We are not yet where we want to be and there is much more
ahead for us to do, but it is encouraging that others outside the
business are now starting to see what we inside the business
have been able to see for a while. Against the backdrop of a
more fertile environment for the active asset management
industry, Jupiter is increasingly well placed to capitalise on this
opportunity.
Matthew Beesley
Chief Executive Officer
25 February 2026
As we move into 2026, we are
encouraged to see that some key
leading indicators are trending
positively.
We are not yet where we want to
be and there is much more ahead
for us to do. But it is encouraging
that against the backdrop of a
more fertile environment for the
active asset management
industry, Jupiter is increasingly
well placed to capitalise on this
opportunity.”
11Jupiter Fund Management plc Annual Report and Accounts 2025
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CCLA helps us to increase
scale in our home market
of the UK, where Jupiter is
already a leading player,
without any disruption to
our existing clients. It opens
up a new client segment for
us, broadening our appeal
to a range of charitable
and religious institutions,
both in the UK and
internationally, while also
allowing us to expand our
existing presence in the UK
Local Authority sector.”
Matthew Beesley
Chief Executive Officer
CCLA joining the Jupiter Group
In July 2025, we were delighted to
announce the acquisition of CCLA
Investment Management. CCLA is
the UK’s largest asset manager
focused on the non-profit sector,
managing more than £15bn on
behalf of charities, religious
institutions and local authorities.
The deal completed in early
February 2026 and, upon
completion, the combined group
managed over £70bn of AUM.
Jupiter and CCLA share a clear purpose and highly
client-centric culture, with long track records in active asset
management and delivering positive investment outcomes for
their clients. It delivers a range of complementary investment
expertise, resulting in a much more diversified combined group.
Jupiter is committed to maintaining and strengthening CCLA’s
highly recognised and well-respected brand. The investment
teams and the client engagement model will also be preserved,
ensuring that their clients continue to receive the consistent,
high-quality client service that they expect.
CCLA has been a pioneer in ethical and responsible investing,
with market-leading sustainability and stewardship credentials.
Its institutional-quality investment processes have been
designed to meet the distinct needs of its ethically and
sustainability-focused clients and these will also remain
unchanged. Over time, CCLA’s clients are expected to benefit
from migration onto Jupiter's highly scalable operational
platform, in such a way that there will be no disruption
to clients of either firm.
Compelling financial rationale
1
Combined group total AUM at completion over
£70bn
Initial target of
£16m
of identified synergy savings
CCLA generated
£66m
of net revenue (12 months to March 2025)
1. On completion
12
We are confident that being
part of Jupiter will bolster
our stability and will bring
enhanced scale and
capability to our
organisation. It is an
exciting development that
will enable CCLA to continue
to serve the clients we were
established to serve over 60
years ago, for many years
to come.”
Peter Hugh Smith
Chief Executive Officer of CCLA
Increasing scale
• CCLA joining Jupiter marks a significant step forward in delivering on Jupiter’s key strategic
objective of increasing scale. With almost 70% of the combined Group’s AUM sourced from
clients based in the UK, it reinforces the Group’s position as a leading player within the UK
active asset management sector.
Progress towards target cost:income ratio
• The deal is another step towards delivering the Group’s medium-term target cost:income
ratio of 70%. It is expected to be materially accretive to management fee earnings per
share from day one, supported by CCLA’s stable revenue growth, planned cost synergies,
and manageable one-off integration costs.
A new client channel
• It broadens Jupiter’s appeal by opening up a new client channel of UK-based non-profit
institutions in which Jupiter had no presence. It also brings relationships with local authority
and public sector clients, a segment in which Jupiter has a select number of long-standing
relationships. There is no client overlap between the two groups.
A loyal and stable client base
• CCLA benefits from a loyal and stable client base. Client turnover has consistently
been lower than its comparable peer group and a number of clients have been
with the business since its inception in 1958.
A clear strategic rationale
13Jupiter Fund Management plc Annual Report and Accounts 2025
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Increasing scale...
…in select geographies and channels
Of our four strategic objectives, we
believe increasing scale remains
the most important.
We have been successful in recent years in delivering on our
commitments of cost discipline, reducing our headcount and
decreasing our non-compensation costs. But we are aware that
the ongoing success of the Group depends upon top line
growth as well as cost discipline and it is vital that we increase
scale, not just in an absolute sense but relative to the effective
deployment of a highly levered operating model.
Our total AUM increased by 19% in 2025, closing the period at
£54bn. We generated net inflows from our clients of £1.3bn, with
net positive inflows across both the retail & wholesale and
institutional channels. This is the first positive calendar year of
inflows since 2017.
Systematic equities saw the strongest demand, with over
£4.0bn of net inflows, but we also generated positive flows in
Global equities and UK equities. Five of our seven investment
capabilities increased their AUM during the period. Regionally,
we saw positive net inflows from clients based in Europe and
Latin America, with AUM in those regions growing 39% and
44% respectively.
We have also strengthened our investment expertise in key
areas, including within European equities and, through the
acquisition of the team and assets of Origin Asset Management,
within Global equities. The Origin team brought an excellent
track record of investment performance, which has continued
through 2025. There is meaningful opportunity to grow these
assets, further increased by the launch of the Global Smaller
Companies active ETF towards the end of 2025.
We saw good client
demand across many
of our strategies, with
our Systematic equities,
Global equities and UK
equities attracting
a combined £5.4bn
of net inflows.”
Momentum in action
Total gross inflows
£16.9bn
Positive net flows
£1.3bn
We also announced the acquisition of CCLA, which
completed in February 2026. CCLA is the largest asset
manager in the UK focused on the non-profit sector, a
client channel in which Jupiter did not have a presence.
It has market-leading positions across the channels in
which it operates, namely across charities, religious
organisations and local authorities. The acquisition
reinforces Jupiter’s position as one of the leading active
asset managers in the UK and creates a much more
diversified group. At completion the wider group
managed more than £70bn of clients’ assets. More details
on the CCLA acquisition can be found on page 12.
Our strategic objectives
14
Decrease undue complexity…
…with costs carefully managed through
a relentless pursuit of efficiency
In order for us to achieve our
target 70% cost:income ratio, it is
important that we combine our
focus on top line revenue growth
with a continued and unrelenting
focus on taking undue complexity
out of the business, on careful
expense management and on
driving cost efficiencies.
We have developed a track record of successfully delivering
cost efficiencies. Despite the inflationary environment, we
reported non-compensation costs of £99m this year, a 10%
decrease on the prior period.
Headcount at 31 December 2025 was 442, a 10% decrease over
12 months and the fourth consecutive year of management
actions reducing our headcount.
In May 2025, we announced a further update on management
expectations for operating costs, having identified an initial
target of £15m annualised savings, which will now be fully
achieved within 2026.
These savings are being identified not just as an end in
themselves, but to allow us the space to invest to drive the
future success of our business. Our philosophy continues to
be to control costs where we can but to invest where we should.
For more details on this, please see the financial review from
page 24.
Momentum in action
Reduction in non-compensation costs
10%
Estimated daily time saving through AI
initiatives (per user)
42mins
We have also continued to review our operating model, to
remove complexity and to ensure we have the most
efficient structures in place. Throughout 2025, we took the
decision to consolidate our suppliers and to outsource a
number of aspects of our middle office operations
functions to BNY. We have benefited from a more efficient
global model, with the ultimate benefit for our clients.
We have also continued to invest in technology solutions
to improve our efficiency across the Group, as well as
researching business use cases for AI. We have over 330
users of ChatGPT across the Group, which we estimate
has so far saved around 42 minutes per day for each user.
AI, automation and data platforms have now become
integral to how work is completed right across the Group.
The focus has shifted from experimentation to
measurable value, scalability and operational resilience,
while maintaining strong governance.
We have developed a track
record of successful delivery
of cost efficiencies. Non-
compensation costs and
headcount have both
decreased by at least 10%
this year.”
15Jupiter Fund Management plc Annual Report and Accounts 2025
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Broaden our appeal
to clients…
...with a curated product offering while exploring new methods of delivery
Our third key strategic objective
is to ensure that Jupiter appeals
to a broad range of clients,
ensuring that our range of
investment capabilities, and
the methods by which these
are delivered, are appropriate
for our clients’ changing needs.
In recent years, much of our focus has been on rationalising our
product range to ensure that our offering was differentiated.
Although the curation of our capabilities is an ongoing process,
the discrete programme has been completed. Our focus
through this year has been on incremental changes to the
product offering, investment expertise and method of delivery.
We broadened our depth of investment expertise with a select
number of key additions. At the start of 2025, we acquired the
assets and team of Origin Asset Management, who came with
strong track records of both investment performance and
gathering assets, and we brought in a new, market-leading
team to manage our European equities capability.
We have continued to explore new methods of delivery in 2025,
most notably with the launch of two active ETFs. The first, a
global sovereign bond mandate, was launched in May, followed
by a global smaller companies product in December. We also
launched our first fund on our new Cayman platform. These new
vehicles offer our investment expertise to a broader range of
potential clients.
Momentum in action
New investment in seed funding in 2025
£33m
Seed capital deployed
£73m
The acquisition of CCLA has also broadened the appeal
of the wider Jupiter Group. CCLA is the largest UK asset
manager focused on serving non-profit organisations,
such as charities and religious organisations. This is
a client channel in which Jupiter did not have a presence
and brings material opportunities to leverage
the strengths of both businesses.
Between the ongoing curation of our product range,
the new methods of delivery and the expansion into
a brand new client channel, the Jupiter Group has never
before appealed to as wide or diverse a number of clients.
Our strategic objectives continued
Between the ongoing
curation of our product
range, the new methods of
delivery and the expansion
into a brand new client
channel, the Jupiter Group
has never before appealed
to as wide or diverse
a number of clients.”
16
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.
In order to better understand the views of our people, we
regularly conduct employee opinion surveys. In our most recent
survey, we reached an employee engagement score of 88%,
the highest score since we introduced the surveys in 2022.
This is nine percentage points both above the financial services
benchmark and the survey 12 months ago. As well as a high
degree of understanding of our strategy and purpose,
importantly, 89% of our people say that they are proud to work
at Jupiter, and 90% feel that they can be their true selves
at work. For more on our approach to our people, please
see from page 52.
For our clients, our focus remains on delivering positive
investment outcomes. Our aggregate investment performance
increased over all timescales over the last 12 months. Over three
years, our KPI, 68% of our mutual fund AUM outperformed its peer
group median at end 2025. Over one year, 84% of AUM
outperformed and over five years the figure was 75%. At end
December 2025, we had 15 funds with over £1bn of assets.
Of these, 11 were above benchmark and 8 were top quartile over
a three-year period. More on our investment performance can
be found on page 33.
For our shareholders, we are pleased to see that we have
delivered a positive total shareholder return in the last year
of 92%. We remain committed to distributing surplus capital in
excess of the needs of the business in addition to an ongoing
distribution of 50% pre-performance fee earnings. For 2025, we
also committed to returning 50% of performance fee-related
revenues to shareholders, which we delivered through the
combination of a special dividend of 5.7 pence per share and
an announced share buyback programme of up to £30m.
We have made positive
and meaningful progress to
deepen relationships across
our stakeholder groups,
including our people, our
clients and our shareholders.”
Momentum in action
Total engagement score
88%
Proud to say that they work at Jupiter
89%
Investment outperformance
68%
Total shareholder return
92%
17Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Despite strong headline performance in US equity indices, 2025
saw investors reduce exposure to US equities with around £20bn
of outflows in aggregate over the year. Elevated valuations,
heightened concentration in a small number of mega-cap
stocks, and uncertainty around US policy, particularly trade
tariffs, prompted greater caution. The shift likely reflected
portfolio rebalancing and diversification rather than a wholesale
loss of confidence in US markets.
How Jupiter is responding
As capital diversifies away from the US, Jupiter’s active
capabilities in regional equities, global fixed income, and
unconstrained strategies are well aligned with evolving client
needs. Further, an environment where there is heightened
dispersion across regions and asset classes arguably favours
active management as assets move to areas where there is
greater alpha potential compared to US equities. As such,
Jupiter’s emphasis on differentiated, high-conviction portfolios
offers investors alternative sources of return and resilience
within increasingly diversified asset allocations.
UK asset managers continue to face structural downward
pressure on fees and margins. Clients are increasingly
discerning, and rightly expect competitive pricing and
demonstrable value. At the same time, listed asset
management groups still trade at a valuation discount to other
financials, reflecting scepticism over long-term margin
resilience. Many firms have responded by rationalising their
product suites, closing sub-scale strategies and accelerating
operational efficiency initiatives.
How Jupiter is responding
Jupiter continues to focus on offering clients high-quality
actively-managed funds, at competitive prices, with strong
alignment to investors’ needs. Our investment performance has
improved over all of the one, three and five-year time periods.
The acquisition of CCLA underlines our commitment to both
active asset management and high-quality client service, giving
the combined group a broader appeal to clients from a variety
of channels. We are also deeply committed to disciplined cost
management, and announced a further £15m of identified cost
savings this year, as we target a 70% cost:income ratio over the
medium term.
More details on the acquisition of CCLA can be found
on page 12.
Investors allocated away from US
equities during 2025
Asset managers face fee
compression
Source: Morningstar, to 31.12.2025, US equity mutual funds
domiciled in UK, Ireland and Luxembourg.
Source: PwC Global Asset & Wealth Management and ESG
Research Centre; LSEG Lipper.
Methodology: Total expense ratios (TERs) shown are asset-
weighted averages for mutual funds and ETFs across Europe,
the US, the Middle East and Africa, and Latin America. Data
covers active and passive strategies on a combined basis.
Historical data runs from 2019–2024. Figures for 2030 are
forward-looking projections.
15
10
5
-5
-10
-15
-20
-25
Jan AprMarFeb May Jun
2025
Cumulative net flow (£ billions)
Jul Aug Sep Oct Nov Dec
0
Market trends
1. Investors reduce exposure
to US equities
2. Persistent fee and margin pressure
places focus on cost management
M I
0.8
0.7
0.5
0.4
0.2
0.3
0.1
0
2019 2020 2021 2022 2023 2024 2030F
% Total Expense Ratio
Active TER (%) Passive TER (%)
0.6
O F
18
The structural shift toward passive investing, particularly through
ETFs, has been a constant theme in the market over several
years. Alongside this growth, however, active ETFs have started
to gain momentum in Europe, enabling active managers to
deliver their strategies within a more flexible and often more
platform-friendly wrapper. The industry is increasingly “wrapper
agnostic”, with clients focusing on outcome, cost and
implementation rather than the fund structure itself.
How Jupiter is responding
Jupiter’s strategy remains firmly centred on high-conviction
active management, and we continue to serve clients
predominantly through mutual funds domiciled in the UK or EU,
as well as segregated mandates. However, we have been active
in exploring alternative methods of delivery as a way of
expanding how we can service the differing needs of clients.
These include the listing of two active ETFs during 2025 – one
fixed income, one equities – as well as the establishment of our
Cayman-domiciled platform. In future we will look to build upon
these as we continually look to offer clients diverse and
differentiated investment solutions.
AI and automation are increasingly being deployed
across UK asset managers’ workflows. Regulators’ joint
survey work shows adoption of AI and machine learning is
broadening across UK financial services, with firms citing
efficiency gains and improved decision-making, while also
highlighting risks around governance, operational resilience
and third-party dependencies.
How Jupiter is responding
We continue to extend the adoption of AI tools throughout
Jupiter, making use of large language models (LLMs) to
enhance personal productivity and increase overall AI literacy.
Over 300 staff have corporate ChatGPT licences and we are
encouraged by an over 90% engagement rate amongst
employees. There is also an ongoing effort to engage with our
suppliers to understand what AI capabilities they can offer and
how these can enhance our processes, while maintaining
appropriate levels of human oversight. In 2025, we also reviewed
our AI governance procedures and developed further staff
training, all working to ensure that we are ready for compliance
with the EU Artificial Intelligence Act when that comes into force,
as well as giving us a robust framework within which to respond
to other regulatory developments as they occur.
85% of UK financial services firms
are using, or planning to use, AI
The market for active ETFs has
grown rapidly
Source: Artificial intelligence in UK financial services – 2024, Bank
of England and Financial Conduct Authority
Source: Morningstar, to 31.12.2025, active ETFs domiciled
in Europe.
3. The rise of active ETFs as clients
become increasingly agnostic on
method of delivery
4. Continuing AI adoption, with a
focus on governance
Relevant principal risks
Market
disruption
Financial
risk
Regulatory
risk
People
risk
Investment
performance risk
Outsourcing and
supplier risk
Technology and
information security risk
M I
I
O P R T
Increase scale Decrease undue complexity Broaden our appeal to clients
Deepen relationships with
all stakeholders
Relevant strategic objectives
R
O R T
F
TT
Total AUM (£ billions)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
10
20
30
40
50
60
70
80
0
100%
80%
60%
40%
20%
0%
2022 2024
Currently using AI Planning to use AI
19Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Our performance
Key performance indicators
Assets under management (£bn)
£54.0bn
Investment performance (%)
68%
Percentage of our mutual fund AUM above their median over
three years after all fees.
68% of mutual fund AUM outperformed their peer group over
three years (2024: 61%). 48% of mutual fund AUM is first quartile
over three years. Of 15 funds over £1bn in AUM, there are 11 funds
outperforming their peer group median. Over one year, 84% of
AUM outperformed, up from 42% 12 months ago. Over five years,
the figure was 75%, up from 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.
The total value of assets which we manage on behalf
of our clients.
Total AUM increased by 19%, ending the year at £54.0bn.
We generated net positive flows of £1.3bn, supplemented
by positive market movements of £7.4bn. However, with
positive movements weighted more towards the end of the
year, average AUM was down compared to the prior year
at £48.1bn (2024: £50.7bn).
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.
Non-financial KPIs
Employee engagement (%)
88%
Net flows (£bn)
£1.3bn
Net inflows are the gross inflows to our investment strategies
less redemptions during the year.
Gross flows were strong this year, increasing by 20% to £16.9bn
(2024: £14.1bn). We generated positive net inflows for the first
time since 2017, totalling £1.3bn. Both client channels saw positive
flows, with £0.3bn from retail and wholesale clients and £1.0bn
from Institutional clients. Systematic equities, Global equities
and UK equities all generated positive flows.
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 185.
The combined score from a number of key questions
in our employee engagement survey.
Our overall engagement score was 88%, nine percentage
points ahead of both 12 months ago and the financial services
benchmark. This represents our highest engagement score
since we started regular employee surveys.
In addition, our most recent survey told us that 89% of our
people are proud to say that they work at Jupiter, 94%
understand how their work contributes to our overall objectives
and 90% believe they can be their authentic selves at work.
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.
24
25
23
22
21
68
61
59
51
58
45.3
52.2
50.2
60
24
25
23
22
21
54.0
1.3
24
25
23
22
21
(10.3)
(2.2)
(3.5)
(3.8)
88
79
78
71
70
24
25
23
22
21
20
Net management fees (£m)
1
£310.7m
Underlying earnings per share (p)
19.4p
Fees earned from managing our funds, net of payments
to our distribution partners.
Net management fees decreased by 7% in 2025. Despite the
increase in closing AUM, average AUM over the period was lower.
We also saw a one basis point decline in the net management
fee margin, primarily due to changes in the mix of business.
We also generated £120.3m of performance fees, primarily
from strategies within the Systematic equities capability.
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.
1. Restated to include net fees and commissions (see Note 1
on page 131).
Underlying profit after tax divided by issued share capital.
Underlying EPS increased by 45% in 2025 to 19.4 pence per share,
broadly in line with the increase in underlying profit before tax.
Excluding the impact of performance fees, underlying EPS
reduced to 8.7 pence per share (2024: 10.9 pence per share).
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
Cost:income ratio (%)
82%
Total shareholder return (%)
92%
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 four percentage points this
year to 82%. Net management fee revenue has been impacted
by a lower average fee margin and lower average AUM, leading
to an overall increase in the ratio. However, our focus on cost
discipline has again been resolute. Expenses have been
carefully managed and we announced further cost savings
through 2025. We will seek to improve this KPI through ongoing
cost discipline and increasing scale, working towards achieving
our target of 70%.
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 positive TSR in 2025 of 92%. The share price
increased by 83%, which was supplemented by additional
capital returns to shareholders.
In 2025, we announced total ordinary dividends of 4.4 pence per
share, a special dividend of 5.7 pence per share and a share
buyback of the lower of £30m or 3% of issued share capital.
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.
332.9
355.6
387.0
455.6
24
25
23
22
21
310.7
19.4
13.4
14.8
11.3
31.7
24
25
23
22
21
82
78
73
69
61
24
25
23
22
21
1
(2)
1
(25)
(42)
92
24
25
23
22
21
21Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Our business model
The value we create
Who we are
Jupiter is a specialist, high-conviction, active asset manager. We create a better future for our clients
with our active investment excellence.
Our employees
Individual engagement
We have a culture
that attracts and develops
talent. We support and
challenge our people to
continuously develop.
88%
Employee
engagement
Our shareholders
Total returns
We balance investment
for growth of the business
with making returns
to shareholders.
92%
Total shareholder
return
Our clients
Investment performance
after all fees
We help our clients to meet
their long-term investment
goals, by delivering
investment outperformance
after fees.
68%
Mutual fund
investment
performance over
three years
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.
531
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.
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
& 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.
What we do
We create
a better future
for our clients
with our active
investment
excellence
Tailor our
investment expertise
to meet our
clients’ needs
Find out more on
page 34
Build deep
relationships with
our clients
Find out more on
page 34
Actively
manage
investments to
deliver consistent
high quality
performance to clients
Find out more on
page 32
23Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Growing
business
momentum
through direct
management
actions
Financial review
At the start of 2025, we anticipated that the year would be a
challenging one from a financial results perspective. The
outflows in 2024 were the main driver of these short-term
financial challenges, further built upon by the economic
uncertainty through to April, principally from the announcement
of US trade tariffs.
In the context of these early headwinds, I am encouraged
at the end of 2025 to report growing momentum since April,
supported by positive market returns, particularly in the
second half, and signs of improving conditions for active
asset management, and particularly in areas where we have
strong investment capabilities.
Against this backdrop, and with improving client sentiment
combined with strong investment performance, the Group
generated net inflows of £1.3bn, marking the first calendar year
of positive net flows since 2017. These flows and positive market
returns resulted in AUM at 31 December 2025 of £54.0bn, an
increase of 19% since 2024 and our highest year-end level
since 2021.
Whilst business momentum in 2025 has been encouraging,
structural pressures across the active asset management
industry and geopolitical uncertainty remain. We will continue to
maintain our resolute focus on ensuring Jupiter is well-
positioned for future growth, delivered through the disciplined
execution of our strategy.
Progress against strategic priorities
Driven by improving investment performance and changes
we embedded in the way we engage with clients, we increased
scale in a number of our capabilities and significantly advanced
one of our leading investment strategies. We further expanded
our investment capabilities through the new Jupiter Origin
team who joined us at the start of the year, and completed
the previously announced changes to teams, addressing
certain investment performance challenges in some of our
existing capabilities.
Finally, we also announced both the expansion of our
investment capabilities and a new client type through the
acquisition of CCLA Investment Management Limited, which
completed in February 2026.
Our key priority continues to be building scale across our
existing investment capabilities, making targeted investments in
areas where we see sustainable growth potential, and
allocating capital efficiently to support those ambitions. These
actions were undertaken alongside a continued focus on
simplifying the business and reducing undue complexity.
Given both the shorter-term financial challenges but also with a
view to ensuring we have an operationally efficient model, we
are embracing the opportunity for new technology and new
ways of working, including our new strategic partnership with
BNY Mellon, under which operational activities have been
outsourced and consolidated. As a result, we have again
delivered cost savings, despite inflationary challenges.
At Jupiter, we are focused on controlling the required
expenditure where we can but also investing for the future,
including in controlling cost growth. By maintaining tight control
over that required expenditure, we are able to manage total
expenditure while preserving the capacity to invest selectively in
strategic initiatives. This balance is critical to ensuring the
business remains resilient in the near term and well-positioned
to deliver long-term growth. Importantly, it means that cost
reductions we make are sustainable and are delivered through
carefully considered changes to how we operate. During the
year we announced a minimum target of £15m of underlying
cost savings, to be achieved on a run-rate basis by the end of
2026. With these results, we have already delivered on that
minimum target, a year ahead of schedule.
Overall, the actions taken during 2025 reinforce our confidence
in the Group’s ability to navigate a demanding operating
environment, continue to strengthen its foundations and create
long-term value for clients and shareholders.
24
Financial performance
Our statutory profit before tax for the year was £131.9m, an
increase of £43.6m, driven by substantial performance fee
profits. Underlying profit before tax for the year was £138.3m,
an increase of 42% on 2024 (for more information on APMs,
see page 185). Excluding the impact of performance fees and
exceptional items, there was a decrease in underlying profits of
£16.8m to £62.2m, reflecting lower management fee revenues,
offset by lower non-compensation costs despite the inflationary
environment and continued targeted investments. Performance
fees of £120.3m, primarily driven by our Systematic capability
which had another strong year of performance, delivered net
profits of £76.1m after associated costs, an increase of £57.6m
compared to the prior year.
We present separately the impact of exceptional costs on the
Group’s underlying profitability. In 2025, such items included
restructuring costs and some of the transaction costs relating to
the acquisition of CCLA, and partially offset by the recovery of
historic indirect taxes relating to our international business. In
2024, this comprised the last tranche of amortisation of
intangible assets relating to the Merian acquisition.
We have also continued to disclose a view of our underlying
results excluding the significant 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, calculated as underlying profit after tax divided
by the weighted average number of shares in issue, was up
45% to 19.4p (2024: 13.4p). Basic statutory EPS increased from
12.5p to 19.2p.
Underlying profit before tax
£138.3m
(2024: £97.5m)
Underlying earnings per share
19.4p
(2024: 13.4p)
Improved performance,
positive net flows
and disciplined cost
management increase
our confidence in
returning to sustainable
long-term growth.”
Wayne Mepham
Chief Financial & Operating Officer
25Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Financial review continued
Retail, wholesale and investment trust net inflows for the year
were £0.3bn (2024: net outflows of £5.8bn), the first year of
positive flows in that channel since 2017. Although client
sentiment was negatively impacted by uncertainty around
trade policies and a challenging macro environment in the first
half of the year, the second half saw an improvement in risk
appetite, with increased interest in the Group’s UK equity
strategies and, in particular, its Systematic equity offering.
Investment performance was up across all time periods: our KPI
measure of three-year performance continued its upward
trend, with 68% of our AUM in mutual funds outperforming their
peer group median after all fees, up from 61% in 2024. Over five
years, outperformance was markedly higher at 75% compared
to 58% in 2024 and, over one year, the improvement was greater
still, with outperformance doubling from 42% to 84% at year end
2025. These notable increases were driven by a combination of
strong flows into some of our very highest-performing funds
and performance improvements in a number of individual funds
(which in turn impacted the relative share of total AUM
represented by those funds).
The majority of our larger funds continue to perform well
over longer-term time periods. We now have 15 funds with
at least £1bn in AUM, up from 13 last year, and 11 of those
are outperforming the peer group median over three years,
with eight in the top quartile. Over the five-year period, there
are 12 funds outperforming their peer group median and ten
in the top quartile.
Delivering positive investment outcomes to our clients is critical
to our ongoing success and the actions we have taken to
address performance are now coming to fruition.
Capital and liquidity
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. As a result, we are pleased to
announce additional distributions comprising a special dividend
of 5.7p and a share buyback of the lower of £30m and 3% of
issued share capital. This additional return represents the
distribution, announced in July 2025, of 50% of the Group’s 2025
performance fee revenue of £120.3m.
Assets under management
Movement in AUM by
product (£bn) 31-Dec-25 Net flows
Market
and other
movements 31-Dec-24
Retail, wholesale and
investment trusts 44.6 0.3 5.4 38.9
Institutional 9.4 1.0 2.0 6.4
Total 54.0 1.3 7.4 45.3
of which is invested
in mutual funds 42.6 (0.1) 5.5 37.2
Total AUM increased by 19% over the year to £54.0bn
(2024: £45.3bn). However, average AUM for the year declined
from £50.7bn to £48.1bn reflecting outflows, particularly in Q4
2024, and a challenging market environment early in 2025,
partially offset by rising market levels and net inflows in the final
three quarters of the year.
AUM and flows
AUM at 31 December 2025 was £54.0bn, an £8.7bn or 19% increase in the year, driven by strong market performance and net inflows, of
which £1.2bn was growth in the last quarter. Gross flows in the year of £16.9bn, up £2.8bn and a 20% increase on 2024, were one of the
highest in the Group’s history.
Client demand was particularly high in our Systematic equities capability, including our leading Global Equity Absolute Return fund,
as well as our Gold & Silver and World Equity funds, our ongoing relationship with NZS, and from our new Jupiter Origin team. We also
saw a return to net inflows in UK equities, driven by our UK Dynamic and UK Growth strategies.
Net institutional inflows were £1.0bn (2024: net outflows of £4.5bn) including clients acquired through Jupiter Origin, Global Leaders
and the UK Dynamic strategies.
2025 2024
Before
performance
fees
£m
Performance
fee profits
£m
Total
£m
Before
performance
fees
£m
Performance
fee profits
£m
Total
£m
Net revenue 310.7 120.3 431.0 332.9 31.2 364.1
Compensation costs
1, 2
(156.6) (44.2) (200.8) (151.0) (12.7) (163.7)
Non-compensation costs
2
(98.9) – (98.9) (109.5) – (109.5)
Administrative expenses (255.5) (44.2) (299.7) (260.5) (12.7) (273.2)
Other gains
3
6.0 – 6.0 6.9 – 6.9
Amortisation of intangible assets
4
(2.8) – (2.8) (2.2) – (2.2)
Operating profit before exceptional items 58.4 76.1 134.5 77.1 18.5 95.6
Net finance income 3.8 – 3.8 1.9 – 1.9
Profit before taxation and exceptional items 62.2 76.1 138.3 79.0 18.5 97.5
Exceptional items (6.4) – (6.4) (9.2) – (9.2)
Statutory profit before tax 55.8 76.1 131.9 69.8 18.5 88.3
1. Compensation costs in respect of performance fee profits in 2025 mainly relate to the accounting charge for bonus awards made in respect
of 2025 performance fee revenues (2024: mainly in respect of 2024 performance fee revenues).
2. Compensation costs and Non-compensation costs exclude £7.7m and £(0.7)m respectively classified as exceptional (2024: £nil).
3. Other gains in 2025 exclude £0.6m classified as exceptional (2024: £nil).
4. In 2024, amortisation of intangible assets excludes £9.2m classified as exceptional.
26
Gross flows rose sharply to £16.9bn, an increase of £2.8bn, or 20%.
The Group delivered total net inflows of £1.3bn (2024: net
outflows of £10.3bn), with three consecutive quarters of positive
net flows and the first positive net flow in a calendar year since
2017. Despite increased market volatility and geopolitical
uncertainty, market returns of £7.4bn (2024: £3.4bn) were
generated, supported by strong investment performance.
In the Institutional channel, we saw total net inflows of £1.0bn. In
the first and second quarters, flows were supported by strong
client subscriptions across multiple segregated mandates. In
Q3, this was partially offset by outflows from an institutional
client undertaking cyclical portfolio rebalancing, following
increased allocations to Jupiter earlier in the year. Our
Institutional pipeline remains robust, covering a breadth of
investment capabilities, geographical regions and channels.
Supported by strong long-term investment performance and
deepening client relationships, this underpins our confidence
that the Institutional channel remains a key area of future
growth and focus.
In the Retail, wholesale and investment trusts channel, we saw
£0.3bn of net inflows, with two consecutive quarters of positive
net flows. This represents the first time since Q3 2017 that the
retail channel has delivered two successive quarters of net
inflows, reflecting improving client sentiment and demand for
truly active investment capabilities. Market conditions during the
year were characterised by heightened volatility and a renewed
focus on diversification beyond US markets. In this environment,
strategies offering diversification and lower correlation to
traditional equity and bond markets attracted strong client
demand. We generated notable net inflows of £3.4bn into our
Systematic long-short fund, GEAR, as well as the fund generating
£95.7m in performance fees. We also saw continued demand
for the Gold & Silver Fund, reflecting a diversifying allocation
amid ongoing broader inflationary pressures and the fund’s
outperformance compared to its peer group median across
one-, three-, and five-year investment horizons.
Due to strong equity market performance and the continued
availability of attractive cash yields, flows weakened across
our fixed income strategies despite improving investment
performance, most notably with our Dynamic Bond and
Strategic Bond strategies. We believe that sustained investment
performance will remain an important driver of client demand
over the medium term.
During the year, we welcomed the Origin team, who have
delivered top quartile performance across one-, three-, five-
and ten-year periods and subsequently launched the Jupiter
Origin Global Smaller Companies active ETF, broadening client
access to the Jupiter Origin investment approach and providing
increased scale and reach for our global equity strategies. Global
equity strategies more broadly saw positive momentum, including
inflows of £0.7bn into the Jupiter Merian World Equity Fund.
Finally, in February 2026 we announced the completion of the
acquisition of CCLA, which brings deep investment expertise and
broadens our product offering to charities, religious
organisations and local authorities. With £15bn in assets under
management as at 31 December 2025, the acquisition further
increases the Group’s scale and enables us to deliver
efficiencies through Jupiter’s operating model, while preserving
CCLA’s culture and strong client service.
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 18.1 from Morningstar/Sustainalytics. The full set
of ESG ratings we are aware of for 2025 can be found in the
Group’s 2025 Sustainability Report, available from our website
at www.jupiteram.com.
Net revenue
The first half of 2025, particularly to April, was characterised by
market volatility which intermittently disrupted investor
confidence. Conditions stabilised as the year progressed,
resulting in a strong rally that saw markets finish the year
strongly. As a result, AUM levels improved as the year progressed
through a combination of flows and market gains, but average
AUM was lower at £48.1bn (2024: £50.7bn), with revenues
consequently down on 2024 levels, reflecting the significant
outflows we saw in the final quarter of 2024. With strong net
flows and market performance in the final quarter of 2025 and
in December in particular, we are well-placed for 2026 and we
have continued to see post year-end momentum on flows and
market performance.
Revenue in the year was £465.7m (2024: £402.5m), with net
revenue of £431.0m (2024: £364.1m), of which performance fees
contributed £120.3m (2024: £31.2m). Net revenue comprises
revenue less fees and commissions payable to third parties.
Net revenue (£m) 2025 2024
Net management fees 310.7 332.9
Performance fees 120.3 31.2
Net revenue 431.0 364.1
Revenue 465.7 402.5
Net management fees, comprising management fees less fees
and commissions payable to third parties, decreased by £22.2m
to £310.7m.
Our average net management fee margin reduced by 1bp to
65bps driven by changes to our business mix. As the Group
continues to transition to a greater weighting towards
Institutional business, we expect the fee margin to decrease
over the long term.
We were pleased to see significant performance fee earnings in
the year of £120.3m (2024: £31.2m), driven by our Systematic
capability, but also including contributions from our Gold and
Silver and Strategic Absolute Return Bond funds.
We delivered total net inflows
of £1.3bn, with three consecutive
quarters of positive net flows
and the first positive net flow
in a calendar year since 2017.
Total AUM increased by 19%
over the year to £54.0bn”
27Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Administrative expenses
In an environment of ongoing fee margin attrition, good cost
management is a continual focus. For Jupiter, cost
management involves controlling necessary expenditure while
preserving the capacity to invest selectively for revenue growth
and the continued development of our operating model,
including the disciplined management of cost growth. Looking
for ways to do things differently in order to bring down costs
today and control cost growth in the future as the business
expands is a key part of our process.
Total administrative expenses (excluding exceptional items)
were £299.7m, up 9.7% from £273.2m in 2024, of which £44.2m
related to performance fees (2024: £12.7m). Excluding the impact
of performance fees, administrative expenses decreased by
£5.0m, or 1.9%.
As in previous years, we have separately presented certain
administrative expenses as exceptional items. These are
covered in more detail on page 29.
Costs by category (£m) 2025 2024
Compensation costs
1
156.6 151.0
Non-compensation costs
1
98.9 109.5
Administrative expenses before performance
fee-related costs
1
255.5 260.5
Performance fee-related variable staff costs 44.2 12.7
Administrative expenses
2
299.7 273.2
Exceptional items 7.0 –
Administrative expenses 306.7 273.2
Total compensation ratio before
performance fees
1
50% 45%
Total compensation ratio
2
47% 45%
Cost:income ratio
1
82% 78%
1. Stated before exceptional items and performance fees (see APMs
on page 186).
2. Stated before exceptional items (see APMs on page 186).
Our compensation costs before performance fee-related
costs and exceptional items increased by 3.7% to £156.6m in
2025 (2024: £151.0m). This movement principally resulted from
the 83% increase in Jupiter’s share price during the year and its
impact on national insurance and apprenticeship levies on
historic awards. Whilst we hedge against such exposures, the
economic benefit is not reported as an offset to this cost in the
income statement. Finally, there were specific reductions to
costs in 2024 mainly relating to restructuring of certain
investment teams.
Compensation costs (£m) 2025 2024
Compensation costs before performance
fee-related costs and exceptional items 156.6 151.0
Performance fee-related
compensation costs 44.2 12.7
Compensation costs before
exceptional items 200.8 163.7
Exceptional items 7.7 –
Compensation costs 208.5 163.7
The significant uptick in compensation costs relating to
performance fees reflected the substantial performance fee
revenues. Of the £44.2m charge recognised in 2025, £38.9m was
in respect of the current year performance fee earnings, with
the remainder relating to deferred elements of prior year
performance fee-related compensation.
Total headcount decreased from 492 to 442 at 31 December
2025 on a full-time equivalent basis, the lowest level since 2014.
The Group’s total compensation ratio before performance fees
and exceptional items increased from 45% to 50%. The Group’s
total compensation ratio including all performance fee-related
compensation increased from 45% to 47%.
Non-compensation costs decreased by £10.6m, from £109.5m to
£98.9m, reflecting the early delivery of targeted cost savings,
achieved more than a year ahead of schedule, while also
absorbing some higher variable costs arising from stronger-
than-anticipated growth in average AUM in the second half of
the year. These savings are consistent with the Group’s strategic
focus on removing undue complexity and operating with a
simpler, more efficient operating model, including through the
increased use of technology and automation.
The reduction in non-compensation costs was driven by a
combination of one-off and recurring savings. To the extent that
certain savings achieved in 2025 were non-recurring, the Group
has identified further recurring savings to be delivered in 2026
which are expected to fully offset the reversal of those one-off
items and support the ongoing non-compensation cost
reduction target.
The remainder of the savings achieved are recurring and are
expected to benefit future periods, including savings announced
in May 2025 as part of the previously communicated £15m
cost reduction programme, which the Group is delivering
ahead of schedule.
This represents the second consecutive year of year-on-year
reductions in non-compensation costs, despite a persistently
inflationary environment.
The Group’s cost:income ratio increased from 78% to 82%,
largely driven by lower management fees. While we recognise
the challenges, we believe we have a clear path to reach our
target cost:income ratio of 70% in the medium term.
Financial review continued
28
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.
Exceptional items of £6.4m in 2025 principally related to
administrative expenses of £7.0m, comprising restructuring
costs of £7.7m, partially offset by a reduction in non-
compensation costs of £0.7m. Although the acquisition of CCLA
completed in February 2026, we incurred some costs during the
year which were wholly offset by the recovery of indirect taxes
relating to our international businesses. Further costs relating to
the acquisition and integration of CCLA are expected in 2026
and beyond, in line with the announced net cash cost of £17m
(after taxation), as well as amortisation of acquired intangibles.
In 2024, exceptional items of £9.2m represented the final
intangible asset amortisation charge in respect of the
2020 Merian acquisition.
Exceptional items (£m) 2025 2024
Compensation costs 7.7 –
Non-compensation costs (0.7) –
Administrative expenses 7.0 –
Other gains (0.6) –
Amortisation of acquired intangible assets – 9.2
Exceptional items 6.4 9.2
Other income statement movements
Other gains (before exceptional items) of £6.0m (2024: £6.9m)
principally comprised gains from relative outperformance
generated on seed investments in Jupiter-managed funds.
Finance income and costs
Finance income of £7.2m (2024: £8.0m) principally related to
interest earned on money market fund investments. Finance
costs of £3.4m (2024: £6.1m) primarily comprised the interest
charge on the Group’s £50m subordinated debt (redeemed in
April 2025) and the unwinding of discounted lease liabilities.
Profit before tax (PBT)
Statutory PBT for the year increased to £131.9m (2024: £88.3m),
principally as a result of performance fee profits. Excluding
exceptional items and net performance fees, underlying PBT
decreased by 21.3% to £62.2m (2024: £79.0m) mainly due to
lower levels of net revenue partially offset by lower
administrative expenses.
Tax expense
The effective tax rate for 2025 on statutory PBT was 23.9%
(2024: 26.2%), lower (2024: higher) than the headline UK
corporation tax rate of 25.0% (2024: 25.0%). The difference is
primarily due to the impact of the increase in Jupiter’s share
price on share-based payments as well as the difference in
overseas tax rates.
The Group has been awarded accreditation from the Fair Tax
Foundation for the fourth year, reflecting our transparent and
responsible approach to tax conduct. 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 19.2p
(2024: 12.5p) and 17.9p (2024: 12.2p) respectively in 2025.
Underlying EPS was up 6.0p at 19.4p (2024: 13.4p).
Excluding performance fees, underlying EPS was down 2.2p at
8.7p (2024: 10.9p).
(£m) 2025 2024
Statutory profit before tax 131.9 88.3
Exceptional items 6.4 9.2
Performance fee profits (76.1) (18.5)
Underlying profit before tax before
performance fee profits 62.2 79.0
Tax at average statutory rate of 25.0% (15.6) (19.8)
Underlying profit after tax before
performance fee profits 46.6 59.2
Statutory profit before tax 131.9 88.3
Exceptional items 6.4 9.2
Underlying profit before tax 138.3 97.5
Tax at average statutory rate of 25.0% (34.6) (24.4)
Underlying profit after tax 103.7 73.1
Weighted average issued share capital 534.2 545.0
Underlying EPS before performance fee
profits 8.7p 10.9p
Underlying EPS 19.4p 13.4p
Basic EPS 19.2p 12.5p
In an environment of ongoing
fee margin attrition, good cost
management is a continual focus.
Looking for ways to do things
differently, in order to bring
down costs today and control
cost growth in the future, is a
key part of our process.”
29Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Cash flow
The Group generated positive operating cash flows after tax in
2025 of £59.3m (2024: £73.9m). This represents 46.3% of
operating profit, lower than in previous years as a result of the
majority of performance fee earnings during the year not being
received until January and February 2026. Net inflows from
investing activities of £88.3m (2024: net outflows of £182.2m)
principally comprised net disposals (2024: net acquisitions) of
investments by consolidated funds. Net outflows from financing
activities of £91.8m (2024: net inflows of £101.9m) principally
arose from the redemption of the subordinated debt of £50.0m
(2024: £nil), purchases of own shares of £37.3m (2024: £1.0m)
and dividend payments of £22.3m (2024: £34.2m), partially offset
by net third-party flows into consolidated funds of £27.9m
(2024: £101.5m). The net increase in cash in the period was
£55.8m (2024: £6.4m decrease).
Assets and liabilities
In April 2025, the Group redeemed its £50.0m Tier 2 subordinated
debt notes. The notes carried an interest rate of 8.9%, resulting in
an annual interest charge of £4.5m. As a result, the Group
expects to realise a meaningful reduction in financing costs
following the redemption.
The Group agreed a new revolving credit facility (RCF) of £100m
in December 2025 to provide additional access to liquidity. The
facility expires in December 2027, with an option for the Group to
extend the facility by up to a further three years. The Group’s
RCFs were 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
2025, we had a total investment in Jupiter-managed funds of
£73.2m (31 December 2024: £126.5m) at fair value, which is
£61.7m (2024: £113.6m) at cost. We have a Board-approved limit
of up to £200m of seed capital funds (at cost).
Capital management
The Group continues to maintain strong surpluses over its
regulatory capital requirements at both consolidated and
individual entity levels. In 2025, total dividends paid to
shareholders were £22.3m against £100.4m statutory profit
after tax.
The net movement in total shareholders’ equity was an increase
of £72.1m to £906.1m.
The parent company of the Group, Jupiter Fund Management
plc, has distributable profits of £292.3m (2024: £256.3m). 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 2.3p, taking full-year ordinary dividends for 2025 to
4.4p. The Board seeks approval for the final dividend at the AGM
on 7 May 2026.
The Board has also announced additional distributions
comprising a special dividend of 5.7p per share and a share
buyback of the lower of £30m and 3% of issued share capital.
Together, these represent the distribution of 50% of the Group’s
2025 performance fee revenue of £120.3m. We will use the
permission granted to us by shareholders at the 2025 AGM
for the right to acquire up to 3% of shares into Treasury to
initiate the buyback programme in April 2026 and subsequently
cancel both these shares and the existing 16.3m shares already
held in Treasury.
We estimate that the cash acquisition of CCLA has reduced the
Group’s capital surplus by around £85m, nevertheless 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.
The Group seeks to maintain a balance
between providing returns to shareholders
and maintaining sufficient capital
and cash reserves to support its
business activities.”
Financial review continued
30
Liquidity
The Group’s liquidity comprises cash available for use in the
business, supported by an undrawn RCF of up to £100m. The
current RCF can be extended up to December 2030. The Group
maintains a consistent liquidity management model, with
liquidity requirements monitored carefully against the existing
and longer-term obligations of the Group.
Consideration for the CCLA acquisition will be paid entirely in
cash. The initial payment of £76m was made on 2 February
2026, with the remaining balance, expected to be in the region
of £25m, to be paid in the second quarter. As part of the
acquisition, the Group acquired around £30m of net cash and
other liquid assets held on CCLA’s balance sheet at the
acquisition date.
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 2028.
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 58.
The Group defines its long-term strategic planning objectives
over five years, underpinned by a rolling five-year financial plan,
the first year of which is the current year budget. The Group uses
a three-year period in assessing viability, as this is consistent
with the three-year time horizon applied in stress testing
performed for the purposes of the ICARA process.
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 58.
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 2025,
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 retirement of a key investment
manager; and
• the failure of internal policies, leading to a regulatory breach
and the departure of a key investment desk.
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 to 63 has been duly
approved by the Board and signed on its behalf by:
Wayne Mepham
Chief Financial & Operating Officer
25 February 2026
31Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Investment management
Delivering high-conviction
investment performance
At Jupiter, our purpose is to deliver strong, consistent investment
outcomes for our clients through high-conviction asset
management. Our commitment to active management and
investment excellence is at the heart of this.
Following the rationalisation of our fund range through 2024,
our investment platform is more focused and aligned around
our core areas of strength and of client demand. Through 2025,
we have further strengthened our investment capabilities
with key new investment hires across Global equities and
European equities, expanding our investing offering and
broadening our appeal to clients. Our now consolidated
investment line up allows us to stay focused on our areas of
expertise and the depth of our investment talent, rather than
seeking waterfront market coverage. This focus supports a
diverse and differentiated range of investment styles, asset
classes and vehicles, designed to deliver better long-term
outcomes for clients.
We do not have a centralised house view at Jupiter. Instead, our
investment teams are given a high degree of autonomy to
pursue their investment convictions, supported by clearly
defined mandates and robust risk and operational frameworks.
In September 2025, we announced the appointment of Piers
Hillier as Chief Investment Officer (CIO), who joined the Group in
February 2026. This role enhances oversight and connectivity
across our investment platform, while maintaining the
independence of our specialist teams. Piers brings extensive
industry experience and will play a key role in developing and
scaling Jupiter’s investment capabilities, processes and talent,
ensuring we continue to deliver truly differentiated, active,
long-term outcomes for clients.
Strengthening our
investment capabilities
Throughout the year, we have continued to strengthen the
depth of our investment expertise, building on the focused
investment platform. Strategic acquisitions have enhanced
our client offering through distinct capabilities, increasing
differentiation across investment styles and asset classes,
while maintaining our core purpose and limited overlap
across strategies.
During the year, we welcomed the Origin team, who have
delivered top quartile performance across one, three-, five- and
ten-year periods compared to the MSCI AC World Small Cap
Index. We have further expanded our client offering through the
launch of the Jupiter Origin Global Smaller Companies active
ETF. This addition broadens client access to the Jupiter Origin
investment approach and provides increased scale and reach
for our multi-regional equity capabilities.
In 2025, European equity markets saw broader growth and
increased investor interest. Against this backdrop, our newly
appointed European Equity team brings a strong long-term
track record of investment performance and asset gathering.
Finally, in July, we announced the acquisition of CCLA, a
strategically and culturally aligned addition to Jupiter’s
investment platform. With £15bn in assets under management
as at 31 December 2025, the acquisition delivers a range of
complementary investment expertise and opens a significant
new client channel for Jupiter, broadening our appeal to
charities, religious institutions and local authorities.
CCLA has a long heritage as a pioneer in ethical and
responsible investing, with investment processes developed
to meet the distinct needs of ethically and sustainability-
focused clients.
By onboarding CCLA’s investment capabilities and expertise
onto the Jupiter platform, over time CCLA clients will benefit
from this broader and more technology-driven infrastructure.
With its truly active
approach, Jupiter
has always been
an attractive home
for differentiated,
high-quality investment
management talent.”
32
Quartile investment performance
of largest funds
AUM
(£bn) 3 year 1 year 5 year
6.2 Global Equity Absolute Return 1 1 1
3.3 Dynamic Bond 3 1 4
2.5 North American Equity 2 1 1
2.4 European 3 3 3
2.1 Gold & Silver 2 1 2
2.1 Asian Income 1 2 1
2.0 Merlin Balanced Portfolio 2 1 1
1.7 Merlin Growth Portfolio 1 1 1
1.7 India 1 1 1
1.7 Merlin Income Portfolio 1 1 1
1.6 UK Income 1 1 1
1.3 Strategic Bond 3 1 4
1.2 UK Dynamic Equity 1 1 1
1.1 World Equity 1 2 1
1.0 Japan Income 3 2 2
Market conditions during the year were characterised by
heightened geopolitical uncertainty, increased market volatility
and a renewed focus on diversification beyond concentrated US
markets. Despite these market conditions, Jupiter delivered
stronger aggregated investment performance year-on-year
across all key time horizons.
Over a three-year period, which is our key performance
indicator, 68% of mutual fund AUM outperformed their peer
group after all fees (2024: 61%). Over one year, 84% of our mutual
fund AUM outperformed their peer group median (with 69% in
the top quartile), a material improvement on the 42%
outperforming 12 months ago. This was driven by a number of
funds moving above their benchmark over the prior year,
including Dynamic Bond and Strategic Bond, both of which are
strongly top quartile.
Our focus on delivering long-term growth for clients is
reflected in our five-year performance outcomes, with 62%
of AUM performing in the top quartile and 75% delivering
above-median performance.
While performance was strong across our offering, a number of
strategies delivered exceptional outcomes. Our Indian equity
strategies, the UK Income Fund and the Global Equity Absolute
Return fund delivered first quartile performance across one-,
three- and five-year investment horizons. The Jupiter Merlin
range also delivered a strong performance with the Growth,
Income and Conservative Select portfolios delivering top
quartile performance across all key time horizons.
We now have 15 funds with over £1 billion in AUM. 11 of these funds
delivered above-median outcomes across all key investment
periods, while six funds achieved top-quartile rankings across
one, three and five years.
Below median
16%
Above median
84%
1
s
t
6
9
%
3
r
d
1
1
%
2
n
d
1
5
%
1 year
4
th
5%
Below median
32%
Above median
68%
1
s
t
4
8
%
2
n
d
2
0
%
3
r
d
2
8
%
3 year
4
th
4%
Below median
25%
Above median
75%
1
s
t
6
2
%
5 year
2
n
d
1
3
%
4
t
h
1
6
%
3
r
d
9
%
Strong investment performance
across key time horizons
33Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Client solutions and experience
Delivering for our clients through
a disciplined operating model
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.”
How our clients engage with their asset management partners
continues to evolve. They expect greater analytical insight, more
tailored solutions and delivery that is consistent and disciplined.
At Jupiter, our client-centric approach is shaped by these
expectations and grounded in a clear understanding of where
we can deliver the best outcomes for our clients.
Our focus is on building deep, long-term relationships with
clients who value our differentiated active investment approach.
Through the effective use of technology and data, we work
closely with clients across both channels to understand their
needs and deliver a service model that is tailored to their needs.
This approach is underpinned by a clearly defined client
proposition, supported by data-driven insight and a consistent
operating model.
Following the rationalisation of our fund range in 2024, we have
continued to focus on offering clients a more bespoke and
relevant investment proposition. During the year, we expanded
the ways in which clients can access our investment capabilities
through the launch of our first active ETFs and the Cayman-
domiciled leveraged GEARx strategy.
Embedding data and insight across
client delivery
Our approach to working with clients is delivered through a
disciplined and clearly defined operating model, designed to
ensure consistency and quality across every stage of the client
journey. This model provides a structured framework for how we
engage and support clients, enabling tailored delivery while
maintaining clarity and control as we continue to build scale
within the business.
Data insight and technology are embedded within this
operating model to support better decision-making and
execution. Enhanced use of data and analytics informs
prioritisation and planning, while increased automation and
standardised processes have reduced complexity across
onboarding, RFP responses and reporting. These processes
improve efficiency and responsiveness, while also supporting
scalability as client requirements evolve.
The acquisition of CCLA, announced in July 2025 and completed
in February 2026, further strengthens this approach. CCLA’s
client-centric philosophy and deep client relationships are
closely aligned with Jupiter’s strategic pillars. CCLA is recognised
for its strong focus on long-term client outcomes and the depth
of its engagement with charities, religious organisations and
local authorities. As CCLA is onboarded onto the Jupiter platform
we can achieve greater efficiency and insight at scale, whilst
preserving its specialist client service model.
Alongside this, we continue to invest in client engagement and
insight, supported by investment in digital marketing through
the use of social media and content produced through our
in-house studio. This enables more meaningful dialogue with
clients across both retail and institutional channels.
34
Positive client momentum across
retail and institutional channels
This year we saw net client flows of £1.3bn, supported by two
consecutive quarters of positive retail & wholesale flows
alongside sustained growth in our institutional channel. A strong
year of investment performance contributed a further £7.4bn of
market growth.
Despite increased market volatility and geopolitical uncertainty,
net inflows were supported by client demand for a number of
differentiated capabilities. Our Systematic equities capability,
generated over £4bn of net flows, led by the GEAR strategy.
Global equities saw £1.2bn of positive flows, from both retail &
wholesale and institutional clients. This included demand for our
Gold & Silver and Global Leaders strategies. UK equities also saw
positive inflows of £0.2bn.
More details on our flows in 2025 can be found within
the financial review from page 24.
A differentiated client proposition
Maintaining a differentiated client proposition remains central to
how we support clients in meeting their investment objectives.
Following the rationalisation of our fund range in 2024, our focus
remains on offering a differentiated active investment offering,
rather than seeking broad waterfront market coverage.
Although this discrete programme is complete, the curation of
our client proposition will always remain an ongoing process.
We have also broadened the ways in which clients can access
our investment capabilities through diversified fund structures
that align with client needs. In February, we launched our first
active ETF, the Jupiter Global Government Bond active ETF
(GOVE), providing clients with the conviction of active management
combined with the accessibility of an ETF structure.
Following the Origin team joining Jupiter this year, in November
we launched the Jupiter Origin Global Smaller Companies
active ETF (JOGS). This extended client access to the Jupiter
Origin investment approach and broadened the client base for
an investment team that has delivered top quartile
performance across one-, three-, five- and ten-year periods.
In June we launched GEARx, a leveraged Cayman-domiciled
strategy aimed at delivering innovative, higher-conviction
investment outcomes for clients. GEARx is built on the GEAR
strategy, which has delivered top quartile performance across
one-, three- and five-year periods. Since launch, GEARx has
attracted positive initial client flows and strong performance,
reflecting early demand for access to the strategy through
this structure.
An operating model designed
to improve client experience
Over recent years, we have undertaken a review of our whole
operating model, to ensure that we are set up as efficiently as
we can be.
One of the more material changes we saw in 2025 was to
consolidate our suppliers and ultimately outsource much of our
middle and back office operations functions to BNY. This
strategic partnership has enabled us to simplify and enhance
our operational activities, gaining access to a global support
model more commensurate to our business and client needs.
This will ultimately result in a more consistently excellent
experience for our clients.
35Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Sustainability
At Jupiter, we recognise that as an active asset manager we have a
dual opportunity to integrate sustainable outcomes.
On the one hand we are able to invest in companies that either respect or show improvements in material environmental, social and
governance (ESG) factors, and use our voice as an active investor to influence investee companies’ ESG commitments through our
stewardship activities. On the other hand, we aim to embed sustainability throughout our own operations, activities and supply chain,
thereby reducing our environmental impact and enhancing Jupiter’s contribution to social value. Through this approach, we look to
create long-term value for all our stakeholders.
Active ownership
Our investment teams leverage material ESG issues
identified through their investment processes, supported by
our centralised specialist resources, to protect and
enhance client investments, delivering risk-adjusted returns
aligned with mandates. Our approach to responsible
investment ensures that material ESG factors are
considered for every investment strategy. Jupiter’s
investment management teams receive support from our
dedicated Stewardship and ESG Research and Integration
(ESG R&I) teams, who assist with asset monitoring,
company research, proxy voting, and both direct and
collaborative engagements. We continue to be recognised
by the Financial Reporting Council (FRC) as a Stewardship
Code signatory, reflecting our commitment to stewardship
and active ownership and to the integration of ESG issues
into our investment decision-making.
No house view philosophy
Jupiter’s ‘no house view’ philosophy means investment
teams have the autonomy to integrate material ESG issues
according to their unique strategies as they each see fit.
This allows ESG considerations to be seamlessly integrated
into both analysis and decision-making processes,
customised to each team’s specific asset class,
management style, and investment methodology.
We are committed to investing in accordance with our
regulatory and fiduciary duties as specified in our fund
documentation and applicable regulations. We
acknowledge that systemic issues such as climate change
and resource depletion present significant risks but also
offer avenues for innovation and adaptation.
We expect our investee companies to adeptly manage
their ESG risks and opportunities, recognise sustainability
challenges, and adopt strategic, proactive measures to
address them. Recognising that companies operate within
distinct regulatory environments, we believe that local
jurisdictional norms and resource availability present both
risks and opportunities from an investment viewpoint,
provided they adhere to our investment restrictions. Our
fundamental investment strategies (non-systematic)
involve engaging with many of our investee companies to
communicate our expectations, promote best practices,
influence strategies and monitor progress. We utilise our
shareholder and bondholder voting rights to support our
engagement efforts and hold companies accountable.
Consideration of sustainability issues at a corporate and
investment level remains a key priority for Jupiter. This year,
we published our second annual Sustainability Report
which brings together our disclosures aligned with the
recommendations of the Taskforce on Climate-related
Financial Disclosures (TCFD), the Transition Plan Taskforce,
and other sustainability reporting frameworks. Bringing this
information together in one report is intended to help
clients and other stakeholders understand our approach
more easily, without needing to refer to multiple
publications. We have provided a summary of key
regulatory requirements on the following pages.
For further details, see our 2025 Sustainability
Report, available on our website: www.jupiteram.com
36
36
Sustainable investing: SDR & SFDR Funds
The UK’s Sustainability Disclosure Requirements (SDR) were introduced by the Financial Conduct Authority (FCA) in 2023 and apply to
sustainable investment products. The regime includes a system of sustainable investment labels designed to help investors identify
products with a specific sustainability goal. SDR aims to improve transparency and help ensure that products marketed as
sustainable do what they claim and can demonstrate this through appropriate evidence. There are four labels, with no hierarchy
between them: Sustainability Focus, Sustainability Improvers, Sustainability Impact, and Sustainability Mixed Goals.
Similarly, the European Union’s Sustainable Finance Disclosure Regulation (SFDR), which applies to our SICAV and Irish domiciled fund
range, forms part of a broader EU Action Plan. This action plan aims to reorient capital flows towards a more sustainable economy
and to support a longer-term approach to investment. SFDR seeks to harmonise ESG disclosures and establish consistent standards
at both firm and product level. Under SFDR, Article 6 funds integrate sustainability risks into investment decision-making, Article 8
funds promote environmental characteristics, social characteristics, or both, and Article 9 funds have a sustainable investment
objective. In 2025, the EU announced its intention to update SFDR. The proposed changes are intended to clarify the framework and
improve its effectiveness, including how sustainability-related disclosures are structured and used by market participants. Further
detail on the scope, timing and final form of any updates is expected to emerge as the legislative process develops.
For further information on our funds, please visit our website at: www.jupiteram.com
SFDR Funds
Article 8 SFDR:
• Japan Select
• Jupiter Dynamic Bond ESG
• Jupiter European Select (previously European Growth)
• Jupiter Global Emerging Markets Focus ex China Fund
• Jupiter Global Emerging Markets Focus Fund
• Jupiter Global High Yield Bond
• Jupiter Merian Global Equity Absolute Return Fund
• Jupiter Merian North American Equity Fund
• Jupiter Merian World Equity Fund
• Jupiter Origin Global Smaller Companies Active
UCITS ETF
• Jupiter Pan European Smaller Companies
(closed 9 April 2025)
• Jupiter Strategic Absolute Return Bond Fund
• Jupiter Systematic Consumer Trends Fund
• Jupiter Systematic Demographic Opportunities Fund
• Jupiter Systematic Disruptive Technology Fund
• Jupiter Systematic Healthcare Innovation Fund
• Jupiter Systematic Physical World Fund
Article 9 SFDR:
• Jupiter Global Ecology Growth (closed 3 April 2025)
All of our Irish (JAMS-ICVC) and Luxembourg (JGF-SICAV)
domiciled funds not listed above integrate sustainability
risks into their investment decision-making process
falling under Article 6 of SFDR.
Please refer to Jupiter’s Responsible Investment Policy for
information on policies connected to the integration of
sustainability risks within the investment decision-
making process. The Level 2 SFDR disclosures for each of
the above funds, both in summary and in full can be
accessed on our website and should be read in
conjunction with the Fund prospectuses.
SDR Funds
Sustainability Focus Label:
Funds that invest mainly in assets that focus on
sustainability for people or the planet.
• Jupiter Ecology Fund
Sustainability Improvers Label:
Funds that invest mainly in assets that may not be
sustainable now, but aim to improve their sustainability.
• Jupiter Responsible Income Fund
The following funds also have sustainability
characteristics but do not have an SDR label:
• Jupiter Global Leaders Fund
• Jupiter Green Investment Trust
Please refer to the Consumer Facing Disclosure,
the Scheme Particulars and the Key Investor Information
Documents for each fund for more information on
our website.
37Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
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 2025, Jupiter’s total absolute emissions from operational Scope 1, 2 and 3 emissions, showed a 27% decrease, year-on-year when
using a location-based method, indicating that we are on track to meet our 2030 net zero target. 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.
2025 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.
FY2025 FY2024
Scope and category UK Rest of world Total UK Rest of world Total
Total Scope 1 73 16 89 51 15 66
Fuel for company-owned cars – 16 16 – 15 15
Natural gas 71 – 71 51 – 51
Refrigerant gas losses
1
1 – 1 – – 0
Total Scope 2 (location-based) 185 18 202 218 29 247
Total Scope 2 (market-based)
2
– – 0 – – 0
Total Scope 1 and 2 (location-based) 257 34 291 268 44 312
Total Scope 1 and 2 (market-based) 73 16 89 51 15 66
Scope 1 and 2 intensity per FTE (location-based) 1 0 1 1 0 1
Total Scope 3 (location-based) 128 152 13,301 391 84 18,362
Total Scope 3 (market-based) 104 139 13,265 364 83 18,334
Purchased goods and services – – 10,942 – – 15,070
Capital goods – – 441 – – 750
Fuel- and Energy-Related Activities (FERA) 83 10 93 80 15 95
Upstream transport and distribution (T&D) – – 15 – – 29
Waste 1 – 1 2 – 2
Water supply (including water treatment)
3
1 – 1 1 – 1
Business travel – flights – – 1,456 – – 1,960
Business travel – hotels – – 25 – – 55
Business travel – rail – – 0 – – 0
Business travel – taxis
4
– – 9 – – 25
Employee-owned cars 8 4 13 6 7 13
Employee commuting – – 133 130 26 156
Homeworking 9 122 131 145 18 163
Upstream leased assets Natural gas – 2 2 – 2 2
Upstream leased assets (location-based) 23 12 35 27 12 39
Upstream leased assets (market-based)
2
– – 0 – 11 11
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. Refrigerants have been reported using the leakage rate instead of top ups following a service and refilling of the equipment refrigerant.
2. Market-based emissions are calculated for electricity purchased for the Group’s own use. Adjustments to green tariff status resulted in zero
market-based Scope 2 emissions.
3. Water is reported separately and includes both supply (Cat 1) and water treatment (Cat 5).
4. A revised methodology for taxi-related emissions calculations has been used in 2025, and 2024 figures have been restated accordingly.
Sustainability continued
38
During the year, our total fuel and electricity consumption totalled 1,788 MWh, of which 89% was consumed in the UK. The split between
fuel and electricity consumption is displayed in the following table.
FY2025 FY2024
Scope and category UK Rest of world Total UK Rest of world Total
Total electricity
1
1,175 90 1,265 1,183 115 1,298
Total fuels
2
424 100 523 302 101 403
1. Location-based electricity.
2. Natural gas and transportation fuels (petrol).
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.
Emissions in 2024 have been restated to reflect instances of
updated floor area and consumption data units, revised
methodology for taxi-related emissions calculations,
replacement of previous estimates with actual data received
post-reporting, inclusion of upstream leased asset natural gas,
and adjustments to green tariff status resulting in zero market-
based Scope 2 emissions.
The Slough data centre (upstream leased asset) has been
added as a new emission source in 2025 due to electricity
consumption data being unavailable for 2024. The 2024 data
has been gap filled to ensure consistency across reporting
years. The emissions sources reported for FY2025 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, and T&D emissions
associated with electricity consumption.
During the reporting period from 1 January 2025 to 31 December
2025, our measured Scope 1 and 2 (location-based) emissions
totalled 291 tCO
2
e. Our measured Scope 3 (location-based)
emissions totalled 13,301 tCO
2
e.
Scope 1 and 2 emissions
Jupiter’s total Scope 1 and 2 location-based emissions
decreased 7% tCO
2
e between 2024 and 2025. 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
2025. These included the following at our head office in London:
• Electricity consumption was reduced through optimisation of
the lighting systems, including adjustments to sensor settings
with absence detectors. The initiative achieved an estimated
36,000 kWh of electricity savings in 2025 and an associated
reduction of 3,185 kgCO
2
e.
• Daylight sensors and dimming controls were installed to
reduce energy use in naturally lit areas. This delivered an
estimated 10,000 kWh of electricity savings in 2025 and a
reduction of 885 kgCO
2
e.
• Energy efficiency was improved by gradually increasing the
temperature setpoint in the communications room, lowering
overall energy demand. This action achieved an estimated
23,000 kWh of electricity savings in 2025 and a reduction of
2,036 kgCO
2
e.
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, all offices within the
operational control boundary either use renewable energy or
are covered by renewable electricity certificates in 2025.
Scope 3 emissions
We have been improving our Scope 3 emissions reporting to
improve data quality, data coverage, and calculation
methodologies since 2021.
Scope 3 emissions showed an overall downward trend, with
reductions across almost all categories except for water, which
saw minor increases. The most significant reductions were in
purchased goods and services (down 27%), capital goods
(down 41%), and business travel by flights (down 26%).
Despite an increase in flight activity by 12%, flight emissions
decreased 26%. The largest increase occurred in international
segments between non-UK countries, where business class
travel increased by 83%. Long-haul travel to and from UK
airports displayed downward trends, with economy class
decreasing by 71% and premium economy decreasing by nearly
32%. Emissions from hotel stays also decreased by 54%, further
contributing to lower travel-related emissions in 2025.
39Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Sustainability continued
Methodology
Our emissions have been independently verified to a limited
level of assurance by an external third party according to the
ISO 14064 standard. 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 was
either missing or not yet available due to reporting timelines.
Climate-related disclosures
FCA Listing Rules and Companies Act 2006
The following summary disclosures, sections of the 2025 Annual Report and Accounts, and our 2025 Sustainability Report (as
referenced in the subsequent tables), address FCA UK Listing Rule 6.6.6R(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, and as new frameworks and regulations are adopted. This
year we have disclosed on additional transitional and physical risks and opportunities – in line with TCFD recommendations, and
have built on our transition plan disclosure within our 2025 Sustainability Report, available on our website.
40
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) reviews and opines 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.
Jupiter’s Sustainability Forum (established in 2024) has continued to
oversee and coordinate various sustainability matters on behalf of the
Jupiter Group through a multi-disciplinary cohort, meeting monthly.
2025 Sustainability
Report Governance
section,
pages 41 to 42
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 2025 Sustainability Report.
2025 Annual Report &
Accounts, page 44
2025 Sustainability
Report Strategy
section,
pages 43 to 45
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 2025 Sustainability Report and detailed in the table on page 44 of
this report.
2025 Annual Report &
Accounts, page 44
2025 Sustainability
Report Strategy
section,
pages 43 to 45
41Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
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.
We use climate scenarios developed by the Network for Greening the
Financial System (NGFS), including orderly, disorderly and hot house world
scenarios to explore a range of possible future outcomes under different
climate policy and transition pathways. Scenario analysis is discussed
further in the Sustainability Strategy section of our Sustainability Report and
in the table on page 44 within this report.
2025 Annual Report &
Accounts, page 44
2025 Sustainability
Report Strategy
section,
pages 43 to 45
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.
2025 Sustainability
Report, Sustainability
Risk Management
section,
pages 46 to 47
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.
2025 Sustainability
Report, Sustainability
Risk Management
section,
pages 46 to 47
Sustainability continued
42
Summary disclosures
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): 291
• Scope 3 (location-based) GHG emissions (tCO
2
e): 13,301
Further details on data sources, scopes and methodologies used
can be found on pages 38 to 40 of this report and within our 2025
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 2025 included:
• Financed Scope 1 and 2 GHG emissions (tCO
2
e): 3,461,035
• Financed Scope 3 GHG emissions (tCO
2
e): 22,761,424
• Total Financed Carbon Emissions (Scope 1, 2, 3) (tCO
2
e): 26,221,635
• Financed Emissions Carbon Footprint (Scope 1 and 2) (tCO
2
e): 79
• Financed Emissions Weighted Average Carbon Intensity (WACI) (Scope 1
and 2): 71
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 2025 Sustainability Report (please also refer
to the relevant disclaimers and data limitations on third-party data for
financed emissions).
2025 Annual
Report & Accounts,
pages 38 to 40
2025 Sustainability
Report Metrics and
Targets section,
pages 45 to 54
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 an asset manager, the majority of Jupiter’s carbon footprint comes from
the companies we invest in. Since 2021, Jupiter has been a signatory to the
Net Zero Asset Managers initiative (NZAM), through the Institutional Investors
Group on Climate Change (IIGCC) which was launched with an aim to help
investment managers support the transition to a lower-carbon economy.
We support NZAM’s recently revised Commitment Statement to the goals of
the Paris Agreement and are reassessing our approach to portfolio targets
in light of these changes, as well as changes to our assets under
management and a review of assets in scope. We expect to provide an
update on our net zero alignment and progress later in the year.
2025 Annual
Report & Accounts,
pages 38 to 40
2025 Sustainability
Report Metrics and
Targets section,
pages 48 to 54
43Jupiter Fund Management plc Annual Report and Accounts 2025
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 2025, 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 2025 Sustainability Report.
Driver Example driver Timeframe Risks Opportunities
Transition risk
Policy and legal Exposure to
litigation/volatility
and divergence in
sustainability-
related policy and
disclosure
Higher compliance costs;
complexity in product design and
labelling; reputational risk from
inconsistent/insufficient disclosures;
misalignment with client
expectations
Early adoption and creation of ESG
compliant funds leading to greater
AUM capture; providing better
tailored client solutions leading to
institutional AUM (i.e. segregated
mandates) increases; engaging
portfolio companies to improve
disclosure leading to higher
shareholder value and performance.
Technology Jupiter’s internal
IT infrastructure
incorporation of
ESG data/data
accuracy within
portfolio
companies
Breaches of investment restrictions
linked to data failures; mispriced
risks in portfolios due to data
selection, model/vendor selection;
reputational risk if data proves
inaccurate weakened operational
resilience
Increase revenue/AUM by providing
differentiated products that better
utilise data points and the
identification and management of
risk and investment opportunities.
Market Changing client
behaviour & shifts
in capital flows
AUM volatility; revenue loss from
outflows in conventional products;
reputational risk if seen as lagging
peers
Capture inflows into sustainable and
impact funds increasing AUM and
revenue; increase market
penetration through a more
diversified product range and/or set
of strategy offerings.
Reputation Changing media/
stakeholder
perceptions
Regulatory enforcement (direct
impact); loss of mandates/outflow
from funds; exclusion from preferred
investment lists; higher cost of
capital from negative perceptions
Strengthen client trust, sales
opportunities and potential
AUM growth.
Physical risk
Acute Sudden one-off
environmental
events (e.g.
floods, storms,
wildfires)
Asset devaluation; stranded assets;
operational disruption (both Jupiter
as a business, as well as underlying
investments made by funds/
mandates); higher insurance costs
– all of which lead to reduced AUM
and revenue
Potentially increased investment
returns linked to climate adaptation,
mitigation and resilience-related
businesses (increasing AUM in
climate-related funds).
Increased interest from clients in
climate solution funds/mandates
leading to AUM increases.
Chronic Sustained
environmental
changes
(e.g. rising
temperatures,
changing rainfall,
sea level rise, land
degradation,
biodiversity loss)
Systemic erosion of asset values;
stranded sectors/assets (real
estate, agriculture, insurance);
higher long-term adaptation costs,
all of which lead to reduced
AUM and revenue
Potentially increased investment
returns linked to climate adaptation,
mitigation and resilience related
businesses (increasing AUM in
climate related funds). Further
increased by public structural
investment.
Increased interest from clients in
climate solution funds/mandates
leading to AUM increases.
Short term
1-3 years
Medium term
4-10 years
Long term
11+ years, up to 2050
Time frame key
44
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 22-23
Principal risks Our approach to risk management 58-63
Key performance indicators Our key performance indicators 20-21
FCA UK Listing Rule 6.6.6R(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 2025 Sustainability Report
38-44
41-56
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.
Information security
data privacy &
cyber security
Jupiter maintains a comprehensive information security and data protection framework that applies across
all relevant business lines and subsidiaries, supporting the consistent protection of personal and sensitive
information. See Jupiter’s Sustainability Report for further details.
45Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
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 As a signatory to the United Nations Global Compact, we support its ten principles on human rights, labour
environment and anti-corruption and we reflect the principles in our approach to investment, as outlined
through our Responsible Investment Policy.
Modern slavery &
human trafficking
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. There have been no
reported instances of modern slavery and human trafficking in our business or supply chains in 2025.
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
Our internal Anti-Bribery and Corruption Policy ensures that the Group operates to high ethical standards
and complies with all applicable anti-bribery and corruption laws. We run mandatory internal training for all
employees (and contractors) on Bribery Prevention and Fraud Prevention.
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.
We run mandatory internal training for all employees (and contractors) on Anti-Money Laundering and
Counter Terrorist Financing.
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. We run mandatory internal training for all employees (and contractors) on
Preventing 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. We run mandatory
internal training for all employees (and contractors) on Market Abuse Regulations.
Sustainability continued
46
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 team (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 58 to 63.
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.
47Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Considering stakeholders in our
decision-making and section 172
The Board is committed to
promoting the long-term success
of the Company for the benefit of
its members as a whole.
In doing so, the Board has
regard to all the matters set out
in section 172 of the Companies
Act 2006, including the likely
consequences of any decision
in the long term, the interest of
clients, shareholders, employees,
suppliers, and the impact on
the wider community and
the environment.
How stakeholder interests are
considered in decisions
The Board recognises that understanding and considering
stakeholder interests is central to effective decision-making
and the creation of sustainable value. To support this:
• The Board maintains a clear view of who its key stakeholders
are, reviewing and updating this as the business evolves.
• Stakeholder interests are embedded across the organisation
throughout culture, values, governance framework, Code
of Conduct and training.
This means that when information and decision requests are
brought to the Board, the impact on different stakeholders is
clearly articulated and can be assessed.
When stakeholder interests differ or conflict, the Board exercises
judgement to balance these and promote the long-term
success of the Company, meeting regulatory obligations and
acting in line with Jupiter’s purpose and values.
The following section sets out three important decisions made
by the Board during the year and provides information on how
the Board had regard to the matters set out in section 172 in
reaching outcomes.
Stakeholders:
Our clients
Our shareholders
Our people
Our business partners
Our communities
and the environment
Government and regulators
Engaging with our stakeholders
48
Appointment of Chair
Section 172 factors: long-term consequences, employees,
business relationships, the need to act fairly between members,
reputation for high standards of business conduct
Stakeholders considered:
Actions and Outcomes:
The Board approved the appointment of Nathan Bostock
as Chair, announced in November 2025.
Employees’ interests and the wider business were
considered, acknowledging the Chair’s role in shaping
culture and tone from the top. Shareholders were
considered by seeking an individual with expertise in
driving sustainable growth in businesses. We had regard
to client and regulator needs in finding a candidate with
regulated financial services experience and an executive
career in client-facing roles.
All of these factors were taken into account in shortlisting
and interviewing candidates and ultimately choosing to
appoint Nathan.
Capital allocation
Section 172 factors: long-term consequences, business
relationships, the need to act fairly as between members
Stakeholders considered:
Actions and Outcomes:
The Board announced in July 2025 its intention to return to
shareholders 50% of performance fee-related revenue in
respect of FY2025. This return is alongside the ordinary
dividend of 50% of pre-performance fee earnings.
The Board considered shareholder expectations and in
particular its policy of distributing capital that is surplus to
the requirements of the business on a periodic basis.
As well as shareholders, the Board considered the
needs of the business and regulatory requirements,
noting the capital required for the CCLA acquisition and
that post-acquisition, Jupiter would retain a strong
balance sheet with capital more than 2.5 times the
regulatory requirement.
CCLA acquisition
Section 172 factors: long-term consequences, employees, business relationships, the need to act fairly between members
Stakeholders considered:
Actions and Outcomes:
The Board approved the acquisition of CCLA in July 2025. It considered the strategic, cultural and financial rationale for the
acquisition and assessed its likely impact in the long term. For all stakeholders, the acquisition delivered one of Jupiter’s key
strategic objectives of increasing scale.
From a shareholder perspective, the acquisition was funded from the existing balance sheet resources, and is expected
to be materially accretive to management fee earnings per share, with annual cost synergies of at least £16 million by the end
of 2027. Employee interests were considered, recognising strong cultural alignment and shared values. In terms of clients,
the Board focused on ensuring no disruption was caused to our existing clients, and the new client segment that the acquisition
opened for Jupiter. For CCLA clients, continuity was prioritised through the decision to make no changes to CCLA’s investment
teams and client engagement model post-acquisition. The Board also noted CCLA’s heritage in ethical and responsible
investing with market-leading sustainability and stewardship credentials. The Board is overseeing integration planning
for the acquisition.
49Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Our clients
Why we engage
Our clients and distribution partners sit
at the heart of everything we do.
Engagement is how we listen, learn and
act – ensuring we truly understand what
matters most to them and translate that
insight into better decisions, stronger
product solutions and consistently good
client outcomes.
What is important to them?
• Active and differentiated investment
capabilities that meet real
client needs.
• Long-term performance delivered
net of fees.
• High standards of service,
transparency and reporting that
support confidence and trust.
How we engage
Our Client Group and Investment
Management teams build deep,
ongoing relationships through regular
dialogue, meetings, roadshows, and
digital interaction. We actively listen to
client feedback and use it to shape our
actions. To support good outcomes, we
monitor Consumer Duty metrics through
the Culture and Conduct Committee,
providing clear insight into client
experience and areas for improvement.
The Board receives Client Group updates
at every meeting, reviews client survey
results and holds dedicated sessions to
hear directly from clients, ensuring their
perspectives inform oversight and
decision-making.
Key outcomes of engagement
• Expansion of our product range to
meet evolving client needs, including
active ETFs (February and November
2025) and a Cayman platform with
GEARx (June 2025).
• Clear succession planning for fund
managers, reinforcing continuity,
confidence and alignment with our
long-term investment philosophy.
• Transfer of c. 11,000 eligible investors to
commission-free share classes,
reducing costs and directly improving
client outcomes.
Stakeholder Engagement
This section of the report provides further information on what matters to our stakeholders,
how we have engaged with them and the outcomes that engagement has driven.
Our people
Why we engage
Our people enable us to deliver for
clients. Engagement helps us
understand what matters, retain and
develop talent, and embed our culture
and values.
What is important to them?
• Career development and progression.
• Fair reward and supportive benefits.
• Work–life balance and wellbeing.
How we engage
• Our employee forum, Connections,
gathers feedback and runs initiatives
that inform management and the
Board. We engage through townhalls,
“Meet the CEO” sessions and our
interactive intranet, Juno. Each year,
the CEO and CFOO hold strategy
sessions for each function setting
out how employees contribute to
strategic priorities.
• The Board reviews Pulse Survey results
and receives regular people updates
from the HR Director, including culture
and conduct matters. Board members
also host a celebration for the annual
CEO Award winners.
Key outcomes of engagement
Employee engagement score increased
to 88% (2024: 79%), nine points above the
financial-services benchmark.
Our shareholders
Why we engage
Shareholders are the owners of our
business. We seek their views to
maintain transparency, trust and
support for our long-term strategy.
What is important to them?
• Sustainable business model and clear
strategic direction.
• Attractive total shareholder returns.
• Strong governance and risk
management with effective
independent challenge.
How we engage
We engage through full- and half-year
results presentations, post-results
roadshows and meetings with major
shareholders. In 2025, the CEO, CFOO
and Head of Corporate Affairs held
13 meetings with shareholders,
supplemented where appropriate by the
Chair and Board. The Board receives
regular investor-relations updates, and
discusses shareholder views. The Board
engaged specifically through 2025 on
the Chair succession process.
Key outcomes of engagement
• Communication of an additional
£15m cost-saving opportunities
supporting progress toward a 70%
cost-income ratio.
• Completion of the share buyback
programme, returning surplus capital
and enhancing returns.
• Decision to return 50% of
performance-fee revenue for FY2025.
Workforce engagement
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. Connections meets with the Board twice a year, and the Remuneration Committee once.
Considering stakeholders in our decision-making and section 172 continued
50
Our business partners
Why we engage
Our suppliers and business partners are
integral to delivering for clients and
enabling efficient operations.
What is important to them?
• Collaborative, long-term relationships
built on trust and transparency.
• Timely payment for services.
How we engage
Our procurement team sets the
governance framework for supplier
management and leads engagement.
The Board receives regular updates on
key supplier relationships and
operational dependencies. The Audit
and Risk Committee oversees risks
related to key suppliers.
Key outcomes of engagement
The Board oversaw the transfer of a
number of middle and back office
functions to a new single service
provider, simplifying operations and
creating efficiencies that benefit clients
and manage costs.
Our communities and the environment
Why we engage
We recognise our responsibility to make
a positive contribution to society,
including through responsible
stewardship of client assets.
What is important to them?
• Environmental and social impact of
our operations and investments.
• Industry initiatives supporting diversity,
equity and inclusion (DE&I).
How we engage
Investment Managers, supported by our
stewardship team, meet regularly with
investee companies on sustainability
issues. Our Charity Committee leads
Group-wide charitable initiatives and
volunteering partnerships, and we
continue to deliver financial-literacy
programmes in local communities.
See our website at www.jupiteram.com
for details.
Key outcomes of engagement
• Enhancing our sustainability and
stewardship capabilities through the
CCLA acquisition.
• Improved Sustainability reporting,
overseen by the Board – this year we
publish our second standalone
Sustainability Report, including
disclosures to address TCFD and
Transition Plan Taskforce
recommendations.
Government and regulators
Why we engage
Constructive engagement enables us to
anticipate regulatory change, uphold
fair and transparent practices and
support long-term market integrity.
What is important to them?
• Protection of clients’ interests.
• Resilient, well-governed and
transparent markets.
• Responsible conduct and
strong governance.
How we engage
Our Compliance team leads regular
interaction with regulators and
coordinates updates on business
developments. Directors of regulated
subsidiaries, and Board members where
appropriate, meet directly with
regulators. We seek continuous
improvement in our Consumer Duty and
Assessment of Value reporting.
Key outcomes of engagement
• Regulatory approval from the
Central Bank of Ireland for active
ETFs launched in February and
November 2025.
• Authorisation by the Cayman Islands
Monetary Authority for GEARx in
June 2025.
• Re-accredited with the Fair Tax Mark
by the Fair Tax Foundation.
• Joined the government-backed
Dormant Assets Scheme.
Dormant Assets Scheme
In 2025, Jupiter became one of the first asset managers to join the UK Government-backed Dormant Assets Scheme, which
reunites clients with unclaimed assets and directs remaining unclaimed funds to social and environmental causes that
transform communities and improve lives. Participation helps us fulfil our consumer duty obligations, and allows us to make
a material impact on the communities in which we operate. In turn these matters are fundamental to our clients, shareholders
and other stakeholders.
51Jupiter Fund Management plc Annual Report and Accounts 2025
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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.
This same ethos underpins a workforce of highly committed colleagues
across the firm, empowered through a sense of ownership to take
actions to support Jupiter’s long-term success.
2025 Engagement Survey Highlights
89%
Proud to work at Jupiter
94%
Understand how their work
contributes to Jupiter’s
strategic priorities
90%
Feel able to be
themselves at work
Employee voice and engagement
Empowering colleagues to share feedback, offer constructive challenge
and contribute to decisions in the best interests of Jupiter is a core part
of how we sustain a healthy and high-performing culture. We run two
engagement surveys each year to track trends in employee sentiment
across a range of cultural and organisational topics. This ongoing
feedback remains central to shaping our priorities and supporting a
culture where colleagues feel engaged, valued and empowered, and
informs ongoing Board oversight of culture and workforce engagement.
Commitment, alignment and
client focus
Our December 2025 Pulse Survey reported the highest
employee engagement score (88%) since Pulse surveys were
introduced in 2022. This places us nine percentage points above
both the asset management benchmark and our 2024
year-end score. All three core engagement measures reached
their highest levels to date (see chart). Taken together, these
results indicate sustained progress in strengthening
engagement across the organisation and provide positive
momentum as we enter the year ahead. They also align with the
strategic developments implemented during the year, including
the acquisition of CCLA, and the increased clarity around the
Group’s long-term direction.
Strategic alignment remains a key strength, with employees
reporting a clear understanding of Jupiter’s purpose (93%),
strategic priorities (92%) and how their individual roles
contribute to delivery (94%). Client focus also continues to
strengthen, with 82% of employees indicating that client-
focused behaviours are embedded in day-to-day activity and
90% believing that Jupiter puts clients first.
Looking ahead, cross-team and cross-location collaboration will
be a key area of focus, representing an opportunity as we
welcome colleagues from CCLA and continue to strengthen
how we work together across the organisation.
52
Client centricity
In 2025, we took meaningful steps to strengthen client centricity
across Jupiter, building on our ambition to embed a deeper
understanding of our clients throughout the organisation. Early
in the year, we brought together more than 60 of our senior
managers to explore how we can enhance our client focus
across all areas of the business. The session provided an
opportunity to reflect on what exceptional client service looks
like, to assess the progress achieved so far, and to shape the
actions required to elevate our approach further. To support this
ambition, we launched the Client IQ Hub, a central resource
designed to deepen colleagues’ knowledge of our clients, their
needs and their priorities. The Hub brings together real client
insights and learning materials, enabling teams to build a richer
understanding of how their contributions shape the overall
client experience.
We also launched the Client Centricity Award to acknowledge
colleagues who consistently embody our client-first values. The
award allows employees to nominate peers who have gone
above and beyond in delivering exceptional outcomes for
clients, with recipients receiving a cash award in recognition of
their contribution. By shining a light on these examples of
excellent service, both from client facing and support teams, the
award supports our desire to see client centricity permeated
throughout our entire business.
High performance
Alongside our focus on client centricity, we strengthened our
internal culture during the year through a renewed emphasis on
high performance. This firm-wide commitment, spearheaded by
Matthew Beesley, focuses on setting clear expectations,
strengthening accountability and ensuring colleagues are
supported to perform at their best.
During the year, we reviewed how objectives are set to reinforce
a high performance mindset, with the Strategy and
Management Committee (SMC) working with departments to
define what high performance means within teams. This work
has since been extended across the organisation to ensure
consistency of expectations, alongside the introduction of new
tools to support managers in attracting and recruiting the best
talent.
The December Pulse Survey assessed how colleagues are
experiencing these changes and indicated encouraging
progress. 92% of respondents agreed that their manager sets
clear expectations and holds teams to high standards, while
83% reported that they feel valued and recognised for the work
they do. These insights continue to guide our future actions and
demonstrate a collective commitment to enabling Jupiter’s
success through individual performance.
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 SMC, the Board and the
Remuneration Committee, and Connections act as the Group’s
formal workforce advisory panel for UK staff.
To further broaden the channels through which colleagues can
share their views, in 2025 we introduced LUKE, a new feedback
tool that enables employees to provide real-time comments
directly to Connections representatives. This additional
mechanism complements our existing Pulse surveys and helps
ensure we have a timely, accurate understanding of how our
people are feeling.
79%
Engagement pulsing trends
60
67
74
81
88
95
60
81%
79%
79%
85%
81%
83%
89%
86%
88%
End 2024 June 2025 End 2025
79%
83%
88%
Overall Employee Engagement I would still like to be working at Jupiter in two years’ time
I am proud to say I work for Jupiter If asked, I would recommend to friends and family that Jupiter is a good place to work
Evolving our culture
53Jupiter Fund Management plc Annual Report and Accounts 2025
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Life at Jupiter
People and culture continued
Talent development and retention
At Jupiter, we continue to demonstrate our position as an
attractive home for top talent. In 2025, we achieved an overall
voluntary attrition rate of 2.7%, reinforcing sustained talent
retention and workforce stability. During the year, we
reassessed our talent mapping process, focusing on fewer
roles where a tangible impact can be made through specific
development or retention initiatives, and simplifying the
process for line managers.
Throughout the year, development items for key talent have
included one-to-one coaching, leadership development,
promotions and stretch roles. We continue to invest in the
development of our people, offering a broad range of
development opportunities across the organisation. This year
30 colleagues were supported in undertaking professional
qualifications and external accreditations, and 289 colleagues
have participated in our core curriculum, manager
development programmes and mentoring initiatives.
Family support
Supporting our people through key life moments remains
an important part of our people and culture approach.
We continue to offer paid parental coaching to expectant
and new parents, and during the year we refreshed our
full family support policy suite, including introducing new
policies and leave types such as pregnancy loss. This
reflects our commitment to providing inclusive and
meaningful support, enabling colleagues to balance their
personal and professional responsibilities and supporting
them to thrive.
Health and wellbeing
In 2025, 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. We
have also introduced a green car scheme and carbon
reduction benefit to enhance the range of sustainable
benefits available to our employees. We are committed to
providing a benefits offering that supports our employees
to be at their best in every situation and will continue to
look for ways to enhance our offering.
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.
54
Inclusive culture and community
We remain committed to fostering an environment where
all colleagues can thrive, with inclusion and belonging
continuing to sit at the heart of our people strategy.
Promoting diversity of thought and ensuring equitable
opportunities for all are central to our talent management
and recruitment approach, supporting our ambition to be
recognised as an employer of choice for high-performing,
diverse talent.
In 2025, this commitment was reflected in our recognition
by The Sunday Times as one of the UK’s Best Places to Work,
supported by an engagement score of 88%. This external
acknowledgement reinforces the progress we have made
in creating a workplace where colleagues feel valued,
supported and empowered to reach their full potential, and
reflects the positive culture we continue to build together.
DE&I strategy
Our focus remains on building a workforce where these
differences are celebrated and can thrive, with inclusion
running through.
• We value active minds, bringing together different perspectives
to deliver the best outcomes for our clients.
• We are committed to fairness, transparency and clear
standards, ensuring opportunities and rewards are based
on merit.
• We believe the best talent comes from the broadest possible
pool and work deliberately to ensure potential is not overlooked.
• We invest in developing and nurturing potential, enabling
people to deliver their best for clients and stakeholders.
Employee networks
Jupiter has a rich tapestry of Employee Networks, covering
Gender, Ethnicity and Culture, Neurodiversity, LGBT+, Faith and
Cancer Support. In 2025, these networks delivered a range of
educational sessions, including focuses on Autism in the
workplace, a multi-faith event, and working with the menopause.
Our recently formed Cancer Support Network also hosted a
successful lunch and learn, exploring how some of Jupiter’s funds
are investing in pioneering research and technologies to fight
cancer. Our Working Parents Network has been particularly active
in 2025, providing a space for individuals with caring
responsibilities to come together.
Across the year, topics have included Cyber Security, supporting
Neurodiverse children, and navigating the return to school.
Building our future talent pipeline
We seek to attract and develop talent from the broadest possible
pool, recognising that diverse perspectives strengthen investment
decision-making. In 2025, we continued our participation in the
GAIN programme for a second consecutive year, welcoming two
interns into Investment Management roles across the business.
GAIN forms part of our early-career talent pipeline, broadening
access to the investment profession and providing exposure
to core investment, stewardship and analytical activities.
Interns contributed to live work and engaged with teams
across asset classes, gaining practical insight into Jupiter’s
investment processes.
Feedback continued to be positive, highlighting a collaborative
culture, openness to diverse viewpoints and strong support for
development. The programme supports our wider DE&I strategy
and will continue for a further year.
Case study
Cancer support network
Learning together, supporting one another
The Cancer Support Network officially launched in 2025, further
enriching Jupiter’s employee-led networks and strengthening
the support available to colleagues across the organisation.
The Cancer Support Network aims to raise awareness of the
many ways cancer can affect the lives of our people, whether
through personal experience or the experience of loved ones,
and to create a community where individuals feel able to
share, learn and support one another. At Jupiter, we believe
that genuine care and the willingness to approach challenges
with openness and understanding set us apart as an employer.
• In October, the Cancer Support Network hosted a lunch and
learn event to demonstrate how Jupiter’s role as a capital
allocator can positively influence cancer outcomes, helping
colleagues better understand the link between investment
decisions and real-world impact.
• The session included an Investment Management
perspective on how the Jupiter Global Leaders Fund is
enabling pioneering cancer technologies, with approximately
50 colleagues attending.
Through storytelling, shared experiences and practical
resources, the Cancer Support Network is building a
compassionate community within Jupiter, one that reflects who
we are as an organisation and how we continue to support
colleagues through some of life’s most difficult moments.
Presenting my bond pitch to the investment
managers pushed me outside my comfort zone,
but it was one of the most rewarding experiences
of the internship.”
2025 GAIN intern
55Jupiter Fund Management plc Annual Report and Accounts 2025
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Workforce demographic data
Understanding the composition of our workforce is an important part of
our approach to building an inclusive culture.
In line with our commitment to transparency, we continue to publish our Gender Pay Gap and Ethnicity Pay Gap reports, providing
insight into representation and pay outcomes across the organisation. These disclosures form part of our broader focus on improving
representation at senior levels and strengthening diversity across our talent pipeline.
We recognise that demographic data is one component of building an inclusive culture and must be considered alongside
qualitative insights, such as employee engagement, feedback and lived experience.
Women
Target (date) 31 December 2025 31 December 2024
Board 40% (2026) 29% 33%
Senior Management
1
30% (2026), 40% (2033) 33% 29%
Overall population 40% (2026) 40% 39%
Ethnic Minority
Target (date) 31 December 2025 31 December 2024
Board 1 Board member (maintain) 1 Board Member 1 Board member
Senior Management
1
22% (2026), 30% (2033) 24% 19%
Overall population 30% (2033) 25% 26%
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
2025 2024
Women Men Not disclosed Women Men Not disclosed
Board 2 5 – 3 6 –
% of Board
1
29% 71% – 33% 67% –
Senior positions on the Board (Chair, CEO, CFOO, SID)
1
1 3 – 0 4 –
Senior management 18 36 – 24 56 –
% of senior management
1,2
33% 67% – 30% 70% –
Other employees 159 231 – 176 257 –
% of other employees 41% 59% – 41% 59% –
Total 179 272 – 203 319 –
40% 60% – 39% 61% –
Executive management
3
2 5 – 3 7 –
% of executive management 29% 71% – 30% 70% –
People and culture continued
56
Ethnicity
2025
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 6 1 – – – –
% of Board 86% 14% – – – –
Senior positions on the Board (Chair, CEO,
CFOO, SID) 3 – 1 – – –
Senior management
2
35 1 9 – 3 6
% of senior management 65% 2% 17% 0% 6% 11%
Other employees 260 13 57 12 12 36
% of other employees 67% 3% 15% 3% 3% 9%
Total 301 15 15 12 15 42
67% 3% 15% 3% 3% 9%
Executive management
3
5 – 2 – – –
% of executive management 71% – 29% – – –
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 89% 11% – – – –
Senior positions on the Board
(Chair, CEO, CFOO, SID) 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% – – –
1. Following Board changes in June 2025, Jupiter’s Board is now composed of 28.6% 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 2025, excluding leavers as of 31 December. Individuals who work part-time are counted as one headcount.
57Jupiter Fund Management plc Annual Report and Accounts 2025
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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 senior 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 risk culture is achieved through leadership behaviours
setting the “tone from the top” through governance structures, a
clear definition of roles and responsibilities, and regular
communication reinforcing an open and transparent approach
to raising risks without fear of reprisal.
The Group has a robust enterprise risk management policy
(ERMP) to provide a comprehensive approach to identifying,
assessing, monitoring, mitigating and reporting risk.
Our approach to risk management
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 framework 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.
The Group’s regulated entity boards also have their own
prescribed responsibilities for managing risk, supported by
the Group’s risk management activities. The risk management
governance arrangements are described in the Audit and Risk
Committee report on pages 80 to 87.
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 harms 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 its 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.
First line
Business functions
Second line
Risk and Compliance
Third line
Internal Audit
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.
Enterprise Risk and Investment Risk,
provide independent oversight and
challenge with respect to the first
line’s management of their current
and emerging risks.
Compliance provide assurance that
the Group’s business activities are
undertaken in accordance with
regulatory requirements.
Internal Audit provide independent,
risk-based and objective assurance,
advice, insight and foresight
through internal audit reviews. The
reviews include the assessment of
whether all significant risks are
identified, appropriately escalated
and assess whether they are
adequately controlled.
Jupiter Fund Management plc Board
Audit and Risk Committee
58
Enterprise risk management policy
The ERMP enables Jupiter to manage the risks to which it is
exposed. The ERMP defines our enterprise risk management
framework, which supports the effective management of risks to
ensure that the Group’s risk profile remains within its risk
appetite. This 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, on behalf of
the Board.
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 risks are
further broken down into subcategories within the Group’s risk
taxonomy to provide consistency of reporting across the
different components of the framework.
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 key 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
current and likely future business environment.
Operational risk scenario analysis
The Group conducts an annual capital assessment to
understand its exposure to risks including operational, capital
adequacy, liquidity and credit/counterparty. The operational risk
scenario analysis (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. The Group also
uses scenario analysis to ensure that we understand our
exposure to the possibility of high-severity events and
implement mitigating actions.
Emerging risks
Emerging risks are risks raised by the business through the risk
and control self-assessment (RCSA) process. Emerging risks are
typically ambiguous and may be new risks, or existing risks with
a high degree of uncertainty as to how the risk may crystallise.
Risk and control self-assessments
The bottom-up identification and assessment of current and
emerging risks is performed by teams across the business
through a RCSA. The assessment identifies and monitors risks
and associated 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.
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.
Operational resilience
See page 63 for a description of the Group’s operational
resilience framework.
Incident management
An incident is an event due to a lack of or failure of the control
environment and these events likely lead to negative impacts
for clients and/or the firm. 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. Analysis of incidents is used to support
our risk assessments and ORSA processes.
Enterprise Risk Management Framework
Risk Taxonomy
Risk and control
self-assessments
Operational resilience
Incident management
Key risk indicators
Emerging risks
Operational risk
scenario analysis
Risk
Appetite
Risk Taxonomy
59Jupiter Fund Management plc Annual Report and Accounts 2025
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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 those that are
considered the most impactful on an inherent basis to our firm, requiring robust controls to mitigate. The risks are consistent with
last year’s assessment with no material change to the severity of impacts. However, financial risk which, while previously considered
as an impact of the other principal risks crystallising, is now being reported as a separate principal risk to provide clearer oversight
of controls.
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 which results in a material loss of clients.
I
Investment
performance risk
The risk that portfolios do not meet their investment objectives which results in a
material loss of clients.
O
Outsourcing and
supplier risk
The risks arising from incidents or failure of providers of services to deliver on their
obligations, or inadequate oversight of providers which results in the inability to
undertake operational aspects of investment management activities.
P
People risk The risk of failures or poor practices relating to people management and the risk
of poor individual employee conduct which has a severe detrimental impact on
the business, including reputational damage. The risk also includes failure to
retain key staff including key investment management teams.
R
Regulatory risk The risk of failing to comply with our regulatory obligations including failures
to implement changes required to meet new regulatory requirements
which results in regulatory sanctions, including the potential for the loss
of regulatory permissions.
T
Technology and
information security risk
The risk of deliberate attacks or accidental events that have a disruptive effect on
interconnected technologies which results in an inability to continue activities.
F
Financial risk The risk of inadequate financial resources (capital and liquidity) to
meet our strategic priorities or obligations as they fall due which results
in an inability to operate either due to insufficient financial resources
or regulatory sanctions, including loss of regulatory permissions.
Risk management continued
Increase scale Decrease undue complexity Broaden our appeal to clients
Deepen relationships with
all stakeholders
Relevant strategic objectives
Overall, the evolution of the Group’s risk profile during 2025 has been driven by external challenges such as technology
enhancements and investor demands. Geopolitical events across the globe have also continued to increase market volatility and
operational risks. Further details on the mitigation in place for our most material risks are included below.
Risk to our business How we manage this risk Control examples
M
Market disruption
Events across the globe
disrupt markets, which
increases volatility.
The corresponding
changing global sanctions
regimes increase our
operational 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.
• Regular stress testing to anticipate and
quantify the impact of potential major
political and market events.
• 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
Delivering positive
outcomes to our clients
through active
management is at the core
of the organisation and
failure to deliver against our
commitments would lead
to poor client outcomes.
• All performance is monitored closely and
challenged on a regular basis through senior
management engagement.
• In the UK, performance is overseen and
assessed through active value assessments
to ensure that we are providing fair value
across the products we provide to clients.
• Implementation and monitoring of the
investment risk framework and policy.
• Investment managers present their
performance to Investment Risk
and are challenged on their approach
and holdings.
• Assessment of Value process (UK only).
60
Risk to our business How we manage this risk Control examples
O
Outsourcing and
supplier
The firm is reliant on
suppliers to which we have
outsourced services and
any failure from our third
parties can lead to a
negative impact on our
clients and the firm.
• We continue to review and assess our
outsourcing arrangements to ensure that
they remain 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 and to
the appropriate standard.
• Our framework for the oversight of activities
delegated to third parties is continually
reviewed in line with our risk appetite and
regulatory requirements.
• Onboarding process, initial and
ongoing due diligence and oversight
of critical suppliers.
• Third-party supplied systems and
software management and governance.
P
People
People are at the core of
the business and
management of
performance, conflicts of
interest and conduct is
imperative to minimise poor
culture. The Group
recognises that conduct
risk can crystallise across
various parts of the
business and can arise on
both an individual and
Group basis.
• Focused recruitment, talent and learning
programmes are in place.
• Ongoing focus on retention of key staff
in Investment Management and recruiting
staff with appropriate expertise in
specialised roles.
• Succession plans are in place for critical staff,
including senior management roles and lead
investment managers.
• Implementation and monitoring of conduct
risk framework.
• Vetting of regulated staff.
• Regular fitness and propriety
assessments for new and existing
regulated staff.
• Adherence to the FCA’s Senior
Management and Certification Regime
(UK only).
• Conduct risk is monitored through the
conduct risk dashboard.
R
Regulatory
The risk of not complying
with regulatory changes
remains significant due to
the level of regulatory
scrutiny of the industry in
which we operate. 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 and
utilise industry insight and specialist expertise
as required to respond to regulatory change.
• Boards for regulated entities are in place to
monitor regulatory risk and where
appropriate, with appointments of
Independent Non-Executive Directors.
• Market and regulatory monitoring, and
engagement with external advisors.
• Regulatory horizon scanning
and implementation.
• Regulatory control processes such as:
i. Monitoring of merging or crossing
opportunities not acted upon.
ii. Segregation of Trading and
Investment Management.
iii. Pre-trade and post-trade monitoring.
iv. Compliance approval of
marketing content.
T
Technology and
information security
Our dependency on
technology and data is
significant and therefore it
is imperative that we
protect our clients, staff
and the firm 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.
• We continue to make updates to our security
systems to identify and reduce vulnerabilities
as quickly as possible.
• Use of the standard information technology
infrastructure library approach, to ensure
appropriate change control, including
evidence of testing and sign-off on changes.
• Continuous scanning of Jupiter network
for vulnerabilities.
• Real-time cyber security incident alerting.
• Data encryption.
• Data centre resilience capabilities.
• Remote working capabilities.
• Data back-up processes.
F
Financial
Management ensure
the Group has adequate
financial resources
(capital and liquidity) with
the ability to address any
potential material harms
that may result from its
ongoing activities.
• The Group ensures that it has sufficient
capital and liquidity to meet prudential
and regulatory requirements under
normal and stressed conditions through
the Internal Capital Adequacy and Risk
Assessment (ICARA).
• The Group mitigates market risk through the
use of derivative contracts and manages
credit risk by transacting only with banking
counterparties that meet minimum credit
rating requirements.
• Segregation of duties and
approval process for invoice and
payment approvals.
• Regular review of projected capital and
corporate liquidity, including the annual
ICARA process.
• Market risk arising from new investments
is reviewed, and the approach to
hedging associated beta risk exposures
require approval.
• Daily monitoring of counterparty credit
ratings, credit spreads and exposures.
61Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Emerging risks
We define emerging risks as risks that are likely to significantly evolve due to changes in the market, regulatory environment,
technology or client behaviour. They may be new risks, or existing risks with a high degree of uncertainty as to how the risk may
crystallise. This includes potential risks that are on the horizon. These risks have unknowns in terms of cause, impact or likelihood, and
we look to understand these risks to plan mitigation where possible.
The key emerging risks to the firm are described in the below table.
Evolving cyber threat landscape
Continued technological advancements, primarily from artificial intelligence (AI), leading to cyber-attacks increasing in
sophistication with unknown elements. This includes the infiltration to Jupiter via an attack on our third parties.
Concerns/opportunities Mitigation actions Time horizon
The risk posed by the evolving cyber threat landscape is
elevated, as advances in AI and technology continue to drive
increasingly sophisticated attack methods that could exploit
vulnerabilities within Jupiter or our third- and fourth-party
providers. The use of generative AI to create synthetic identities,
deepfakes, and automated scams heightens the potential for
fraud and control evasion.
Proportionate investment in robust operational
and cyber resilience and third-party risk
management, alongside our prevention,
detection and response capabilities.
Short
(1-2 Years)
Rapid speed of disruptive innovations enabled by new and emerging technologies
The continued rapid speed of disruptive innovations enabled by advanced technologies (e.g. generative AI, quantum computing,
growth of decentralised finance) may outpace our ability to compete and/or operate successfully without significant changes to
our business model (including considering strategic partnerships with service providers).
Concerns/opportunities Mitigation actions Time horizon
The risk that we are disintermediated by technology that
allows clients to invest directly in markets via app/technology-
based providers.
AI and technology governance framework,
supported by the Operating Committee and our
AI Forum to ensure that we are appropriately
focused on advancing in this space with a
carefully controlled approach.
Medium
(3-5 Years)
Adoption of digital technologies requiring new skills that are in short supply
The risk of skills shortages and the need to upskill existing employees to fully utilise new capabilities. As well as to adequately
oversee and challenge the use of these technologies (e.g. generative AI and natural language processing) in an unknown context
by the pace of adoption across our business and at outsourced service providers.
Concerns/opportunities Mitigation actions Time horizon
The risk we may not be able to develop our talent in a
reasonable time on the technologies and so reliance on
external recruitment could increase costs and time to hire.
Current recruitment processes across
disciplines have identified candidates equipped
with the traditional skills required combined with
technology skills allowing us to future proof for
these shifts. This, coupled with the internal
initiatives in place, such as AI training and
awareness programme, allows us to mitigate
concerns in this area.
Medium
(3-5 Years)
Risk management continued
62
Operational resilience
The Group defines operational resilience as the 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. This approach to operational resilience
complies with the FCA’s policy statement 21/3, which is
applicable to the Group.
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 to 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.
Sustainability risk
Sustainability and climate risks continue to be a key focus for
management and are captured through the enterprise risk
management framework. Sustainability risks and opportunities
are outlined in our Sustainability Report, which is available on
our website.
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 include:
• The alignment of risks and issues raised through change
projects to the RCSAs.
• Identification of the controls in the business that meet the
updated Financial Reporting Council’s material control
definition in preparation for Provision 29 of the Code.
• The roll-out of a new issues and actions tool to enhance
reporting of key areas of control improvement.
• The enhancement and update of the emerging risk register.
2026 areas of focus
During 2026, the enterprise risk team will be focusing on the
following enhancements:
• Timely reporting and escalating of risks arising from key
business change projects, including the risks from the
planned CCLA integration.
• Adoption of our updated material control testing procedures.
• Review of our key risk and risk tolerance indicators.
Risk theme – AI risk
The Group defines AI Risk as the potential for harm
arising from the use of AI within business processes,
including inaccurate outputs, reliance on automated
decisions, and deployment of AI models. The Group uses
the ERMP to support the identification of AI-related risks to
which it is exposed, to understand the potential impact if
these risks were to crystallise and determine appropriate
mitigating controls. Additional governance and oversight
of the AI risks is provided by an AI Forum supported by the
Generative AI Policy, overseen by the Head of Technology.
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.”
63Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Chair’s statement
Dear Stakeholders
Welcome to the Governance section of our Annual Report and Accounts. The Company applies the principles of the 2024 UK
Corporate Governance Code (the Code), issued by the Financial Reporting Council, a copy of which can be found at frc.org.uk. This
letter tells you how the Company has applied the principles of the Code to its activities and its decision-making and the outcomes
that have taken place as a result. The letter also signposts you to other parts of the Governance Report which tell you more about
Board leadership, decision-making and oversight in 2025 and how the governance of the Company contributes to its long-term
sustainable success.
Code principle Board activity and outcome
Board
leadership
and Company
purpose
Our most important Board leadership step was the appointment of Nathan Bostock as Chair. Our most
material activity in supporting the Company’s purpose was the decision to acquire CCLA.
• The process for Chair succession is detailed in the Nomination Committee Report on page 79.
• We have spent time hearing from our stakeholders and considering their feedback, in particular engaging
around Chair succession. The section 172 Report on pages 48 to 51 provides further information about our
stakeholders and tells you about stakeholder considerations and outcomes for three of our most material
decisions over 2025, including the CCLA acquisition. The Board Decisions and Outcomes table on page 72
of the Governance Report gives more insight into regular decision-making by the Board.
• The Board enjoyed meeting with our Connections representatives in 2025 – twice for general updates and
once for a remuneration focused update. More information on our workforce engagement and
Connections, our workforce representative forum, can be found in the People and Culture section on
pages 52 to 57.
• You can read about the Board’s role and our governance policies and practices. See pages 66 to 72 of
this Governance report.
Division of
responsibilities
We are committed to a clear allocation of Board duties and division between leadership of the Board by the
Chair and the executive leadership of the business by the CEO, as set out in the Code.
• The Board refreshed its governance documentation, including the CEO, Chair and SID Split of
Responsibilities in December 2025. The Governance Framework section on pages 68 to 69 tells you about
these responsibilities. The Committee Reports on pages 76 to 119 provide more detailed information on the
membership and responsibilities of the Board’s Committees.
• The Nomination Committee tested time commitment and external positions regularly.
• The Board Evaluation and Nomination Committee processes included robust testing to ensure that each
Non-Executive Director gave appropriate time to their Jupiter roles.
• How the Board operates on pages 70 to 72 explains our Board meeting structure and processes.
Chair’s introduction
to Governance
Our most important Board
leadership step was the
appointment of Nathan
Bostock as Chair. Our most
material activity in
supporting the Company’s
purpose was the decision to
acquire CCLA.”
David Cruickshank
Chair
64
Code principle Board activity and outcome
Composition,
succession
and evaluation
Adding new Non-Executive Director skills to our Board has been a highlight of the year, and we are delighted
to have had Willie Watt join the Board in June and to have announced our new Chair in November.
We were also very pleased to make two internal appointments to Committee Chair roles in 2025. James
Macpherson succeeded Roger Yates, taking on the Remuneration Committee Chair in October. Dale Murray
acted as Interim Audit and Risk Committee Chair from April, and took on the role on a permanent basis from
30 September 2025.
• Creating a Board with diversity of thought and skills which match our business needs is the heart of our
succession decision-making. The Nomination Committee Report on pages 76 to 79 sets out details of how
succession is managed and other considerations such as time commitment.
• Details of the Directors’ skills and experience are set out in the Directors’ biographies section on pages 66
and 67.
• The outputs of the internally facilitated evaluation of the Board’s performance are on page 75 of the
Board composition, succession and evaluation section of this report.
Audit, risk
and internal
controls
The Audit and Risk Committee managed its regular duties this year alongside rigorous preparation for
overseeing Provision 29 of the Code from 1 January 2026.
The Audit and Risk Committee Report, set out on pages 80 to 87 provides detail.
Remuneration
The Remuneration Committee Report, set out on pages 88 to 119 provides detail on our remuneration
policies and practices, including how they are designed to support strategy and promote long-term
sustainable success.
UK Corporate Governance Code compliance statement
As well as applying all the principles of the Code, as summarised above, the Board has complied with all provisions of the Code that
were in effect during 2025, two of which I wish to highlight:
Provision 4 – If 20% or more of votes are cast against a resolution at an AGM, the Annual Report must provide a final summary of
feedback received, actions taken, and impact on Board decisions. At our May 2025 AGM, the resolution to approve political donations
was passed, with c. 27% of votes against the resolution. The Company provided shareholders with further explanations as to our
rationale and offered conversations with those who had voted against or abstained. Through this process, no shareholder made us
aware of specific concerns with this resolution. We understand that in certain jurisdictions there is a generic policy against supporting
political donation resolutions. We published an update on this matter on our website in October 2025. Having considered the
shareholder positions, Jupiter determined on balance to continue to seek the political donations approval. The resolution is
precautionary in nature because of the wide definition of political donations under UK legislation and standard market practice. It is
not Jupiter’s policy to make political donations and the Board has no intention of changing this. We remain open to engaging with
any of our shareholders on this point.
Provision 24 – An audit committee must have a minimum membership of three. Willie Watt joined the Audit and Risk Committee in
October 2025 on an interim basis, when Roger Yates retired. The Nomination Committee continues to work on Non-Executive Director
succession and when any new Non-Executive Director is appointed, we will review Committee composition.
By virtue of the information included in this report we comply with the corporate governance statements required by the FCA’s
Disclosure and Transparency Rules (DTRs). Pursuant to DTR 7.2.8, our Board Diversity Policy can be found on page 77 of the
Nomination Committee Report. Information required to be disclosed pursuant to DTR 7.2.6 can be found in our Directors’ report on
pages 120 to 125.
David Cruickshank
Chair
25 February 2026
65Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Wayne Mepham
Chief Financial &
Operating Officer
Appointed September 2019
Skills and experience
Wayne has more than 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
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.
External appointments
Wayne has no
external appointments.
David Cruickshank
Chair
Appointed as Chair in April 2023
Appointed to Board in June 2021
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. David previously served
as Co-Chair of the Partnering
Against Corruption Initiative at
the World Economic Forum.
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 Deputy
President of the Council of the
Institute of Chartered
Accountants of Scotland.
Matthew Beesley
Chief Executive Officer
Appointed June 2022
Skills and experience
With nearly 30 years of
experience in the investment
industry, Matt has an in-depth
knowledge of the industry
with experience in the
management and oversight
of investment teams across
different asset classes and
different geographies.
Matt’s strategic insights and
leadership skills, alongside his
focus on culture and client
outcomes mean that he is
ideally placed to continue to
ensure Jupiter delivers for all
of its stakeholders.
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.
External appointments
Matt is a member of the
Board of Directors of the
Investment Association.
Board of Directors
N
N
R
A
James Macpherson
Independent Non-Executive
Director
Appointed September 2024
Skills and experience
James is a portfolio manager
with 40 years’ experience in
the asset management sector.
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 Active
Equities, where he was an
Executive Committee member
leading on investment process
and performance for
fundamental equity teams
and the global investor lead
on ESG stewardship. He also
sat on the Executive
Committee at Sciteb Limited, a
management consultancy. 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.
External appointments
James is Chair of JPMorgan
Global Growth and Income plc,
and a founder Trustee of River
Action UK.
66
William Watt, CBE
Independent Non-Executive
Director
Appointed June 2025
Skills and experience
Willie has deep experience
within investment
management and across a
broad range of sectors. Willie
spent 19 years with the
investment management firm
Martin Currie, as their Chief
Executive and latterly as
Chairman of the Board, retiring
in 2019. Prior to this, Willie spent
16 years at 3i Group, including
as Managing Director
responsible for the company’s
Scottish and Irish businesses,
working across a variety of
sectors including technology,
oil and gas, and financials.
External appointments
Willie is currently Chair of the
Scottish National Investment
Bank, a member of the Advisory
Board of Scottish Equity
Partners, and a member of the
Investment Committee of SCI
Ventures, a philanthropic fund.
Committees
N
Nomination Committee
R
Remuneration Committee
A
Audit and Risk Committee
Suzy Neubert
Senior Independent Director
(SID)
Appointed as SID in January
2025. Appointed to the Board
in March 2022
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.
Suzy was previously a
Non-Executive Director of ISIO.
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 Vice Chair of the
King’s Trust.
N
R
N
R
A
Dale Murray, CBE
Independent Non-Executive
Director
Appointed September 2021
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 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.
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.
External appointments
Dale serves as a Non-Executive
Director of Xero Ltd, The
Cranemere Group Ltd and
Lead Independent Director of
Lightspeed Commerce Inc.
N
R
A
This Annual Report sets out the
biographies of Directors in role
at the date of signing. David
Cruickshank will retire from
the Board on 1 April 2026 and
will not stand for re-election
at the Company’s 2026 AGM.
Nathan Bostock will join the
Board as a Non-Executive
Director and Chair Designate
on 1 March 2026 and will take
on the role of Chair, subject to
regulatory approval, with effect
from 1 April 2026. Nathan Bostock
will stand for election at the
Company’s 2026 AGM.
67Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Our shareholders and other stakeholders
See pages 48 to 51 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
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:
CFOO
The Board delegates specific oversight duties to its Audit and Risk Committee,
Remuneration Committee and Nomination Committee. In compliance with the Code, our
Board is majority independent and all the Board’s Committees are comprised of
independent Non-Executive Directors.
Nomination
Committee
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.
Audit and Risk
Committee
Chair –
Dale Murray
Responsible for overseeing
financial reporting, risk
management and
internal control
framework, compliance
and external and
internal audit.
Remuneration
Committee
Chair –
James Macpherson
Responsible for
overseeing the
remuneration of
Executive Directors,
senior management
and Group-wide
remuneration policies.
CEO
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 69 for more
information on our
executive governance.
The Jupiter Group operates through a number of regulated entities, which have their own boards with independent
representation where required. The regulated subsidiary boards are supported as required by the Jupiter Governance framework.
Subsidiaries
• 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 for Board and other
senior appointments.
Board of Directors
The Board reserves certain matters for its own approval and decision-making.
Matters reserved for the Board include:
68
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. The roles of Chair, CEO and SID are defined in writing, approved
by the Board and available on the Company’s website.
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
and Facilities.
Four corporate committees have been established by the CEO and CFOO to assist
them in their roles. See boxes below.
Non-Executive Director
roles
Chaired by the 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.
Chaired by the CEO
• Oversees Jupiter’s conduct
framework including conduct risk
and culture and Consumer Duty.
• Reports to the Audit and Risk
Committee and Remuneration
Committee and also supports
the Group’s regulated
subsidiary boards.
Strategy and Management
Committee
Culture and Conduct
Committee
Chaired by the 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.
Chaired by the CFOO
• Targets the delivery of
operational excellence.
• Monitors and drives the evolution
of the Group’s operating model in
line with the Group’s strategy and
emerging best practice.
Risk and Compliance
Committee
Operating
Committee
Chair
• Leads the Board, ensuring its
effective discharge of duties.
• Facilitates effective Board meetings
encouraging open and honest
debate and effective contribution
and challenge by all Directors.
• 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.
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.
Corporate Committees
69Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
How the Board operates
This section tells you about how the Board has spent its time in 2025, the
topics the Board has considered and the outcomes of some of the key
decisions made by the Board.
Board meetings
During 2025, the Board held a total of eight formal meetings, five of which were scheduled and three of which were ad hoc
– two to consider the CCLA acquisition and one to approve the Chair’s appointment. Board members’ attendance at Board
meetings is provided in the table below:
Director Meetings attended
Matthew Beesley
1
7/8
David Cruickshank
2
7/8
Wayne Mepham 8/8
Dale Murray 8/8
Suzy Neubert 8/8
Siobhan Boylan
3
1/1
James Macpherson 8/8
Willie Watt
4
6/6
Roger Yates
5
6/6
1. Matthew Beesley missed one meeting due to overseas business commitments. His views were shared with the Chair ahead of the meeting
and recorded in the minutes to the meeting.
2. David Cruickshank was conflicted from attending the Board meeting that dealt with the Chair’s appointment.
3. Siobhan Boylan stood down as a Non-Executive Director on 31 March 2025.
4. Willie Watt joined as a Non-Executive Director on 4 June 2025.
5. Roger Yates stood down as a Non-Executive Director on 9 October 2025.
The Board, supported by the Company Secretary, ensures it has in place the right policies and procedures, that it is provided with the
right information, and has the necessary time and resources to effectively and efficiently discharge its responsibilities. The Board
plans a framework agenda for its scheduled meetings a year in advance. The agenda for each meeting is structured into three
sections: Performance, Strategy and Governance. The Chair and Company Secretary look to balance each meeting between regular
reporting for oversight, and sufficient time on the strategic priorities of the Group, which may be more forward-looking. The Board’s
annual planner is dynamic and is refreshed before and after each meeting to ensure the Board covers current projects and issues
and can steer the focus of meetings. All Directors have access to the advice of the Company Secretary who advises the Board on
governance matters.
70
February May July October December
Performance
• Employee
engagement
• Notice of AGM
• 2024 results
and Annual
Report
• Capital and
dividend
• Corporate
sustainability
• ICARA
approval
• Non-Executive
Director fees
• Half-year
results and
interim
dividend
• Connections
• Employee
engagement
• Consumer
Duty and
Assessment
of Value
• Tax update
and Tax
strategy
• Culture and
Conduct
update
• Risk
Framework
and Appetite
• Connections
• Board
evaluation
• Corporate
sustainability
• 2025 Financial
plan update
• Strategy
update
• Technology
update
including AI
• Strategy
update
• Target
operating
model update
• Strategy
update with
CCLA focus
• Product
strategy
• Business
development
update
• UK Retail
strategy
• 2026 Financial
plan
Governance
Strategy
Reports from the Chair’s of the Audit and Risk, Remuneration and Nomination Committees, updating the Board on each
of the committees’ activities at its most recent meeting.
The table below summarises a sample of activities of the Board at our five scheduled meetings during 2025. Further information on
key decisions of the Board and outcomes is provided on page 72.
• 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 material new mandates.
• Investment Management report, covering investment performance and markets.
• Operations and technology report.
• Finance report, covering budget tracking, financial reporting and investor relations matters.
Board briefings
Alongside each formal Board meeting, the Board holds a briefing session which all Directors attend. These less formal sessions allow
space for broader, forward-looking discussion and deep-dives into important topics. They are used to develop market and industry
knowledge, provide specific training, and for client and investment presentations to get to know the business better. The Board also
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 2025 briefings.
February • The Board heard from two investment managers covering our Systematic strategy and Multi-Sector Fixed
Income desk.
• The Client Group presented on client engagement feedback and on the Group’s enhanced capabilities
in Client experience.
May • The Board received an update on our Latin America business.
• The Head of Corporate Affairs led a session on investor relations and the broader communications strategy.
• A presentation was given on the UK Dynamic Equities strategy.
July • The regular investment management presentations were on the Monthly Income Bond and Indian Equities strategy.
• The HR Director led a session on high performance culture.
October • A deep dive into our Asia businesses, covering strategy, clients and regulatory perspectives. The Board also had an
investment management presentation on the Asian Income fund.
December • The Board heard from investment managers from the European Equities team and from the Global Macro
Solutions team.
• Our COO of Investment Management led a session on investment controls.
71Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
How the Board Operates continued
Activity Key decisions and outcomes Link to strategy
Strategy
Reviewed, challenged and steered strategic
direction and monitored progress against
strategic initiatives.
• Approved the acquisition of CCLA and reviewed and challenged integration
plans. See section 172 statement on page 49 for further information.
• Monitored progress on the implementation of changes to the outsourcing model.
Performance
Set the annual budget and five-year plan and
monitored progress.
• Announced the target of £15m annualised cost savings to be implemented by
the end of the financial year 2026.
• Approved the 2026 budget.
• Approved the five-year financial plan.
Oversaw appropriate capital reserves and
liquidity for the business.
• Declared an ordinary interim dividend of 2.1 pence per share.
• Approved an update to the capital allocation policy of a commitment to return
50% of performance-fee revenue for the financial year 2025, and representing
this commitment, approved a special dividend of 5.7p per share and a share
buyback programme of up to £30m.
• Recommended to the shareholders a final dividend of 2.3 pence per share.
People and culture
Monitored the Group’s purpose, values, culture
including employee engagement, attrition
and conduct matters and satisfied itself that
these matters are aligned with its purpose,
and strategy.
• Recognition as one of the Sunday Times “Best places to work“ 2025. We believe
this accolade increases current employee engagement and allows Jupiter to
attract strong prospective candidates.
• Employee engagement score of 88%, nine points higher than our 2024 year
end score and nine points above the financial services benchmark.
Set the Group’s DE&I strategy and reviewed
progress against targets.
• We have appointed female Non-Executive Directors as Chair of the Audit and
Risk Committee and as SID, creating gender diversity in lead Board roles.
Risk management and internal controls
Reviewed and monitored the risk management
framework and internal control environment.
• Approved the risk appetite statement, risk management policy and the
enterprise risk management policy.
• Approved the Company’s list of material controls.
Reviewed the Internal Capital Adequacy and Risk
Assessment (ICARA) process and wind-down plans.
• Approved the ICARA and wind-down plans.
Governance
Monitored and reviewed Board composition
and succession plans for Board and
senior management.
• See Nomination Committee report on page 76 for information on appointment
and Committee role changes through the year.
• Approved appropriate terms of reference for Committees.
• Carried out an internally facilitated Board performance evaluation.
Increase scale Decrease undue complexity
Broaden our appeal to clients Deepen relationships with all stakeholders
Relevant strategic objectives
Workshops
The Board held two workshops during 2025. The first was on
material control assurance to support the new Code Provision
29. See more on this in the Audit and Risk Committee Report at
page 86. The second covered investment risk methodology and
process with a series of case studies.
Board strategy offsite
The Board held a strategy offsite in June 2025, attended by
all Directors and our Strategy and Management Committee.
The session provided an opportunity for the Board to have
a more in-depth discussion on client strategy, including
discussion on the transformation of the Client Group and
development of a more client-centric business development model.
The Board was also able to hear directly from some of Jupiter’s
clients and understand more about their experience of Jupiter.
Key decisions and outcomes
The governance framework and processes we have described
in this report are in place to support effective Board discussions
and decision-making and ultimately the delivery of our
strategic objectives.
Our most material decisions are captured in the section 172
statement on pages 48 to 51.
The table below summarises some further decisions of the
Board that were made in the context of the Company’s
strategic objectives.
72
Board composition
as at 31 December 2025
At 31 December 2025, the Board consisted of seven members in
total, comprising the Chair, two Executive Directors and four
independent Non-Executive Directors. Two of the seven Board
members are women, representing 28.6%. We believe that
a culture which is inclusive and supports diversity is essential to
our long-term success and, subject to the overriding principles
and other factors set out in our Board diversity and inclusion
statement, we have set a gender target for the Board of 40%
women. We provide further information on our work towards
increasing the number of women on the Board in the Nomination
Committee report. We meet the Listing Rule target of at least
one of the senior board positions being held by a woman, as
Suzy Neubert is our Senior Independent Director. We also meet
our ethnicity target, which is the same as that set by the Parker
Review, of at least one member of the Board from an ethnic
minority background.
Board and committee changes
during 2025
January • Karl Sternberg retired from the Board and
as Chair of the Audit and Risk Committee.
Siobhan Boylan took on the role of Chair
of the Audit and Risk Committee.
• Roger Yates stepped down as Senior
Independent Director and was
succeeded by Suzy Neubert.
• Dale Murray joined the
Remuneration Committee.
March • Siobhan Boylan stepped down from the
Board due to new executive commitments.
• Dale Murray took on the role of Interim
Chair of the Audit and Risk Committee.
June • Willie Watt joined the Board as an
Independent Non-Executive Director and
joined the Remuneration Committee.
September • Dale Murray was appointed as the
permanent Chair of the Audit and
Risk Committee.
October • Roger Yates retired from the Board and as
Chair of the Remuneration Committee.
James Macpherson took on the role of
Chair of the Remuneration Committee.
• Willie Watt joined the Audit and Risk
Committee on an interim basis.
Directors’ tenure
Mixed
Ethnicity: 1
Ethnicity
White: 6
Female: 2
Male: 5
Gender
Independent
Non-Executive
Directors
:
4
Chair: 1
Executive
Directors: 2
Board role
Our Chair and Non-Executive Directors are appointed for an
initial three-year term and may serve for up to two further terms
of three years. Re-appointments at the end of each three-year
term are considered by the Nomination Committee which
considers the needs of the Board, the performance of the
Director and ensures that it is satisfied, with regard to all
relevant factors, that the Director in question remains
independent. Dates of appointment of all the Directors are
provided in their biographies on pages 66 to 67.
Directors’ skills and experience
The Nomination Committee is responsible for Board and
Committee succession planning and recommending
appointments to the Board. Its focus is to ensure the Board
maintains the right balance of skills, knowledge and experience
relevant to the current and emerging risks and opportunities of
the business. The Nomination Committee oversees a Board skills
review annually and for 2025, used an external skills matrix tool.
This provided more granular analysis of skills and experience
and clearer presentation of Directors’ capabilities. The review
confirmed that the Board, as a whole, has an appropriate
balance of skills, knowledge and experience, with strong skills
coverage across all core areas, including investment
management, investor relations, listed company experience,
stakeholder engagement and governance. Areas of
comparatively lower collective experience were identified as AI
and cyber security. The Nomination Committee considered
what training could be put in place to support these areas and
the Company Secretary is leading a two-part training
programme on cyber security for Non-Executive Directors
across the Jupiter Group, to strengthen Board skills.
Further information on the Nomination Committee’s oversight of
these matters can be found in the Nomination Committee
report on pages 76 to 79.
Board composition, succession
and evaluation
0 3 years 6 years
9 years
2 Directors
Non-
Executive
Directors
Executive
Directors
Average tenure: 3 years
3 Directors
1 Director 1 Director
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Induction
We provide a tailored and high-quality induction programme
to ensure new Non-Executive Directors quickly build a strong
understanding of the Group and can contribute effectively from
the outset:
• Programmes are coordinated by the Company Secretary,
and include meetings with the Chair, CEO, CFOO and other
members of senior management.
• Directors receive a comprehensive information pack and
access to historic Board and Committee papers.
• Feedback is collected during the programme and additional
sessions are added to fit an individual Director’s needs.
• Approximately six months after appointment, follow-up
meetings are offered to address any remaining
knowledge gaps.
Training
Directors receive ongoing training and information primarily
through the Board briefing sessions, further information on
which is set out on page 71.
Updates on corporate governance and regulatory matters are
delivered through the Company Secretary’s Report.
The Audit and Risk Committee have had specific training
over 2025 on the new requirements of the Code relating to
material controls.
Non-Executive Director and Senior
Management pairings
Throughout 2025, Jupiter operated a scheme, overseen by
the Nomination Committee, to pair each Non-Executive Director
with a member of the Strategy and Management Committee.
The programme allows each pair to meet informally through the
year, with no fixed agenda. The objective is for Non-Executive
Directors to deepen their understanding of senior management
roles and responsibilities, and for management to gain insight
into how the Board operates and what matters Non-Executive
Directors are most interested in.
Board performance review
The Board conducts an annual performance evaluation. In 2025,
the Board undertook an internally facilitated review, supported
by BoardClic, an external platform which provides an objective
assessment framework and enables comparison with prior
years and selected peers.
For 2025, the evaluation included tailored questions addressing
key areas of Board focus during the year, including the
CCLA acquisition.
The full results were considered by the Board, which reviewed
areas for development and agreed actions for 2026. The Board
also assessed progress against the actions arising from the
2024 evaluation and determined which items could be closed.
During 2025, an induction programme
was delivered for Willie Watt.
• The Company Secretary took into consideration Willie’s significant
experience as an investment manager, and, developed an
induction programme tailored around Willie’s needs.
• The programme comprised 18 sessions held from June to
September 2025 and focused on building Willie’s understanding
of Jupiter and its culture, management responsibilities, priorities
and strategic objectives.
• Willie asked for more information on investment risk processes
which was provided in a dedicated workshop session facilitated
by the Head of Investment Risk.
Board composition, succession and evaluation continued
74
2024 Board evaluation results
and status
Identified at end 2024 Progress made in 2025
Strategy discussions –
continue improvement to
the quality of discussions
around strategy with focus
on long-term and future
client needs.
• Standalone strategy
discussions took place
at each Board meeting
throughout 2025 with
varying focus across
immediate and
long-term planning.
Succession and retention –
work towards a deeper
and more focused succession
plan and remuneration
arrangements to support
our talent.
• The Nomination Committee
held a deep dive into
executive succession
in May 2025.
• The 2025 Board evaluation
has identified management
succession as an area for
continued focus.
The external perspective –
keep pace with market
change and maintain its
awareness of competitor and
market activity.
• The Board Strategy
Offsite agenda for 2025
was devised to give an
external perspective.
• Board briefing sessions also
included peer comparisons
and benchmarks. The
sessions held in 2025 are set
out on page 71.
Good dynamics/
quality discussion –
continue focus on typical
(but vital) areas to make
discussion better, for example,
concluding clearly on items
and engaging longer on more
difficult topics and refresh
the buddying system.
• Board dynamics and quality
of discussion were rated
highly in the 2025 evaluation.
• SMC and Non-Executive
Director pairings
have operated well
throughout 2025.
2025 Board evaluation results and
action plan
The evaluation found that the Board performed effectively over
2025, with a small uplift in performance compared to 2024 and
all scores at or above benchmark data for peers.
The evaluation identified key strengths of the Board as:
• being collegiate;
• having a constructive and dynamic operating style; and
• strong monitoring of culture.
The following priorities were identified for 2026:
• Innovation and forward-looking strategy – generation of
innovative ideas and continuing responsiveness to changing
business conditions.
• Executive succession – oversight of succession for all key
members of management on an ongoing basis.
• CIO activities – with the appointment of a new CIO,
enhancing certain investment reporting, and reviewing
investment capabilities, performance, product gaps
and opportunities.
• Stakeholders – continuing strong engagement with
key shareholders.
• Composition and Committees – review of composition of
Board and committees under new Chair.
The Board’s last externally facilitated review was in 2023, and the
Board intends to use an external facilitator at the end of 2026.
The evaluation found that the
Board performed effectively
over 2025, with a small uplift
in performance compared
to 2024 and all scores at
or above benchmark data
for peers.
The evaluation identified
key strengths of the Board
as having a collegiate,
constructive and dynamic
operating style and strong
monitoring of culture.”
75Jupiter Fund Management plc Annual Report and Accounts 2025
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 the right 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 scheduled
meetings and oversaw ad hoc matters in writing where
required. Meetings relating to Chair succession are
reported on separately in our letter from the Senior
Independent Director (SID).
Meetings
Meetings
attended
David Cruickshank
(Chair of the Nomination Committee) 3/3
Siobhan Boylan
1
1/1
James Macpherson 3/3
Dale Murray 3/3
Suzy Neubert 3/3
Willie Watt
2
1/1
Roger Yates
3
2/2
1. Siobhan Boylan stepped down from the Board and the
Committee in March 2025.
2. Willie Watt joined the Board and the Committee in
June 2025.
3. Roger Yates stepped down from the Board and the
Committee in October 2025.
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.
Where Chair succession was considered during 2025, our
SID, Suzy Neubert, chaired the Committee. A separate
letter is provided to cover the Committee’s Chair
succession activities.
The CEO and HR Director are invited to attend
Committee meetings where appropriate to
facilitate informed debate.
76
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 over 2025:
January 2025 Suzy Neubert’s appointment as SID.
Dale Murray becoming a member of the
Remuneration Committee.
April 2025 Dale Murray taking on the role of Interim
Chair of the Audit and Risk Committee,
replacing Siobhan Boylan.
June 2025 Willie Watt’s appointment as an
Independent Non-Executive Director and a
member of the Remuneration Committee.
September
2025
Dale Murray being appointed as the
permanent Chair of the Audit and
Risk Committee.
October 2025 James Macpherson taking on the role of
Chair of the Remuneration Committee
and Willie Watt becoming a member of
the Audit and Risk Committee on an
interim basis.
We have provided detail in this report about how we consider
recruitment and appointment into Committee roles, and how
our succession planning was deployed across 2025.
Diversity and inclusion
Jupiter is committed to building a diverse Board, and
approaching diversity in its widest sense. The Committee has
focused again in 2026 on its responsibility to oversee this. Our
Board Diversity Policy, which remained unchanged in 2025, is
available below.
In line with the UK Listing Rules, Jupiter reports against Board
diversity targets. At the reference date of 31 December 2025,
Jupiter met two key diversity targets: a woman in a Board
leadership role (Suzy Neubert is our SID) and one Director
self-identifying as being from a minority ethnic background.
We continue to have a target of a 40% female Board. This is
challenging within the investment management industry, but we
still perceive it to be the right pursuit. Siobhan Boylan stepped
down from the Board in March 2025, and consequently at year
end, we were a Board of seven individuals, of whom two were
female – a 28.6% representation.
Whilst we have not met all of our diversity targets, we are
confident that we have recruited on merit for the right skills
through the year and have taken diversity into account in each
of our appointment decisions.
Other activities
The Committee supports management in rigorous succession
planning for all key roles, covering both Executive Directors and
other senior management. More examples of Jupiter’s People
and Culture activities are set out on pages 52 to 55.
The Committee keeps all Board and Committee roles under
review, for example reviewing and updating the SID and Chair
responsibilities in 2025.
The Committee considers tenure, time commitment and any
conflicts of interest arising from external positions or otherwise.
Chair succession
I announced my intended retirement from the Board in May
2025. Suzy Neubert has ably led our Chair succession planning
and we announced the appointment, subject to regulatory
approval, of Nathan Bostock as Chair. Nathan will join us as a
Non-Executive Director and Chair designate in March and take
on the Chair role in April. I thank Suzy for her hard work in leading
this process – she provides a full report on her work in the
following pages. I will be handing the Chair and Nomination
Committee Chair roles to Nathan following an orderly handover.
David Cruickshank
Chair of the Nomination Committee
Board diversity statement
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 Nomination
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.
77Jupiter Fund Management plc Annual Report and Accounts 2025
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Board and Committee composition
The Committee reviewed the composition of the Board and its
Committees during the year, and took action as needed to fill
vacancies for specific roles on the Board.
• SID – knowing Roger Yates’ intention to retire, the
Committee recommended Suzy Neubert take on the
SID role. The Committee considered Suzy’s experience in
other Non-Executive roles, tenure on the Jupiter Board
and ability to act as the sounding board for the Chair in
making its recommendation.
• Remuneration Committee Chair – also replacing Roger
Yates, the Committee had the opportunity to assess James
Macpherson’s skills and experience over the requisite
12 months he has already served as a Remuneration
Committee member. The Committee took into account
James’ extensive executive experience in investment
management and experience as a member of the
remuneration committee of another board.
• Audit and Risk Committee Chair – when Siobhan Boylan
stepped down from the Board, the Audit and Risk Committee
Chair role became unexpectedly vacant. Dale Murray stepped
in to the role immediately on an interim basis, and the
Committee then recommended that she take on the role
permanently. The Committee considered Dale Murray’s tenure
as the longest serving Audit and Risk Committee member, her
background as a chartered accountant and her Non-
Executive experience, which included membership of the
audit and risk committees of other boards.
Non-Executive Director recruitment
The Committee commenced a search process in early 2025,
having announced at the beginning of the year that Roger Yates
intended to step down. The Committee was supported by
Spencer Stuart. A role specification was drawn up based on the
needs of the Board, with a focus on investment management
experience given Roger’s skill set which the Board would lose. A
longlist of candidates was reviewed, and filtered to a shortlist of
two. All Board members interviewed both final candidates and
assessed their skills and experience against the needs of the
Board and against one another. The Committee recommended
Willie Watt to the Board for appointment.
Succession planning
The Committee carries out a full review annually of Executive
Directors and senior talent, led by our HR Director. In 2025,
the review covered individual succession plans for senior roles
and key investment talent, as well as data on the individuals
rated as key talent and retention metrics. The Committee
focused its discussion on gaps in succession plans and areas
where work needed to be done to up-skill successors to make
the plan more robust. The Committee supported Matt Beesley
in his recruitment of Piers Hillier as Chief Investment Officer.
Diversity in recruitment and succession
Provision 17 of the Code asks that the Board oversee the
development of a diverse pipeline for succession and the
Committee has set a Board Diversity Policy.
In 2025, the Committee has briefed its executive search firms
on our diversity ambitions, and requested gender-balanced
longlists and shortlists for candidates.
When succession planning, materials prepared for the
Committee include overlays of gender and ethnicity data so
the Committee can keep this as an area of focus.
For recruitment of all senior management positions, the firm
aims to implement gender balanced shortlists at CV and
interview stage.
Directors’ external commitments
A schedule of Directors’ external appointments, which
aggregates details of their time commitments, was reviewed by
the Committee at each of its 2025 meetings to ensure all
Directors can commit enough time to their duties, including in
non-standard business situations. Directors are not permitted to
take on additional external appointments without prior approval.
Any new external appointments that Board members took on
during 2025 were 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 2025.
Director re-election and tenure reviews
In line with Provision 18 of the Code, all Directors are subject to
annual re-election at the Company’s AGM. It is the role of the
Committee to assess each individual before the Board
recommends them to the shareholders for re-election. The
Committee’s assessment was carried out in February 2025. The
Committee reviewed each Director’s performance, using the
individual performance review carried out by the Chair and the
results of the collective Board evaluation. The Committee also
considered continuing independence of each Non-Executive
Director. The Committee and Board ensured that there was
appropriate disclosure in the Annual Report and Accounts and
AGM Notice 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,
and also covering key factors such as attendance at Board
meetings and other external commitments.
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 Suzy Neubert
at the end of her first three-year term in February 2025 and was
satisfied that Suzy commence a second three-year term.
Conflicts of interest
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
The Committee oversaw the full 2025 Board evaluation, and as
required by Provision 21 of the Code, a Committee-specific
evaluation also took place. The process is fully described on
pages 74 to 75.
The Committee’s evaluation concluded that it was operating
effectively and identified the following points for action or focus
in 2026:
• Inducting the new Chair and supporting the new Chair in
reviewing Board composition.
• A continued focus on executive succession.
Notes
As required by Provision 20 of the Code, it is confirmed that other
than providing recruitment services, Spencer Stuart and Russell
Reynolds have no connection to the Group.
Nomination Committee report continued
78
Letter from the Senior Independent Director
As Senior Independent Director, I am pleased to report on the Chair succession activities that I led in 2025, following David’s
decision to retire. We look forward to welcoming Nathan Bostock to the Board in March 2026.
In April 2025, David informed the Board of his intention to step down. In line with our long-term succession planning, and
consistent with the Code, I assumed the chair of the Nomination Committee for all its activities related to Chair succession. I
created an informal sub-committee of the Nomination Committee comprising myself, James Macpherson and Dale Murray to
allow some activities, such as candidate profile reviews, to take place more efficiently. In line with the Code, David was kept
informed of process but did not take part in any decision-making in relation to his successor.
The process we followed is set out below.
After careful consideration, the Committee unanimously recommended Nathan Bostock for appointment as Chair. In reaching
this decision, we placed particular weight on Nathan’s:
• significant governance and leadership experience in regulated financial services businesses;
• deep understanding of stewardship and client expectations;
• proven capacity to lead a board through change and strategic execution; and
• clear alignment with Jupiter’s values, purpose and long-term ambitions.
The Board approved the recommendation and Nathan’s appointment has been announced accordingly.
Transition and handover
To ensure a smooth handover, Nathan will assume the role of Chair-designate from 1 March 2026, working closely with David
and the executive team ahead of formally taking on the Chair role on 1 April. The Nomination Committee will oversee the
transition to maintain Board continuity, stability and effectiveness.
Alignment with broader succession planning
The Committee considered this Chair succession in the context of broader Board and senior leadership succession. During the
year we:
• reviewed Board and Committee composition against our skills, experience and diversity objectives;
• assessed the pipeline of potential future Board and leadership candidates; and
• considered the impact of the change on committee chairs and future succession needs.
We intend to undertake a further review in 2026 to ensure Jupiter continues to have the right mix of skills, experience and
diversity to support its long-term success.
Code compliance and independence assessment
The Committee is satisfied that the process followed was rigorous, transparent and fully consistent with the principles
of the Code on Board leadership, effectiveness and succession planning. We also concluded that Nathan was independent
on appointment and that the Board continues to maintain an appropriate balance of skills, experience, independence
and diversity.
Suzy Neubert
Senior Independent Director
• The Committee held a panel process to select a search firm. The objective was to find a
firm which would assist in managing stakeholder interests, ensure fresh perspective and
challenge was brought to the process and provide access to a deep pool of candidates.
• The Committee determined the most important skills and experience for the role of Chair,
in order to have an objective set of criteria with which to compare all candidates.
• The Committee took into account the current collective skills of the Board, and those
skills that would be lost through retirement. The Committee considered Jupiter’s strategic
objectives and what skills were needed to support these.
• The sub-committee reviewed a longlist of candidates and spent two dedicated sessions
reviewing this, and filtering it to a shortlist. The review tested skills and experience and also
availability and conflicts.
• The Committee agreed a shortlist and all shortlisted candidates were taken through
a three stage process – (i) meeting the Senior Independent Director and one other
Non-Executive together, (ii) meeting the CEO, and (iii) meeting at least one further
Non-Executive. The process was designed to give different types of interview opportunity.
• The preferred candidate was selected from the shortlist and interviewed by all other
Board members.
• The Board carried out referencing and other pre-employment checks and considered
the candidate’s other external roles, time commitment, conflicts and independence.
Key Criteria
Longlist
Shortlist and
Interview
Preferred
Candidate
Search Firm
Selection
79Jupiter Fund Management plc Annual Report and Accounts 2025
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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 principal 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.
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.
Responsible risk-taking is an essential
part of business, but risks must be managed
carefully and mitigated to protect our
business and our clients.”
Dale Murray
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
Dale Murray (Chair of the Audit and Risk
Committee)
1
5/5
Siobhan Boylan
2
1/1
James Macpherson 5/5
Willie Watt
3
1/1
Roger Yates
4
3/3
1. Dale Murray became Interim Chair of the Audit and Risk
Committee on 1 April 2025 and was appointed as its
permanent Chair on 30 September 2025.
2. Siobhan Boylan stood down as Chair and member of the
Audit and Risk Committee on 31 March 2025.
3. Willie Watt became a member of the Audit and Risk
Committee on an interim basis on 9 October 2025.
4. Roger Yates stood down as a member of the Audit and Risk
Committee on 9 October 2025.
Independence
The Committee, as at 31 December 2025 was comprised
of three Non-Executive Directors, all of whom including the
Chair are independent. The Chair of the Committee is
independent and is not the Chair of the Board. The
composition of the Committee was fully compliant with
the UK Corporate Governance Code throughout 2025.
Knowledge, skills and experience
The Chair of the Audit and Risk Committee, Dale Murray, is
a qualified accountant and is considered to have recent
and relevant financial experience. The Committee as a
whole is considered to collectively have the competence
relevant to the asset management sector. James
Macpherson, who joined the Committee in 2024, is a
portfolio manager with nearly 40 years’ experience in the
investment management sector. Willie Watt also has
significant relevant financial services experience, including
over 19 years with the investment management firm
Martin Currie, as their Chief Executive and then Chair of
the Board, until 2019.
80
Dear Stakeholder
I am pleased to introduce my first report as Chair of the Audit
and Risk Committee. The Audit and Risk Committee report
provides stakeholders with information on the activities of the
Committee throughout 2025 and how the Committee has
discharged its responsibilities during the year.
Chair and Committee composition
I was appointed as Interim Chair of the Committee on 1 April
2025 following my predecessor’s decision to step down due to
new external commitments. Having served on the Committee
for nearly four years, I was already well acquainted with its work
and priorities and was pleased to be able to provide continuity
through my leadership. I was delighted to accept the role on a
permanent basis, with effect from 30 September 2025.
On 9 October 2025, Roger Yates retired from the Board and
Committee and we welcomed Willie Watt as an interim
member, ensuring the Committee continues to comprise three
independent members, with strong sector experience. I would
like to thank Roger for his valuable contribution to the
Committee throughout his tenure.
Managing change
2025 has seen Jupiter make considerable progress on
important strategic objectives, including the continuation of a
significant project to consolidate a number of middle and back
office functions with a single supplier, and of course, the
acquisition of CCLA. Significant change creates risk for the
Company. The Committee recognises that responsible risk-
taking is an essential part of business, but that risk must be
managed carefully and mitigated to protect our business and
our clients from harm. From the commencement of these
projects the Committee has received additional dedicated
reporting on these projects, which ensured that the key risks
have been identified and are being monitored throughout.
As matters progress, the Board ensures that these risks are
integrated, as appropriate, into regular reporting from the
Risk function.
Risk and internal controls
Provision 29 of the 2024 Corporate Governance Code contains a
new requirement on boards to attest annually to the
effectiveness of material controls. The requirement for this
attestation will apply to Jupiter in our next financial year. We
reported last year that, with the maturity and strength of the risk
management and internal control framework that is in place,
Jupiter was already well placed to comply with these new
requirements. During 2025, the Committee has identified a full
list of the Company’s material controls in accordance with the
Code’s definition and has agreed how the effectiveness of these
controls will be monitored throughout the next financial year.
Further information is contained on page 86 of this report.
Culture and Conduct
Our Culture and Conduct Committee, established in 2023, is
responsible for the monitoring of conduct risk and Consumer
Duty metrics, with the overarching purpose of ensuring that the
Group maintains a robust framework for conduct risk and
governance. The Culture and Conduct Committee reports to the
Committee at each quarterly meeting so that the Committee
can monitor how it is carrying out its responsibilities. Having the
right culture is vital to ensuring the protection of our clients, and
we have been pleased to see an improving overall trend in
conduct risk metrics throughout the year, demonstrating that a
culture of risk and control awareness is now well embedded in
the business.
Financial reporting
The Committee ensures the integrity of the Group’s financial
reporting and controls, and reviews the Annual Report and
Accounts to ensure that, taken as a whole, they are fair,
balanced and understandable. The Committee conducted a
detailed review of the Group’s Annual Report and Accounts for
the year ended 31 December 2025. Further information on this,
and other important areas of estimation and judgement, and
details of outcomes can be found on pages 82 to 84.
Finally, I express my thanks to the teams across the Group who
have supported the Committee’s work throughout the year.
Dale Murray
Chair of the Audit and Risk Committee
81Jupiter Fund Management plc Annual Report and Accounts 2025
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Audit and Risk Committee report continued
How the Committee operates
The Committee holds a minimum of four meetings each year
and, during 2025, met on five occasions. At every meeting the
Committee receives written reports, which include:
• Update from the Risk and Compliance Committee
• Report from the external auditor and non-audit
services report
• Risk report
• Compliance report
• Internal Audit report
• Culture and Conduct Committee report
The Committee receives additional reporting, as required, to
support it to discharge its responsibilities in accordance with its
Terms of Reference, which are available on the Jupiter website
at www.jupiteram.com.
Financial reporting oversight
The Committee monitors and ensures the integrity of the
Group’s financial statements and other financial reporting
relating to the Company’s financial performance.
In doing so, it reviews any significant financial reporting
judgements they may contain. The Committee also takes into
account the effectiveness of the controls and processes
supporting financial reporting, its review of which is described in
more detail later in this report on page 86. Prior to
recommending the year-end financial statements to the Board
for approval, the Committee reviewed the application of the
Group’s accounting policies and considered the principal areas
of financial statement risk and challenged management on
areas of estimation and judgement. The Committee also
assessed and confirmed to the Board its view that the Annual
Report and Accounts, taken as a whole, is fair, balanced and
understandable and provides the information necessary for our
shareholders to assess the Group’s position and performance,
business model and strategy.
Significant financial reporting judgements
The Committee discussed with management and the external
auditor the significant areas of judgement impacting the
financial statements, and considered the evidence supporting
management’s conclusions. The table that follows summarises
the significant financial reporting judgements 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.
Assessment of 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.
A full impairment test was again undertaken as at 30 June 2025 and 31 December 2025 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
£187m increasing from £10m at 31 December 2024, 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 the narrative was clear and included disclosure of sensitivity to
reasonable changes in assumptions.
Recovery of indirect tax costs
Assessment of
area of estimation
and judgement
Following changes to the regulatory and tax treatment of certain offshore investment activities,
the Committee assessed the potential for recovery of certain indirect tax costs and considered
and approved the disclosure of such costs.
Outcome
The Committee considered the likelihood of recovery of amounts that had not been received
during the financial year and concurred with management’s conclusion that recovery was
probable, but not virtually certain. The Committee therefore approved the treatment, for
accounting purposes, of the receivables as contingent assets rather than recognised assets.
82
Outsourcing costs
Assessment of
area of estimation
and judgement
The Group entered into two new outsourcing contracts during the year, the terms of which
permitted it to recover certain incurred costs relating to the migration. The Committee assessed
the recoverability of these costs, the timing for recognition of the recovered costs and the
appropriate classification of such recoveries.
Outcome
The Committee considered whether the contracts permitted cost recovery, and whether such
recovery was limited in terms of when the costs from the vendor had been incurred or whether
costs could become time-barred if not recovered within certain deadlines. The Committee was
satisfied that all costs recognised as being receivable at the year end were recoverable, and that
the recoveries had been recognised in the correct time period.
Disclosure of CCLA acquisition
Assessment of
area of estimation
and judgement
Disclosure of the acquisition of CCLA.
Outcome
The Committee considered the disclosure requirements in respect of the acquisition of CCLA,
which completed after the year end on 2 February 2026. As control did not pass until after the year
end, the CCLA entities are not consolidated within this Annual Report and Accounts. However, the
Committee confirmed that as a major business combination after the reporting period, the event
was a non-adjusting event that required disclosure. The Committee reviewed and approved the
events after the balance sheet date disclosure set out on page 166.
Disclosure of exceptional items and Alternative Performance Measures (APMs)
Assessment of
area of estimation
and judgement
The Committee reviewed management’s proposals of the income statement items that should be
disclosed as exceptional items, which are used as part of the Group’s APMs in both the Strategic
report and Governance section of this Annual Report and Accounts (the use of APMs is set out
from page 185).
Exceptional items incurred in 2025 amounted to £6.4m which includes certain costs related to
acquisitions, including the acquisition of CCLA, as well as costs related to the restructuring of the
existing business.
In reviewing these items, the Committee considered the appropriateness and consistency of the
Group’s APM framework, including definitions, reconciliations to IFRS measures and the clarity of
related disclosures. It ensured the APMs were transparent, not misleading and presented with no
greater prominence than the statutory results. The Committee concluded that the classification of
the above items as exceptional was appropriate and that the presentation and disclosure of all
APMs was fair, balanced and understandable.
Outcome
The Committee agreed the items that met the definition of exceptional items and that
the separate presentation of such enabled a better understanding of the Group’s
financial performance.
83Jupiter Fund Management plc Annual Report and Accounts 2025
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Audit and Risk Committee report continued
Review of going concern and statement of
viability by the Committee
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
going concern statement is provided on page 125. The
statement of viability is separate and additional to the going
concern statement, and is underpinned by the Board’s
responsibility for risk management and ongoing monitoring.
Viability is generally considered over a longer time frame. The
2025 statement of viability, which can be found on page 31 is
considered across a three-year horizon.
The Board was supported in both assessments 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. In forming its view, the Committee also
considered the results of stress testing against key viability
measures from the Group’s Internal Capital and Risk Assessment
(ICARA) document, which is reviewed by the Committee and
recommended to the Board for approval, and forms part of the
Group’s risk and capital management framework under the
FCA’s Investment Firms Prudential Regime. The Committee
considered the most severe stress scenario detailed in the
ICARA, discussed the outcome of this analysis with
management and the external auditor and was satisfied that
the stress testing methodology and assumptions were
appropriate and robust.
The Committee reviewed the Group’s position and forecast 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 also considered the appropriateness of
the time frame for reporting on viability, 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 supported
Management’s conclusion that the Group was expected to
continue to remain commercially viable and maintain adequate
capital resources over its regulatory requirements for the
entire period.
Based on its review, the Committee concluded and
recommended to the Board that it was appropriate to prepare
the annual financial statements for the year ended 31 December
2025 on a going concern basis. The Committee also 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, as set out on page 31 for approval of
the Board.
Fair, balanced and understandable
The Committee considered whether, taken as a whole, the 2025
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.
In conducting its review, the Committee considered the
processes supporting the preparation of the Annual Report and
Accounts, received and reviewed a full draft of the Annual
Report and Accounts and considered input from management,
second line assurance functions, and the external auditor. The
Committee reviewed the narrative sections and ensured that it
was satisfied that they were consistent with the financial results,
presented a fair and balanced view, bearing in mind
judgements that were required, and were free from bias. 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 confirmed that it was satisfied that appropriate
review and verification processes were in place. It concluded
that it is of the opinion that the 2025 Annual Report and
Accounts are representative of the year and, taken as a whole,
are fair, balanced and understandable, and provide a true
representation to shareholders of the Company’s position and
performance, business model and strategy.
External audit
The Committee is responsible for overseeing the relationship
with the external auditor, including monitoring its independence,
objectivity and the overall effectiveness and quality of the audit.
It reviews and approves the annual audit plan, having regard to
scope and materiality, and reviews the integrity of financial
reporting in light of the external auditor’s findings in the context
of its own assessment. The Committee also monitors
compliance with requirements of the non-audit services policy,
which safeguard the independence of the auditor, including
appointment, rotation and provision of non-audit services.
External Auditors EY
Lead engagement partner James Beszant
Financial period auditors
first appointed
31 December 2023
Auditor effectiveness and re-appointment
EY’s re-appointment as external auditors for the financial year
ended 31 December 2025 was approved by shareholders at the
Annual General Meeting held in May 2025. James Beszant was
appointed as lead partner on 20 March 2023 and continued
as lead partner to the financial period 31 December 2025. He 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.
84
In view of its assessment and interactions with the external
auditors throughout the year, the Committee concluded that
the audit had been effective and that EY remained independent
and objective. The Committee recommended to the Board the
re-appointment of EY as external auditor for the year ending
31 December 2026, which the Board will propose to shareholders
at the forthcoming AGM.
Auditor effectiveness and assuring audit quality
The Committee conducted a formal assessment of the
effectiveness of the external auditor in May 2025. The
Committee considered the quality, scope and execution of the
audit, the level of professional scepticism and challenge as
demonstrated by EY, the quality of communication with the
Committee and the auditors’ independence and objectivity. 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, which considered robustness of the audit, quality
of delivery, and quality of people and service.
• 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.
• Regular interactions between the Committee and EY over the
course of the year, and feedback from management,
including the Head of Finance and the CFOO.
Responses showed overall satisfaction with the external auditor
and audit process, with consistently high scores well in excess of
the minimum level expected of an effective audit relationship.
The audit of the statutory accounts had been well planned, with
good communication and substantial testing having taken
place at an early stage. EY had been engaged and collaborative
in their execution of the audit and were open to feedback on
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. The Committee noted examples
of professional scepticism applied by the external auditor
during the year including challenge over key estimates and
areas of judgement, in particular around the goodwill
impairment assumptions.
The Committee also reviewed the FRC’s Audit Quality Review of
EY audits, published on 30 July 2025. The Committee was
pleased to see an improvement in the results of this review
versus the prior year. The Committee considered learnings of
relevance to Jupiter’s EY team and how they could be applied
and received further feedback from management on its
interactions with EY, which management confirmed continued
to be of a high standard.
Non-audit services and ensuring independence
of the external auditors
To help safeguard the external auditors’ independence and
objectivity, the Committee has a comprehensive non-audit
services policy governing the provision of any non-audit
services by the external auditors to any entity within the Group.
The policy prohibits the provision of services that could create
conflicts of interest and sets quantitative limits for engagement
of the external auditors to conduct non-audit services.
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. Non-audit services
conducted by EY during the year included the review of the
interim results, certain audit related assurance services required
by regulation, such as CASS reporting in the UK and overseas
regulatory audits. The Committee considered these activities to
be consistent with the FRC’s revised Ethical Standard (2024) (the
Ethical Standard) and did not compromise the external auditors’
objectivity or independence. It considered that there are clear
and compelling synergies to be gained by the external auditors
carrying out these activities alongside the statutory audit.
The Committee has due regard to and complies with all
relevant regulations and guidance which includes the Audit
Committees and the External Audit: Minimum standard (2023)
(the Minimum Standard) and compliance by EY with the Ethical
Standard. Details of audit fees, including fees for non-audit
services are contained in Note 3 on pages 132 and 133.
In accordance with the non-audit services policy, prior approval
for the engagement of the external auditors to supply non-audit
services is required. This requires that all non-audit services be
approved by the Committee, or by the Committee Chair, should
such approval be required in between Committee meetings,
under the authority delegated to them. 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.
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.
Internal Audit operates independently of management and all
parts of the organisation including in determining its audit
universe, scope, procedures, frequency, timing, and reporting.
The function has unrestricted access to all information required
to discharge its responsibilities. The Head of Internal Audit
reports directly to the Chair of the Audit and Risk Committee.
The Head of Internal Audit provides a report at each Committee
meeting and meets privately without management present at
least twice each year.
85Jupiter Fund Management plc Annual Report and Accounts 2025
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Assessment of the effectiveness of Internal Audit
The Committee keeps the effectiveness of the Internal Audit
function, including Internal Audit’s co-sourced partners under
continual review, and undertakes a formal assessment annually.
As part of its regular engagement, the Committee:
• Reviewed and assessed the annual internal audit plan in the
overall context of Jupiter’s risk management policies.
• Received regular reporting on the results of the Internal
Audit work and monitored and reviewed actions
taken by management to implement Internal
Audit’s recommendations.
• Evaluated the effectiveness of the Internal Audit function,
including Internal Audit’s co-sourced partners.
In December 2025, the Committee completed its annual
assessment of the effectiveness of the Internal Audit function.
The assessment was supported by an internal evaluation
performed by Internal Audit using a self-assessment gap
analysis tool provided by the Chartered Institute of Internal
Auditors (CIIA), which considered compliance with the Global
Standards, effective from 9 January 2025. The Committee also
considered feedback from management and its regular interaction
with the Head of Internal Audit. The Committee noted the continued
improved audit quality and effective working relationships built
by the team and concluded that it is satisfied that the Internal
Audit function is effective, independent and appropriately
resourced, with the quality, experience and expertise
appropriate for the scale and complexity of the business.
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, and the Committee has
selected CIIA to carry out the EQA.
Risk management and
internal controls
Enterprise risk management
During the year management received regular reports from the
second line functions on the operation of the risk management
framework and internal control environment, which included
reporting on the Company’s overall risk profile and adherence
to Group risk appetite, both quantitative and qualitative.
The Committee reviewed and recommended to the Board for
its approval the Enterprise Risk Management Policy, the Risk
Management Policy and the Risk Appetite Statement, and
supported the Board in its completion of a robust assessment
of the Company’s principal and emerging risks.
Internal controls
An effective risk management framework and internal controls
supports the integrity of the financial reporting process and the
achievement of our long-term strategic objectives.
The Committee monitored and conducted formal reviews of the
Company’s risk management and internal control framework
during the year, as part of the half and full year annual report
process. The reviews covered all principal risks and the
associated control environment including material controls,
including financial, operational and compliance risk. To support
these reviews, reports were provided by the Head of Risk, Head
of Compliance, and Head of Internal Audit which considered the
findings of their work during the period, including business area
self-assessments, reported risk incidents and, Compliance and
Internal Audit findings.
Enhancements to the control environment overseen by the
Committee during the year included the completion of work by
the Risk and Compliance Committee and the Operating
Committee to document accountability and ownership of risks
and controls that are cross-functional. The Committee also
monitored the effectiveness of controls and processes related
to rebates, and, following completion of the review, and an
Internal Audit review, agreed enhancements to improve the
effectiveness of processes and mitigate risks to improve the
operating model.
Following completion of its review, the Committee
recommended to the Board that the Group’s risk management
and internal control environment was operating satisfactorily,
including financial, operational and compliance controls.
Material controls
Provision 29 of the 2024 Corporate Governance Code contains
requirements on boards to monitor the Company’s risk
management and internal framework and carry out an annual
review of its effectiveness, and to attest annually to the
effectiveness of the material controls.
Material controls are the key controls in place to mitigate our
principal risks, which include (but are not necessarily limited to)
those risks that could result in events or circumstances that
might threaten the Company’s business model, future
performance, solvency or liquidity and reputation.
To comply with the requirements, the Board will, in the Annual
Report and Accounts for the year ending 31 December 2026:
• Identify the Company’s material controls.
• Include a formal declaration in its annual report on a single
date on the effectiveness of the material controls.
During 2025, the Committee has overseen preparation for
compliance with Provision 29 of the Code, including holding a
dedicated workshop. Supported by the assurance functions, the
Committee ensured management has identified all of the
Company’s material controls, as defined by the Code, and has
agreed a process for assessment of both control design and
control performance.
The Board will provide in its formal statement on the
effectiveness of material controls, where relevant, any material
weaknesses identified and remediation undertaken.
Audit and Risk Committee report continued
86
Fraud and whistleblowing arrangements
During the year, the Committee received quarterly updates 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. The Committee
also 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.
The Committee 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. Dale
Murray became whistleblowing champion on her appointment
as Chair of the Audit and Risk Committee.
Committee effectiveness
During the year an internal evaluation of the Committee’s
effectiveness was undertaken, the process for which is
described on page 74. In 2024, the Committee’s evaluation of its
effectiveness demonstrated that the Committee had operated
effectively. Feedback from the 2024 process indicated a need to
ensure that it continued to remain strategic in focus, avoided
straying into overly operational discussions and continued to
probe and challenge to get to the heart of issues. As noted in
this report, 2025 has been an important year of progress in
terms of the Company’s strategic priorities, and the
Committee’s agenda has ensured prioritisation of the most
important strategic matters, including agenda items on the risks
related to the acquisition of CCLA, and risks related to projects
for the consolidation of certain middle office functions and the
back office function to a single outsourced provider.
The 2025 Committee evaluation took place in November 2025
following the departure of Roger Yates in October 2025. Overall
results indicate that the Committee continued to operate
effectively with scores trending close to benchmark.
Composition of the Committee was highlighted as a key area
for further consideration. The Committee, in discussing the
results, considered whether the Committee has the right
number of members, composition and expertise, and concluded
that, following the appointment of Willie Watt on 9 October 2025,
it was satisfied with the composition. It agreed that the
composition should be kept under review with a view to
appointing a further member during 2026.
The Committee considered that the material controls
framework, and monitoring of the risks related to the integration
of CCLA should be its top priorities for 2026.
Material controls compliance roadmap
The Committee
reviewed and
challenged the list
of material controls
and a controls
assurance matrix
The Committee
approved the list of
material controls
and the controls
assurance matrix
Assessment of
control design for all
material controls
will continue
throughout the
period, and
assurance on
testing results
reported to the
Committee at
each meeting
Attestations and
evidence of control
performance will
be obtained
and held in a
central repository
The Committee will
consider any
material controls
that may be
non-effective at the
year end date
The Committee
will recommend
the disclosure
statement regarding
effectiveness of
material controls
to the Board
for approval
November 2025 December 2025
January to
December 2026
December 2026
January and
February 2027
87Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
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
James Macpherson (Chair)
1
6/6
Roger Yates (Former Chair)
1
6/6
Suzy Neubert 6/6
Dale Murray 6/6
Willie Watt
2
1/1
1. James Macpherson took over as Chair of the Remuneration
Committee on 1 October 2025 from Roger Yates, who
resigned from the Board effective 9 October 2025.
2. Willie Watt joined the Board on 4 June 2025.
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.
Remuneration committee report
Our approach to remuneration is built on
transparency and simplicity, supporting the
delivery of our growth ambitions and the
generation of sustainable long-term value for
shareholders. The measures used in both the
annual bonus and LTIP are closely tied to our
key financial and strategic priorities, which are
essential to our continued success. We also
assess all variable pay outcomes in the context
of overall business performance and the
experiences of our stakeholders.”
James Macpherson
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.
88
Dear Stakeholder
I am pleased to present our Directors’ Remuneration Report
(DRR) for 2025 and my first as Chair of the Committee. I would
like to extend my gratitude to my predecessor, Roger Yates, for
his leadership over the previous five years as well as his
invaluable contributions as a member of the Committee.
This 2025 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 2026.
• The Annual Report on Remuneration. This outlines how we
implemented our current Policy in 2025 and how we intend to
apply the Policy in 2026. This is subject to an advisory vote by
shareholders at the 2026 AGM.
Alignment of strategy and remuneration
Jupiter’s primary focus is on delivering value to clients through
long-term investment outperformance, underpinned by our
strategy as outlined from page 6. 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.
The Committee is satisfied that the broad structure of
performance measures used in 2025 remains appropriate for
use in 2026 (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 growth in total Group AUM.
The Committee intends to grant the 2026 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).
The Committee will review the final outturn to ensure it is
warranted based on shareholder and client experience over the
performance period. This is additional to the standard risk and
compliance assessment.
Changes to executive remuneration in 2026
The CEO and CFOO’s salaries will increase by c. 3.5% and 3% to
£500,950 and £437,800 respectively, which is below the average
Jupiter employee salary increase for 2026 of 3.7%. Pension,
bonus and LTIP opportunity percentages will be unchanged for
both the CEO and CFOO in 2026.
Performance and incentive outturns for 2025
Performance
As the CEO outlined in his review, despite the anticipated fall in
net management fee revenue for 2025, driven by the material
loss of AUM in 2024 and exacerbated by market uncertainty
early in 2025, careful planning and resolute focus on cost
discipline saw underlying profit before tax performing
significantly above budget. We delivered strong investment
performance over three- and five-year periods, with particularly
strong performance over one year, which bodes well for 2026,
and we also delivered strong performance fee profits in 2025.
We again delivered an increase in overall gross inflows to
£16.9bn but it is particularly pleasing to have seen net inflows of
£1.3bn, our first positive calendar year for flows since 2017, with
year-end AUM up 19% to £54.0bn. After years of sustained
commitment, it’s gratifying to see shareholders meaningfully
rewarded for their patience and support. In 2025, our total
shareholder return reached 92%, on top of an 83% rise in the
share price.
Material progress has been made this year towards the four key
strategic objectives (outlined from page 6). Management’s
disciplined execution of strategic priorities and focus on
controllable drivers has positioned Jupiter to continue delivering
strong outcomes for clients in the years ahead.
89Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Bonus outturn
Based on performance, the outcome of the bonus scorecard
was 90.8% and 90.3% 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 the challenging (but expected) top line result,
the Committee noted underlying profit before tax performing
significantly above budget, strong investment performance and
positive net flows. The Committee also noted the strong
individual and collective performance of both Executive
Directors, significant progress made towards our four strategic
objectives and material total shareholder return over the year.
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 96 to 100. 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 2023 LTIP award ended
on 31 December 2025, and the formulaic outcome was 23.4%
vesting, full details of which are provided on pages 101 to 102.
The Committee was satisfied that this outcome, derived from
strong 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 2025, competition for top investment talent remained intense,
and the Committee stayed focused on ensuring Jupiter’s
remuneration framework supports effective recruitment and
retention. Accordingly, the Committee believes continued
investment in people is essential, even where this influences the
total compensation ratio. In 2025, the Group’s total
compensation ratio before performance fees and exceptional
items increased from 45% to 50%. However, this primarily reflects
one-off savings in 2024 and the accounting impacts of the
significant increase in share price year-on-year which are
recorded before hedging gains, and 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 2025, 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 2026.
Shareholder engagement
During the coming year, we will be consulting with our largest
shareholders and investor bodies as we undertake our triennial
review of the Remuneration Policy. I look forward to their
constructive input and engagement, as the Company has
received in previous such consultations.
I welcome feedback at any point in time from our entire
shareholder base regarding our remuneration arrangements. I
am grateful to shareholders for their support in approving
the DRR at the 2025 AGM with over 97% of votes cast in favour
and I hope that we will again have your support at the
forthcoming AGM.
James Macpherson
Chair of the Remuneration Committee
25 February 2026
90
Remuneration Committee Report continued
Executive remuneration
at a glance
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 2026. A full version of the Remuneration Policy can be found on pages 117 to 125 of
the 2023 Annual Report, which is available on our website at www.jupiteram.com.
Element Remuneration Policy summary 2026 approach
Commentary relative
to 2025 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: £500,950
(2024: £484,000)
• CFOO: £437,800
(2024: £425,000).
• CEO’s and CFOO’s
salary increased by
c. 3.5% and 3%
respectively (below
the average increase
for the wider
workforce of 3.7%).
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.
• Unchanged.
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
one- and three-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.
• Unchanged.
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 three and five-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.
91Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic report Governance Financial statements Other information
Annual report on remuneration
Implementation in 2025
Overview of activities in 2025
The following regular agenda items were considered during the four scheduled Committee meetings which took place during 2025.
During 2025, two additional meetings were held to consider performance measures and remuneration matters related to the
acquisition of CCLA.
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
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 & Ethnicity Pay Gap • •
Committee remit and effectiveness
Terms of reference review •
92
Remuneration Committee Report continued
Work of the Remuneration Committee in 2025
The table above provides a high-level overview of the various
topics which the Committee worked on during 2025.
The remainder of this section satisfies several requirements of
the UK Corporate Governance Code.
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.
All variable compensation, including that for Executive Directors,
is subject to a series of risk checkpoints (as described in more
detail on page 115), 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 2025 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 DRR with a 97.08% approval at
the 2025 AGM. We will be seeking engagement with our major
shareholders during the course of this year, as we develop
our Directors’ Remuneration Policy for consideration at the
2027 AGM.
As noted in the Committee Chair’s letter, the Committee
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 96 to 100.
Statements regarding the Committee’s use of discretion
regarding the bonus outcomes for 2025 and the testing of the
LTIP performance conditions ending in 2025, which vest in March
2026, are included on pages 101 and 102 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 117) 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 and ethnicity for the current and previous
performance year, in order that it can also analyse the outcomes
from a gender and ethnicity pay perspective. More details on
our Gender and Ethnicity Pay Gap 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.
93Jupiter Fund Management plc Annual Report and Accounts 2025
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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 74 to 75. The table below provides an update on the priorities identified in
last year’s evaluation and the outcome of the 2025 evaluation.
2024 priorities 2025 status
Continuous testing to keep targets
stretching but achievable.
There was robust discussion and debate around the financial targets for 2025 with
regards to the incentive plans, to ensure stretch.
Key people retention and general
retention policy.
Retention has been strong over 2025, with voluntary turnover at 6.6% and regretted
leavers at under 3% of turnover.
A compensation model that underpins our
culture and drives the right behaviours.
The Committee listened to feedback from Connections, our workforce representative
forum, and reviewed the link between pay and the Jupiter high-performance culture.
2025 evaluation conclusion
The Committee evaluation demonstrated that the Committee was performing effectively, and the evaluation specifically highlighted
effective leadership and a collaborative culture.
The following items were identified for key focus during 2026:
• Further strengthening communication flows between the Board, the Committee and the Executives.
• Review of the Directors’ Remuneration Policy, which is due for renewal at the 2027 AGM, and review the strategic alignment of
incentives across the organisation more broadly, ensuring they are competitive, simple, aligned to the high-performance culture
and driving the right behaviours.
• Ensure the smooth integration of CCLA from a remuneration perspective.
94
Remuneration Committee Report continued
Implementation in 2025
Single total figure
Executive Directors’ 2025 and 2024 remuneration (audited information)
Matthew Beesley Wayne Mepham
2025
£’000
2024
£’000
2025
£’000
2024
£’000
A. Fixed pay
Base salary 480 466 419 387
Taxable benefits
1
7 7 5 4
Pension
2
63 61 56 52
Total fixed remuneration
7
550 535 480 443
B. Annual bonus
Annual bonus:
Delivered in cash 467 395 288 220
Delivered in shares/fund units vesting immediately with six-month holding period 467 395 288 220
Delivered in shares/fund units vesting over three years 934 791 575 441
Total bonus
3
1,867 1,581 1,151 882
C. Vesting of LTIP awards
4
For performance in multi-year periods:
2022 award (2022-2024)
5
– 35 – 52
2023 award (2023-2025)
6
485 – 211 –
Total value of LTIP vesting 485 35 211 52
D. Other
SIP matching and free shares 2 2 2 2
Sharesave award 5 – 5 –
Total other 7 2 7 2
Total variable remuneration (B+C+D)
7
2,359 1,618 1,369 935
Total remuneration (A+B+C+D)
7
2,909 2,153 1,849 1,378
1. Comprising private medical and dental insurance, other taxable benefits selected though Jupiter’s flexible benefits offering (from 2025) and
reimbursement of reasonable expenses incurred in the performance of their duties and payment of any tax arising.
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 2022 LTIP award vesting in 2025 has been restated based on the share price on the vesting date 3 March 2025 of £0.7470.
6. Estimated value of the 2023 LTIP award vesting in 2026 is based on 23.44% vesting due to performance and average closing share price over
the period 1 October to 31 December 2025 of £1.4947 (the actual vesting date is 3 March 2026). £3,146 and £1,369 was attributable to share
price appreciation between grant and the end of 2025, for Matthew Beesley and Wayne Mepham respectively.
7. Any discrepancies in totals are due to rounding.
95Jupiter Fund Management plc Annual Report and Accounts 2025
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Executive Director variable pay awards for 2025 performance
Variable pay awards for 2025 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, giving consideration to shareholder and client experience during the year, see page 100.
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 2025.
Performance metric Primary measure
Threshold
performance
(25%
vesting)
Target
performance
(50%
vesting)
Maximum
performance
(100%
vesting)
Actual
performance
Percentage
outcome Commentary
Profitability Underlying PBT £41.2m £51.5m £61.8m £138.3m 100% Underlying PBT
targets are based
on the Group’s 2025
budget established
in December 2024
and updated in
February 2025. The
outcome achieved
in respect of
performance year
2025 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% 69% 80% The investment
performance
achieved in respect
of performance
year 2025 is 69%.
Investment
performance
at between the
Target and
Maximum level has
resulted in the
target delivering
20% as a weighted
percentage of the
overall maximum.
96
Remuneration Committee Report continued
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 2025, 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 2025.
Performance
metric 2025 assessment Outcome
Increase scale With net inflows of £1.3bn, our first positive calendar year for flows since 2017, AUM increased 19%
in 2025 to £54bn. We saw net positive flows across the Systematic, Global and UK Equities
capabilities, whilst the Retail & Wholesale channel returned to growth for the first time since 2017.
Assets from European clients rose by almost 40%, with growth in Italy and Germany, and
momentum in our Institutional channel remained strong.
The new investment teams have integrated well, with early signs of growth. The UK Dynamic
team delivered notable wins in 2025, and momentum is building in UK Income. Our new
European team was fully in place by May, whilst the Jupiter Origin team had an exceptional 2025,
creating meaningful opportunities to scale AUM, supported by the launch of a Global Smaller
Companies active ETF late in the year.
The acquisition of CCLA is a step forward for the business adding significant scale, with an
additional £15bn of client assets across the UK non-profit sector.
As we move into 2026, we are well positioned to build further scale.
Achieved
Decrease undue
complexity
With effective collaboration between the CEO and CFOO, the relentless pursuit of efficiency
continued to positively impact the business. Management’s approach remains disciplined, with
costs controlled where appropriate but investing selectively to support future profitable growth.
The continued delivery on these commitments in 2025 saw updated cost guidance and targets
in May, whilst non-compensation costs fell for the fourth consecutive year despite inflationary
pressures, ending the year at £98.9m versus £126m in 2021. Headcount also declined to 442 FTE at
year end, down from 492 in 2024 and 585 in 2021.
As part of our drive to reduce complexity, we streamlined our operating model in 2025,
consolidating suppliers and outsourcing key middle- and back-office functions to BNY.
These changes are expected to improve our efficiency and, most importantly, strengthen
how we serve clients.
Our focus on automation and technology utilisation continued to play a key role in the aim
of reducing complexity, with the roll-out of AI tools leading employees to report an estimated
time saving of over 40 minutes per user per day and a 16% increase in productivity.
Significantly
achieved
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Performance
metric 2025 assessment Outcome
Broaden our
appeal to
clients
Our 2025 initiatives further strengthened the appeal of our investment capabilities, reinforcing
the active, differentiated nature of our offering. Investment performance continued to recover,
particularly over one year, providing a solid foundation for 2026.
Agreeing the acquisition of CCLA, a leading responsible investment firm in the UK non-profit
sector, was a major step. This expands us into a client segment we had not previously served
and creates meaningful opportunities to scale by combining the strengths of both businesses.
Within the core Jupiter offering, we launched our first two active ETFs and our first fund on the
offshore Cayman platform. These initiatives extend our investment expertise into new client
segments. As investor needs evolve, we are adapting to ensure we remain relevant.
Launched by the CEO, the Client IQ initiative is strengthening our firmwide understanding of client
needs, with a centralised client-information hub and a series of dedicated events. Together,
these efforts are embedding deeper client insight across the organisation to enhance how we
serve them.
Achieved
Deepen
relationships
with all
stakeholders
We exist to help clients achieve their financial goals through truly active investment
management, making performance a critical measure of our success. This year, results
improved, with 84% of mutual fund AUM outperforming over one year and 68% over three years.
As reflected in our staff surveys, overall, our people are engaged and we are proud of the
persistently high engagement score, which at 88% is up by nine percentage points from 2024
and again, meaningfully above the financial services benchmark. Notably, 90% of colleagues feel
able to be themselves at work, and 83% believe we are committed to equality of opportunity—
both up four points on the prior year. The commitment to fostering an environment where all
colleagues can thrive was reflected in our recognition by The Sunday Times as one of the UK’s
Best Places to Work.
Our metrics which track diversity and inclusion are mostly positive for 2025, with female and
ethnic minority representation moving to 33% and 24% of senior leadership respectively (from
29% and 19% in 2024) and 40% and 25% of our total employee base (from 39% and 26% in 2024).
After years of sustained commitment, it’s gratifying to see shareholders meaningfully rewarded
for their patience and support. In 2025, our total shareholder return reached 92%, on top of an
83% rise in the share price.
From a sustainability perspective, we expanded our focused product range, increasing AUM in
these strategies, whilst external ESG ratings for Jupiter remain strong compared to industry
averages and broadly unchanged in 2025. Jupiter’s total absolute emissions from operations
showed a 27% decrease year-on-year when using a location-based method, whilst we continue
to be recognised by the Financial Reporting Council as a Stewardship Code signatory.
Our relationships with regulators continue to remain an important focus. Every employee has a
role to play here, and we have built a culture that takes these responsibilities seriously.
Significantly
achieved
98
Remuneration Committee Report continued
Assessing individual performance
The following table sets out supporting commentary and information the Committee referenced in assessing individual performance
of the Executive Directors for 2025.
Executive 2025 assessment Outcome
Matthew Beesley
Chief Executive Officer
In 2025, Matthew led from the front in the successful appointment of a new CIO,
positioning the organisation well for 2026.
Matthew maintained a strong focus on culture, continuing to embed a
high-performance mindset that is already influencing behaviours across the
organisation. Engagement scores remain well above sector norms, and the
organisation’s inclusion in The Sunday Times Best Places to Work in the UK was
a notable achievement.
In partnership with Wayne, he exceeded expectations on cost savings,
delivering results that surpassed initial targets.
Capital deployment, through the Origin acquisition and the CCLA transaction,
were standout successes, with Matthew playing a central role in both, leading
internal teams through due diligence and coordinating a complex stakeholder
group. The strong and sustained share price reaction reflects market
confidence in the value creation expected from the CCLA transaction.
Significantly Exceeded
Wayne Mepham
Chief Financial &
Operating Officer
In 2025, Wayne actively managed the Group’s capital and liquidity with a focus
on maximising capital efficiency while maintaining flexibility for both organic
and inorganic opportunities. This included disciplined oversight of seed capital
and continued enhancement of hedging strategies, which materially
strengthened risk mitigation. He played a central role in the acquisition of CCLA,
applying insights from past transactions to optimise outcomes.
Working with Matthew, Wayne delivered significant progress in cost efficiency
during 2025, with the Group’s headcount the lowest since 2015 and a further
reduction in non-compensation costs delivered whilst maintaining investment
in the business and without imposing undue pressure on teams.
As Chair of the Risk & Compliance Committee and a member of Culture and
Conduct Committee, Wayne continued to lead key aspects of the Group’s risk
and control framework, with substantial improvements made in strengthening
the control environment.
Wayne played a critical role in the drive to reduce complexity and streamline
the operating model, consolidating suppliers and outsourcing key middle- and
back-office functions to BNY. He also oversaw meaningful progress in
technology development, particularly in the exploration and adoption of AI.
Wayne remains a strong advocate for client centricity, supporting initiatives
within the Client Group to enhance the client experience and encouraging his
teams to contribute actively to a more client-focused culture.
Exceeded
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Determining individual Executive Director 2025 annual bonuses
The 2025 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 recognising the challenging (but expected) top line result, the Committee noted underlying profit before tax performing
significantly above budget, strong investment performance and positive net flows. The first two outcomes are reflected in the
financial component of the balanced scorecard.
• The Committee also noted the strong individual and collective performance of both Executive Directors, significant progress made
towards our four strategic objectives (as outlined on pages 96 to 98) and material total shareholder return over the year.
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.
2025 Executive Director bonus outcomes (includes some audited
information)
2025 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% 823 510
Investment outperformance 80% 25% 20% 412 255
Strategic goals and personal performance 86% – 88% 35% 31% 633 –
30% – 386
Totals 1,867 1,151
Outcome as percentage of maximum opportunity
1
90.8% 90.3%
Delivered as upfront cash 467 288
Delivered as shares or fund units with six-month
holding period 467 288
Delivered as shares and/or fund units vesting over
three years 934 575
1. Maximum opportunity for the annual bonus is 425% of salary for the CEO, 300% 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 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 2025 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 2025 total compensation expense of £200.8m (including performance fees) resulted in a total compensation ratio of 47%.
Excluding performance fees, the underlying total compensation expense is £156.6m, resulting in a total compensation ratio of 50%.
100
Remuneration Committee Report continued
Non-Executive Directors’ 2025 and 2024 fees (audited information)
David
Cruickshank
Roger
Yates
2
Karl
Sternberg
3
Dale
Murray
4
Suzy
Neubert
5
Siobhan
Boylan
6
James
Macpherson
7
Willie
Watt
8
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
£’000
2024
£’000
Fees 242 235 80 116 1 103 97 74 88 74 24 60 86 21 44 –
Benefits
1
0 2 1 1 0 2 1 1 0 1 0 1 0 0 0 –
Total
9
243 237 81 116 1 105 98 74 88 75 24 61 87 21 44 –
1. Benefits comprise reimbursement of reasonable taxable business expenses incurred in the performance of duties and the payment of any
tax arising.
2. Roger Yates resigned from the Board on 9 October 2025.
3. Karl Sternberg resigned from the Board on 3 January 2025.
4. Year-on-year increase is due to Dale Murray becoming Interim Chair of the Audit and Risk Committee on 1 April 2025 and permanent Chair
on 30 September 2025.
5. Year-on-year increase is due to Suzy Neubert becoming Senior Independent Director on 3 January 2025.
6. Siobhan Boylan resigned from the Board on 31 March 2025.
7. Year-on-year increase is due to James Macpherson joining the Board in 2024, the fees for 2024 are therefore pro-rated.
8. Willie Watt joined the Board on 4 June 2025, the fees are therefore pro-rated.
9. 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 2025.
Payments to former Directors (audited information)
No payments were made to any former Directors during 2025.
Payments for loss of office (audited information)
No payments were made for loss of office in 2025.
Performance condition testing for 2023 LTIP award, vesting 3 March 2026
The LTIP award vesting figure for Matthew Beesley and Wayne Mepham shown in the single total figure on page 95 is due to vest on
3 March 2026, subject to three performance conditions measured to 31 December 2025. 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.
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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 37.4%, 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:
• 64.7% of AUM performed above median or
above the benchmark over the three-year
period to 31 December 2025; and
• 73.4% of AUM performed above median or
above the benchmark over the five-year
period to 31 December 2025.
On a weighted basis, 71.3% of AUM performed
above median or above the benchmark.
• 78.1% of condition
vesting
• (23.4% 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 £11.2bn 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 • 23.4% 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.
Implementation in 2026
The following section provides an overview as to how each
element will be applied in 2026.
Base salary
Matthew Beesley (CEO) and Wayne Mepham’s (CFOO) base
salaries will increase by c. 3.5% and 3% to £500,950
(2025: £484,000) and £437,800 (2025: £425,000) respectively,
below the average 3.7% increase for Jupiter employees.
Annual bonus
Annual bonuses in respect of 2026 (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 2026 bonuses will be determined on the normal timetable
and in line with the process below.
The performance measures for the 2026 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.
The targets have been calibrated to reflect the CCLA acquisition
and our strategic priorities to ensure performance is measured
on a fair and consistent basis.
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.
102
Remuneration Committee Report continued
2026 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 Improve revenues and profitability in select non-UK geographies. Growth in absolute AUM (net of
market movements) and net flows in Global institutional and other target client segments in the
UK. Maintain AUM across CCLA clients.
Focus on building critical mass and scale across a range of new and emerging franchises, while
also growing existing capabilities.
Decrease undue
complexity
Deliver a flat or improved cost/income ratio, balancing seeking efficiency savings with necessary
investments for growth.
Progress towards optimising the target operating model, including integration of CCLA to realise
cost synergies.
Increase automation and responsible adoption of AI, and where appropriate consider outsourced
opportunities or benefits of supplier consolidation.
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. Deliver active
investment excellence, focused on the overall client experience.
Deepen
relationships with
all stakeholders
Increase the positive impact on society through our people and work, for example though the
Financial Confidence and early years schemes, focus on diversity and inclusion and staff
engagement.
Continue progress towards net zero targets for our corporate-level activities and in-scope funds.
Deliver cost savings and sustainable shareholder returns.
Personal
performance
Achievement against specific personal performance objectives.
Underpin Risk and
regulatory
compliance
The Committee considers the checkpoints set out on page 115 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 91. The Committee
considers more specific details of the 2026 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 2026 DRR.
The determination of variable pay awards in relation to 2026 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 115 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.
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Proportion of bonus and delivery method
The payment of bonuses for Executive Directors for 2026 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 2026 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).
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.
104
Remuneration Committee Report continued
Proportion
of LTIP Performance condition Performance measure Outcome
12.5%
Increase scale
Increasing scale of the business in any of
our nine key geographic regions, which
will require both versus the benchmark
year (2025):
• 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
• One region has achieved
“scale” (threshold)
• At least three 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
• 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
These awards will be granted in March 2026 and will vest in
March 2029, 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.
The Committee will review the final outturn to ensure it is
warranted based on shareholder and client experience over the
performance period. This is additional to the standard risk and
compliance assessment.
The 2026 LTIP award values will be as follows:
Matthew Beesley (CEO): £1,815,000 (375% of salary);
Wayne Mepham (CFOO): £1,168,750 (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, with CCLA
performance to be integrated on a progressive basis, reflecting
the time within the relevant measurement period CCLA has
been part of the Group.
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. Taking into account the CCLA
acquisition, the Board currently considers these EPS targets to
be commercially sensitive at this time on the basis that they
would provide market sensitive insights into the Group’s
long-term forecasts. The Committee is confident that the EPS
target range set is appropriately stretching taking into account
the market outlook, our strategic ambitions and the integration
of CCLA into the Group. The targets have been calibrated to
reflect the CCLA acquisition and synergy savings to ensure
performance is measured on a fair and consistent basis. We will
disclose the EPS target range in due course, when the Board is
comfortable that this information is no longer commercially
sensitive. Our current intention is to disclose the targets for the
2027 LTIP grant on a prospective basis.
Increasing scale of the business in our key geographic regions
is fundamental to driving future growth. Nine 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.
105Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic report Governance Financial statements Other information
Non-Executive Director fees, roles and Committee responsibilities
Jupiter normally reviews Non-Executive Director fees annually. With the forthcoming appointment of the new Non-Executive Chair, the
Chair’s fee will increase to £325,000 with effect from his appointment. This review considered the competitive market for a candidate
with the experience and skills of the incoming Chair alongside market data for industry peers. The Committee is comfortable the
increased fee recognises the critical nature of the Chair’s role in providing strategic leadership and governance oversight and
appropriately reflects the responsibilities and time commitment required. The base fee for Non-Executive roles was last increased
with effect 1 April 2023. Fees for chairing the Audit and Risk Committee and Remuneration Committee were last increased with effect
from 1 January 2020. We reviewed the Non-Executive fee levels during the course of the year and the Senior Independent Director fee
was increased with effect from 1 May 2025, as shown below. As part of this review, we considered the market data, time commitment,
and that the Senior Independent Director fee was last increased with effect from 1 January 2019. Furthermore, with effect from
1 January 2026, the Committee Chair and member fees will be consolidated into one all-inclusive fee for each Chair. Fees for all other
Non-Executive roles remain unchanged for the 2026 financial year.
2025 annual fee 2026 annual fee
Base fee £66,000 £66,000
Senior Independent Director fee £15,000 £15,000
ARC Chair fee (all inclusive) – £29,500
Remuneration Committee Chair fee (all inclusive) – £29,500
ARC Chair fee (in addition to member fee) £22,000 –
Remuneration Committee Chair fee (in addition to member fee) £22,000 –
ARC member fee £7,500 £7,500
Remuneration Committee member fee £7,500 £7,500
Non-Executive Chair fee (all inclusive) £245,000 £325,000
Non-Executive Directors are reimbursed for reasonable business expenses.
The roles and Committee responsibilities of the Non-Executive Directors during 2025 were as follows:
Director Title Roles and Committee responsibilities
David Cruickshank Independent Chair • Nomination Committee Chair
Karl Sternberg Independent Non-Executive Director
(stepped down 3 January 2025)
• Interim ARC Chair
• Nomination Committee member
• Remuneration Committee member
Roger Yates Independent Non-Executive Director
(stepped down 9 October 2025)
• Nomination Committee member
• Remuneration Committee Chair (up to 1 October 2025)
• ARC member
Dale Murray Independent Non-Executive Director • Interim ARC Chair (from 1 April 2025)
• ARC Chair (from 30 September 2025)
• ARC member (up to 1 April 2025)
• Remuneration Committee member (from 3 January 2025)
• Nomination Committee member
Suzy Neubert Independent Non-Executive Director
Senior Independent Director
(appointed 3 January 2025)
• Remuneration Committee member
• Nomination Committee member
Siobhan Boylan Independent Non-Executive Director
(stepped down 31 March 2025)
• ARC Chair (from 3 January 2025)
• ARC member (up to 3 January 2025)
• Nomination Committee member
James Macpherson Independent Non-Executive Director • ARC member
• Nomination Committee member
• Remuneration Committee Chair (from 1 October 2025)
• Remuneration Committee member (up to 1 October 2025)
Willie Watt Independent Non-Executive Director
(appointed 4 June 2025)
• Interim ARC member (from 9 October 2025)
• Remuneration Committee member
• Nomination Committee member
106
Remuneration Committee Report continued
Directors’ shareholdings (audited information)
Director
Ordinary shares
held at
31 December
2025
(no restrictions)
Unvested
ordinary
shares held at
31 December
2025 (subject
to continued
employment)
Total ordinary
shares held at
31 December
2025
Vested but
unexercised
options at
31 December
2025
Unvested
options,
vesting not
subject to
performance
conditions at
31 December
2025
Unvested
options,
vesting
subject to
performance
conditions at
31 December
2025
Total options
over
ordinary
shares held
at
31 December
2025
Shareholding
as a
percentage
of salary
Shareholding
as a
percentage of
salary
including
vested and
unvested
share options
1
Matthew Beesley 238,154 6,482 244,636 714,352 1,960,404 5,839,804 8,514,560 76% 519%
Wayne Mepham 237,509 7,866 245,375 364,668 739,595 3,465,997 4,570,260 86% 299%
David Cruickshank 160,000 – 160,000 – – – – – –
Siobhan Boylan
2
– – – – – – – – –
James
Macpherson 30,000 – 30,000 – – – – – –
Dale Murray 105,924 – 105,924 – – – – – –
Suzy Neubert 46,000 – 46,000 – – – – – –
Karl Sternberg
3
28,601 – 28,601 – – – – – –
Willie Watt 80,000 – 80,000 – – – – – –
Roger Yates
4
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.
2. Figures for Siobhan Boylan are as at 31 March 2025 (the date she stepped down from the Board).
3. Figures for Karl Sternberg are as at 3 January 2025 (the date he stepped down from the Board).
4. Figures for Roger Yates are as at 9 October 2025 (the date he stepped down from the Board).
There have been no changes to the above interests between the year end and 23 February 2026 (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 2025
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, or following an increase in the requirement, and is
satisfied with the progress of all Executive Directors against this.
Post-employment shareholding requirements
Under the DRP in operation for the 2025 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.
107Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic 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
Year granted
Number of
shares
under option
held as at
1 January
2025
including
dividend
adjustments
1,2,3,4,5,6,7,8
Market
value per
share at
date of
grant
11
Grant date
Face value
at award
Price used
to
determine
number of
shares
11
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
2025
9,10
Earliest
exercise date
Latest
exercise date
Director: Matthew Beesley
2022
(Buyout
Award)
4,156 £2.04 – – – – – – 4,156 03-Sep-24 03-Mar-31
124,135 £2.04 – – – – – – 130,186 03-Sep-25 03-Mar-32
2023 (in
respect
of 2022)
5,211 £1.485 – – – – – – 5,211 03-Sep-24 03-Mar-31
141,921 £1.485 – – – – – – 148,839 03-Sep-25 03-Mar-32
141,920 £1.485 – – – – – – 148,838 03-Sep-26 03-Mar-33
2024 (in
respect
of 2023)
337,940 £0.828 – – – – – – 354,413 04-Sep-25 04-Mar-32
337,940 £0.828 – – – – – – 354,413 04-Sep-26 04-Mar-33
337,939 £0.828 – – – – – – 354,412 04-Sep-27 04-Mar-34
2025 (in
respect
of 2024)
03-Mar-25 £790,573 £0.764 344,777 – – 361,584 03-Sep-26 03-Mar-33
344,777 – – 361,584 03-Sep-27 03-Mar-34
344,776 – – 361,583 03-Sep-28 03-Mar-35
108
Remuneration Committee Report continued
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
Year granted
Number of
shares
under option
held as at
1 January
2025
including
dividend
adjustments
1,2,3,4,5,6,7,8
Market
value per
share at
date of
grant
11
Grant date
Face value
at award
Price used
to
determine
number of
shares
11
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
2025
9,10
Earliest
exercise date
Latest
exercise date
Director: Wayne Mepham
2021 (in
respect
of 2020) 1,204 £2.81 – – – – – – 1,204
9 Sept
2024
9 March
2031
2022 (in
respect
of 2021)
1,722 £2.04 – – – – – – 1,722
3 Sept
2024
3 March
2031
51,438 £2.04 – – – – – – 53,945
3 Sept
2025
3 March
2032
2023 (in
respect
of 2022)
1,042 £1.485 – – – – – – 1,042
3 Sept
2024
3 March
2031
28,397 £1.485 – – – – – – 29,781
3 Sept
2025
3 March
2032
28,399 £1.485 – – – – – – 29,783
3 Sep
2026
3 March
2033
2024 (in
respect
of 2023)
113,538 £0.828 – – – – – – 119,072
4 Sept
2025
4 March
2032
113,538 £0.828 – – – – – – 119,072
4 Sept
2026
4 March
2033
113,537 £0.828 – – – – – – 119,071
4 Sept
2027
4 March
2034
2025 (in
respect
of 2024)
3 March
2025 £330,645 £0.764 144,197 – – 151,226
3 Sept
2026
3 March
2033
144,197 – – 151,226
3 Sept
2027
3 March
2034
144,198 – – 151,227
3 Sept
2028
3 March
2035
1. Outstanding share awards granted in 2021 were adjusted by 4.35% as a result of the 14 May 2021 Final and Special Dividend.
2. Outstanding share awards granted in 2021 were adjusted by 2.95% as a result of the 1 September 2021 Interim Dividend.
3. Outstanding share awards granted in 2021 and 2022 were adjusted by 4.6% as a result of the 20 May 2022 Final Dividend.
4. Outstanding share awards granted in 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. Outstanding share awards granted in 2021, 2022, 2023, 2024 and 2025 were adjusted by 3.35% as a result of the 20 May 2025 Final Dividend.
10. Outstanding share awards granted in 2021, 2022, 2023, 2024 and 2025 were adjusted by 1.90% as a result of the 5 September 2025
Interim Dividend.
11. Average closing share price from the three trading days prior to date of grant.
109Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic 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
2025
Market
value per
unit at date
of grant
1
Grant
date
Face value
at award
Price used
to
determine
number of
units
1
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
2025
Earliest
release
date
Matthew
Beesley
2025 (in
respect
of 2024)
3 March
2025 £395,287 £3.286 120,293 – 120,293 –
3 Sept
2025
Wayne
Mepham
2022 (in
respect
of 2021) 35,135 £0.79 – – – – – 35,135 –
3 Sept
2025
2023 (in
respect
of 2022) 9,223 £1.33 – – – – – 9,223 –
3 Sept
2025
9,224 £1.33 – – – – – – 9,224
3 Sept
2026
2024 (in
respect
of 2023) 267 £108.17 – – – – – 267 –
4 Sept
2025
267 £108.17 – – – – – – 267
4 Sept
2026
267 £108.17 – – – – – – 267
4 Sept
2027
2025 (in
respect
of 2024)
3 March
2025 £110,215 £1.64 22,416 – – 22,416
3 Sept
2026
22,416 – – 22,416
3 Sept
2027
22,417 – – 22,417
3 Sept
2028
2025 (in
respect
of 2024)
3 March
2025 £220,430 £3.286 67,080 – 67,080 –
3 Sept
2025
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 2025 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 108 to 109. 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.
110
Remuneration Committee Report continued
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
2025
including
dividend
adjustments
1,2,3,4,5,6,7,8
Market
value per
share at
date of
grant
11
Grant
date
Face value
at award
Price used
to
determine
number of
shares
11
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
2025
9,10
Earliest
exercise
date
Latest
exercise
date
Matthew
Beesley
2022 308,291 £2.04 – – – – 261,740 – 48,820
3 Sept
2025
3 March
2032
2023 1,320,855 £1.49 – – – – – – 1,385,245
12
3 March
2028
3 March
2033
2024 1,941,568 £0.807 – – – – – – 2,036,217
4 March
2029
4 March
2034
2025
3 March
2025 £1,762,500 £0.764 2,305,931 – – 2,418,342
3 March
2030
3 March
2035
Wayne
Mepham
2021 59,764 £2.82 – – – – – – 62,677
9 March
2026
9 March
2031
2022 457,814 £2.04 – – – – 388,685 – 72,498
3 March
2027
3 March
2032
2023 574,789 £1.49 – – – – – – 602,809
12
3 March
2028
3 March
2033
2024 1,290,937 £0.807 – – – – – – 1,353,868
4 March
2029
4 March
2034
2025
3 March
2025 £1,100,000 £0.764 1,439,163 – – 1,509,320
3 March
2030
3 March
2035
1. Outstanding share awards granted in 2021 were adjusted by 4.35% as a result of the 14 May 2021 Final and Special Dividend.
2. Outstanding share awards granted in 2021 were adjusted by 2.95% as a result of the 1 September 2021 Interim Dividend.
3. Outstanding share awards granted in 2021 and 2022 were adjusted by 4.6% as a result of the 20 May 2022 Final Dividend.
4. Outstanding share awards granted in 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. Outstanding share awards granted in 2021, 2022, 2023, 2024 and 2025 were adjusted by 3.35% as a result of the 20 May 2025 Final Dividend.
10. Outstanding share awards granted in 2021, 2022, 2023, 2024 and 2025 were adjusted by 1.90% as a result of the 5 September 2025 Interim
Dividend.
11. Average closing share price from three trading days prior to date of grant.
12. The 2023 LTIP shares under option have not been adjusted for the performance conditions as at 31 December 2025.
There have been no changes to the above interests between the year end and 23 February 2026 (the latest practicable date before
the printing of the Annual Report and Accounts).
111Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic 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 and 2025 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 EPS for awards granted in 2024 and 2025 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 2021, 2022 and 2023, 2024 and 2025 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%.
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 net flows for awards granted in 2025 are as follows: less than £6bn over the performance period,
0% vesting; £9bn or more over the performance period, 100% vesting; any other net flows between £6bn and £9bn is subject to a
sliding scale between 25% and 100%.
The targets and vesting schedule for increasing scale for awards granted in 2024 and 2025 are as follows: one region has achieved
scale, 25% vesting; at least three 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 and 2025 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.
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.
Malus and clawback provisions may apply (see page 114 for further details).
112
Remuneration Committee Report continued
Share Incentive Plan
Shares held at start of year Shares acquired/forfeited during the year Shares held at end of year
Director
Number of
shares subject
to award as at
1 January 2025
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
2025
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
2,267 £0.88 – – – – – 2,267 1 April 2027
1 April 2025 £2,000 £0.74 2,717 – 2,717 1 April 2028
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
2,267 £0.88 – – – – – 2,267 1 April 2027
1 April 2025 £2,000 £0.74 2,717 – 2,717 1 April 2028
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 exercised/
lapsed during the year Options held at end of year
Director
Year
granted
Number of
shares
under
option as
at 1 January
2025
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
exercised
during the
year
Number of
shares under
option held
as at
31 December
2025
Earliest
exercise
date
Latest
exercise
date
Matthew
Beesley
2022 22,727 £0.792 – – – – – – 22,727
1 Dec
2025
31 May
2026
2025
25 Sept
2025 £18,250 £1.0144 17,990 – – 17,990
1 Dec
2028
31 May
2029
Wayne
Mepham
2022 22,727 £0.792 – – – – – – 22,727
1 Dec
2025
31 May
2026
2025
25 Sept
2025 £18,250 £1.0144 17,990 – – 17,990
1 Dec
2028
31 May
2029
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.
113Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic report Governance Financial statements Other information
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 on page 115.
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.
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.
Malus and Clawback
For Executive Directors and MRTs, all variable remuneration is subject to malus and clawback provisions, whereby incentive
awards may be reduced, withheld or reclaimed. The circumstances under which malus and clawback provisions may apply include
(but are not limited to):
i. Financial results would have been materially lower on the basis of information that comes to light after the accounts for that
year are finalised (other than as a result of change of accounting policy subsequent to the end of the year);
ii. Material failure of risk management suffered by a Group company;
iii. Gross misconduct or material error on the part of the individual;
iv. Material reputational damage occurring to a Group company;
v. Performance assessment error in relation to an individual when determining the level of their award; and
vi. Any other circumstances which the Board considers to be similar in its nature or effect to those specified above.
Malus provisions apply for all unvested DBP and LTIP awards granted in respect of any events referred to above. Clawback provisions
apply to bonus payments delivered as cash and all vested DBP and LTIP awards granted, in respect of events described in (i) to (iii),
and (iv) to the extent that the individual is considered to be directly responsible or directly accountable.
The recovery periods in which provisions can be applied are aligned to the vesting and holding periods and performance cycles of
the business, as follows:
• In the case of a cash annual bonus (i.e. not deferred), the recovery period is three years from the date of award;
• In the case of DBP awards, the recovery period is three years and six months from the date of grant; and
• For LTIP awards, the recovery period is five years from the date of grant.
Further details are provided in the relevant contracts, plan rules and individual award certificates.
The Committee did not use the malus and clawback provisions during the year.
114
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 Risk, Compliance and Conduct 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.
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.
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 ten-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 ten-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 ten-year period as soon as practicable thereafter.
As at 31 December 2025, share awards granted under the DBP, LTIP and Sharesave in the 11 and a half years since Jupiter’s listing were
outstanding over 75.2m shares (including 13.1m granted to Executive Directors). This represented 13.8% (2.4% 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 2025 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.
115Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic report Governance Financial statements Other information
Jupiter’s total shareholder return compared against total shareholder return
of FTSE 250 and FTSE 350 Investment Banking and Brokerage Services indices
since December 2015
The chart below shows the Company’s share price performance (based on total shareholder return, with dividends reinvested net of
tax) in the ten-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
50
25
75
100
125
150
175
200
250
225
Dec 15
Jupiter
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 Dec 24 Dec 25
FTSE 250 FTSE 350 Financials
Note: Data points are measured on a Daily Base
Source: Bloomberg as at 26 January 2026
Table of historic levels of CEO pay
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
CEO single figure of total remuneration (£’000) 2,909 2,153 2,073 1,135
7
2,490 1,759 1,764 2,014 3,546 2,437
CEO bonus as a percentage of maximum potential
2
91% 79% 80% 39%
7
85% 64% 56%
1
55% N/A N/A
Long-term incentive vesting rates against
maximum potential 23% 15% N/A
9
0%
8
30%
6
N/A
5
32% 43% 74%
4
44%
3
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.
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.
116
Remuneration Committee Report continued
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
2025 Option A 30:1 22:1 13:1
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 2025 as the reference date on which
the pay for all employees in employment as at 1 October 2025 was calculated, consistent with our approach taken in prior years.
25
th
Percentile Median 75
th
Percentile
CEO single figure (£’000)
1
2,909
Employee single figure (£’000) 97 134 228
Employee single figure salary component (£’000) 68 95 139
1. The CEO single figure for 2025 includes the vested value of the 2023 LTIP award which is materially higher than in the prior year, due to both
the performance outcome and impact of the increased share price. This is also accompanied by an increase in bonus value year-on-year.
The ratio for 2025 is therefore higher.
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.
117Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic report Governance Financial statements Other information
Change in Board Directors’ pay vs employees
The following table sets out the percentage change in remuneration from FY24 to FY25 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.
2025 2024 2023 2022 2021
%
change
in
salary/
fee
(2024 to
2025)
%
change
in
taxable
benefits
9
(2024 to
2025)
%
change
in
annual
bonus
(2024 to
2025)
%
change
in
salary/
fee
(2023 to
2024)
%
change
in
taxable
benefits
(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)
Matthew
Beesley – CEO 3% -8% 18% 0% 11% 2% 0% -11% n/a n/a n/a n/a n/a n/a n/a
Wayne
Mepham
– CFOO 15% 22% 31% 5% 11% 27% 5% -11% 136% 0% -8% -56% 5% 9% 38%
David
Cruickshank
– NED, Chair 3% -68% n/a 15% 51% n/a 185% 764% n/a 105% 0% n/a n/a n/a n/a
Roger Yates
1
– NED, Chair of
Remuneration
Committee -11% 13% n/a 3% -46% n/a 6% -75% n/a 4% 0% n/a 20% 0% n/a
Karl Sternberg
2
– NED, Interim
Chair of Audit
and Risk
Committee 0% -100% n/a 8% 57% n/a 21% 0% n/a 0% 0% n/a 5% 0% n/a
Dale Murray
3
– NED, (Interim
and) Chair of
Audit and Risk
Committee 33% 12% n/a 1% -23% n/a 2% 16% n/a 200% 237% n/a n/a n/a n/a
Suzy Neubert
4
– NED, SID 19% -74% n/a 1% 39% n/a 23% 32% n/a n/a n/a n/a n/a n/a n/a
Siobhan
Boylan
5
58% -33% 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
– NED, Chair of
Remuneration
Committee
6
321% 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
Willie Watt
– NED
7
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
8
7% 64% 10% 9% 11% 12% 8% -11% 8% 11% -8% 4% 4% 9% 22%
1. The fee data for Roger Yates has been annualised for 2025 to reflect his full year equivalent amount had he remained serving on the Board
in his role. Roger stepped down from the Board on 9 October 2025.
2. The fee data for Karl Sternberg has been annualised for 2025 to reflect his full year equivalent amount had he remained serving on the
Board in his role. Karl stepped down from the Board on 3 January 2025.
3. Year-on-year increase is due to Dale Murray becoming (interim) Chair of the Audit and Risk Committee on 1 April 2025 and permanent Chair
on 30 September 2025.
4. Year-on-year increase is due to Suzy Neubert becoming Senior Independent Director on 3 January 2025.
5. The fee data for Siobhan Boylan has been annualised for 2025 to reflect her full year equivalent amount had she remained serving on the
Board in her role. Siobhan stepped down from the Board on 31 March 2025.
6. The fee for James Macpherson is higher than the previous year due to him joining the Board in 2024.
7. Willie Watt joined the Board on 4 June 2025, therefore prior year comparative data is not available for him.
8. For salary: calculated using the average of all salary percentage changes from 2024 to 2025 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 and from 2025, the cost of other taxable benefits selected though Jupiter’s flexible benefits
offering, paid by the Company. For annual bonus: calculated using the average of all full year equivalent discretionary annual bonus
percentage changes from 2024 to 2025 for all eligible employees of the Jupiter Group as part of the annual compensation review process.
9. Benefits for Executive Directors as for all other employees, plus taxable business expenses. 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 101. The quantums involved are often de minimis, but small changes can result in large percentage fluctuations shown in the
table above.
118
Remuneration Committee Report continued
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
2024 and 2025.
Stated before exceptional items (see APMs on page 185).
0 50 100 150 200 250
Underlying profit
before tax (£m)
Total employee
remuneration
(£m)
Dividends declared
(£m)
2025 2024
29.4
54.7
97.5
138.3
163.7
200.8
Our compensation costs (excluding performance fees) increased from £151.0m in 2024 to £156.6m in 2025. This movement principally
resulted from the 83% increase in Jupiter’s share price during the year and its impact on national insurance and apprenticeship levies
on historic compensation awards, in addition to the increase in the rate of employer’s national insurance in April. Furthermore, the
improvement in investment performance, one of the key measures used in setting investment manager compensation, resulted in
higher compensation across a number of investment desks. Ensuring we reward strong performance in order to attract and retain
talented people is vital to both us and to our clients, and remains an important part of our approach to cost management.
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 8 May 2025 and 9 May 2024 respectively.
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 2025 AGM 402,196,134 97.08 12,099,156 2.92 1,815,018
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 £54,400 in
2025, 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
James Macpherson
Chair of the Remuneration Committee
25 February 2026
119Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other informationStrategic 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 2025.
Business performance
Principal activities
achieve 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
Development and
performance
The Directors have chosen to provide commentary on the development and performance
in the year ended 31 December 2025, and disclose likely future developments in the Group’s
business in the Strategic report on pages 1 to 63.
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 152 to 157.
Directors’ remuneration
Information concerning Directors’ contractual arrangements and entitlements under
share-based remuneration arrangements is given in the Remuneration report on
pages 88 to 119.
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 2025,
can be found in the Sustainability in our Operations section on pages 38 and 39 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 52 to 57 and in our section 172 statement on pages 48 to 51.
Stakeholder interests
How we consider stakeholder interests, including our section 172 statement, in accordance
with section 414CZA of the Companies Act 2006, can be found on pages 48 to 51 of the
Strategic report.
Important events affecting
the Company since the end
of the year
Details of significant events since the year end are set out in Note 31: Events after the
balance sheet on page 166.
Research and Development
The Group’s operations do not involve research and development activities as defined for
reporting purposes, and accordingly no such activities took place during the year.
DTR 4.1.5R, DTR 4.1.8R
and DTR 4.1.11R
The annual financial statements are set out on pages 127 to 174. The responsibility
statements can be found on page 126. 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.
120
Listing Rules and Disclosure Guidance and Transparency Rules disclosures.
Business performance continued
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
Contracts of significance Page 123
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 184
Compliance statement
– DTR 7.2
This statement can be found in our Governance section on page 64 and 65 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 58 to 63 and in the Audit and Risk Committee report on
pages 80 to 87.
Structure of capital and
voting rights – DTR 7.2.6
As at 31 December 2025 and also as at 23 February 2026, the latest practicable date prior
to finalising this report, the Company’s issued share capital comprised 544,979,510 ordinary
shares of 2 pence each. The Company holds 16,349,385 shares in Treasury and has
528,630,125 in issue excluding Treasury shares. The Company may not exercise any right to
vote attached to Treasury shares, therefore, the total number of voting rights in Jupiter is
528,630,125.
The Company’s shares are fully paid. 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 and each share carries 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 7 May 2026 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.
121Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Shares and shareholders
Annual
General
Meeting
Our next AGM will take place on 7 May 2026. 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 2025 of 2.3 pence
per ordinary share (2024: 2.2 pence per ordinary share). Payment of this dividend is subject to approval by
shareholders at the AGM and if approved will be paid on 19 May 2026 to shareholders on the register at the
close of business on 17 April 2026. The Directors have also declared a special dividend of 5.7 pence per
ordinary share, which will be paid on 19 May 2026 to shareholders on the register at the close of business on
17 April 2026. The Company paid an interim dividend, in the amount of 2.1 pence per share (2024: 3.2 pence per
ordinary share) in respect of the period to 30 June 2025. The interim dividend was paid on 5 September 2025
to those shareholders on the register as at 8 August 2025.
Share
buyback
programmes
During 2025, the Company repurchased 16,349,385 ordinary shares which are now held in Treasury and
therefore non-voting. This share buyback programme was announced on 27 February 2025 to purchase a
maximum aggregate amount of £13.9 million ordinary shares. The Programme was executed under the
authority granted at the 2024 AGM, whereby the Company was authorised to make market purchases of up to
a maximum aggregate number of ordinary shares of 16,349,385.
On 25 February 2026, the Board approved the utilisation of the authority granted by shareholders at the 2025
AGM to purchase up to 3% of the Company’s issued share capital. The buyback programme will be subject to
the lower of a maximum aggregate consideration of £30m and 3% of the Company’s issued share capital. The
buyback programme is expected to commence in April 2026.
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 23 February 2026, the
latest practicable date prior to finalising this report, the SIP Trustee held 1.05% of the Company’s issued voting
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 23 February 2026, the
EBT Trustee held 4.28% of the Company’s issued voting 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 2025, 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 84,420,216 15.97
TA Associates 84,115,278 15.21
Aberforth Partners 28,848,052 5.29
JTC Employer Solutions Trustee Ltd 22,825,929 4.32
FIL Limited 27,413,383 5.03
The following notifications have been disclosed to the Company in accordance with DTR 5 during the period
1 January 2026 to 23 February 2026, the latest practicable date prior to finalising this report:
Silchester International Investors LLP 68,653,567 12.99
Aberforth Partners 25,723,244 4.87
Directors’ report continued
122
Directors
Board of
Directors
During the year, Willie Watt was appointed as an independent Non-Executive Director of the Board on 4 June
2025. Siobhan Boylan stepped down from the Board on 31 March 2025 and Roger Yates retired with effect from
9 October 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 (resigned on 31 March 2025)
• David Cruickshank
• James Macpherson
• Wayne Mepham
• Dale Murray
• Suzy Neubert
• Willie Watt (appointed 4 June 2025)
• Roger Yates (resigned on 9 October 2025)
Directors’
interests and
contracts of
significance
The Directors’ interests in the Company’s shares are set out in the Remuneration report on pages 88 to 119. 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.
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 2026, other than David Cruickshank who retires
from the Board on 1 April 2026.
As part of the acquisition of Merian Global Investors, TA Associates acquired ordinary shares representing
15.21% of the issued share capital. Under the terms of the transaction, TA Associates retains 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 2025 AGM, authorising the Directors to allot shares up to an
aggregate nominal amount of £1,087,612 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 2026 AGM, again up to
an aggregate nominal amount of c. 10% of ISC.
At the 2025 AGM, shareholders approved a resolution authorising the Company to make purchases of its own
shares up to a maximum of 16,314,181 ordinary shares, representing approximately 3% of the ISC. The Directors
have proposed to utilise this authority as set out in the section above titled “Share buyback programmes”.
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.
123Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Directors’ report continued
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
as defined in section 234 of 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 and 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, which is explained more fully in the Financial review on
page 30. 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
Jupiter has the following 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 (ended December 2025)
• Bank of New York Mellon – Middle Office (from May 2025), Depositary and Fund
Administration (from December 2025)
• 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.
124
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 52 to 57.
Political donations
The Group made no political donations or contributions during the year (2024: £nil).
Auditors and audit
Independent auditors
and audit information
EY were re-appointed at the AGM on 8 May 2025 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
7 May 2026.
Statements
Directors’ responsibility
statements
The statement of Directors’ responsibility for preparing the Annual Report and Accounts is
set out on page 126 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 stress
testing, show that the Group will be able to operate within its available resources and to
meet liabilities as they fall due 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 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
25 February 2026
125Jupiter Fund Management plc Annual Report and Accounts 2025
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
and Accounts, 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 (UK-adopted IFRS) 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 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 2026. Following this examination, the
Board was satisfied that the financial statements for 2025 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 IFRS 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 Enterprise Risk
Management Policy (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 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 66 to 67, 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
25 February 2026
126
Consolidated income statement and Consolidated statement of comprehensive income for the year ended 31 December 2025
Consolidated income statement
| 2025 | 2024 | ||
| Notes | £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 | |||
Finance income | 8 | ||
Finance costs | 8 | ( | ( |
Profit before taxation | |||
Income tax expense | 9 | ( | ( |
Profit for the year | |||
| Earnings per share | |||
Basic | 10 | ||
Diluted | 10 |
Consolidated statement of comprehensive income
| 2025 | 2024 | |
| £m | £m | |
Profit 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 for the year net of tax |
127Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Consolidated balance sheet at 31 December 2025
Consolidated balance sheet
| 2025 | 2024 | ||
| Notes | £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 | ||
| Current liabilities | |||
Financial liabilities at fair value through profit or loss | 16 | ||
Trade and other payables | 20 | ||
Provisions | 21 | ||
Current tax liability | |||
Total liabilities | |||
Total equity and liabilities |
128
Consolidated statement of changes in equity for the year ended 31 December 2025
Consolidated statement of changes in equity
| Foreign | ||||||
| currency | ||||||
| Share | Own share | Other | translation | Retained | ||
| capital | reserve | reserves | reserve | earnings | Total | |
| £m | £m | £m | £m | £m | £m | |
At 1 January 2024 | ( | |||||
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 | ( | |||||
Profit for the year after tax | ||||||
Total comprehensive income net of tax | ||||||
Vesting of ordinary shares and options | ||||||
Dividends paid | ( | ( | ||||
Purchase of treasury shares | ( | ( | ( | |||
Purchase of shares by EBT | ( | ( | ( | |||
Share-based payments | ||||||
Current tax | ||||||
Deferred tax | ||||||
Transfers 1 | ( | |||||
Total transactions with owners | ( | ( | ( | ( | ||
At 31 December 2025 | ( |
Notes 22 23 23 23 23
1. Represents partial realisation of the merger relief reserve – see footnote on page 168.
129Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Consolidated statement of cash flows for the year ended 31 December 2025
Consolidated statement of cash flows
| 2025 | 2024 | ||
| Notes | £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 1 | |||
Cash movement from funds and subsidiaries at the date they are no longer consolidated 2 | ( | ( | |
Interest income received | |||
Dividend income received | |||
Net cash inflows/(outflows) from investing activities | ( | ||
| Cash flows from financing activities | |||
Dividends paid | 24 | ( | ( |
Purchase of shares by EBT | ( | ( | |
Purchase of shares for cancellation | 23 | ( | |
Cash inflows from exercise of share options | |||
Finance costs paid | ( | ( | |
Cash paid in respect of lease arrangements | 13 | ( | ( |
Third-party subscriptions into consolidated funds | |||
Third-party redemptions from consolidated funds | ( | ( | |
Redemption of subordinated debt | ( | ||
Net cash (outflows)/inflows from financing activities | ( | ||
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Foreign exchange gain/(loss) on cash and cash equivalents | ( | ||
Cash and cash equivalents at end of year | 18 |
1. Includes purchases/proceeds from disposals of seed investments, 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/
disposals of financial assets by that fund.
2. During the year, the gross amounts of financial assets and liabilities, other than cash or cash equivalents, over which control was lost were
£112.6 m and £113.9 m respectively (2024: £232.4 m and £239.3 m respectively). The gross amounts of financial assets and liabilities, other than
cash or cash equivalents, over which control was obtained were £nil for both assets and liabilities (2024: £127.2 m for both).
130
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 185 to 187.
| 2025 | 2024 | |
| Net revenue | £m | £m |
Management fees 1 | 345.4 | 371.3 |
Performance fees | 120.3 | 31.2 |
Revenue | 465.7 | 402.5 |
Fee and commission expenses 2 | (34.7) | (38.4) |
Net revenue | 431.0 | 364.1 |
Notes to the Group Financial statements
131Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
1. Revenue and fee and commission expenses continued
| 2025 | 2024 | |
| Revenue by product type | £m | £m |
Pooled funds | 423.0 | 368.3 |
Segregated mandates | 42.7 | 34.2 |
Revenue | 465.7 | 402.5 |
2. Segmental reporting
The Group offers a range of investment products and services through different distribution channels. All financial, business
and strategic decisions are made centrally by the Board of Directors, which determines the KPIs of the Group. Information is
reported to the chief operating decision maker, the Board, on a single-segment basis. While the Group has the ability to analyse
its underlying information in different ways, for example by product type, this information is only used to allocate resources and
assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment
management business.
Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment.
| 2025 | 2024 | |
| Revenue by location of clients | £m | £m |
UK | 293.4 | 286.1 |
EMEA | 123.5 | 78.1 |
Asia | 22.5 | 19.0 |
Rest of the world | 26.3 | 19.3 |
Revenue by location | 465.7 | 402.5 |
| 2025 | 2024 | |
| Non-current assets for the Group | £m | £m |
UK | 534.7 | 540.0 |
EMEA | 1.6 | 1.2 |
Asia | 1.0 | 0.3 |
Non-current assets by location | 537.3 | 541.5 |
| 2025 | 2024 | |
| £m | £m | |
Staff costs (Note 4) | 208.5 | 163.7 |
Depreciation of property, plant and equipment (Note 13) | 6.3 | 5.0 |
Auditors’ remuneration (see below) | 1.9 | 1.8 |
Other administrative expenses | 90.0 | 102.7 |
Total administrative expenses | 306.7 | 273.2 |
132
| 2025 | 2024 | |
| 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 | 0.9 | 0.8 |
Audit-related assurance services | 0.3 | 0.3 |
Other assurance services | 0.3 | 0.3 |
Total auditors’ remuneration | 1.9 | 1.8 |
| 2025 | 2024 | |
| £m | £m | |
Wages and salaries | 149.2 | 119.6 |
Share-based payments (Note 5) | 23.5 | 17.2 |
Social security costs | 31.5 | 18.4 |
Pension costs | 7.6 | 7.2 |
Redundancy costs | 3.6 | 3.7 |
Staff costs before net gains arising from the economic hedging of fund awards | 215.4 | 166.1 |
Net gains on instruments held to provide an economic hedge for fund awards 1 | (6.9) | (2.4) |
Staff costs | 208.5 | 163.7 |
| 2025 | 2024 | |
| m | m | |
Investment management | 115 | 124 |
Client Group, including marketing | 121 | 136 |
Infrastructure and operations | 232 | 252 |
468 | 512 |
133Jupiter Fund Management plc Annual Report and Accounts 2025
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. For awards made
under the deferred bonus plans (DBP) and long-term incentive plan (LTIP), fair value is determined at the date of grant and is equal
to the market value of the shares at that time, adjusted 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:
| 2025 | 2024 | |
| £m | £m | |
Deferred Bonus Plan (DBP) | 17.2 | 13.4 |
Long-Term Incentive Plan (LTIP) | 5.4 | 3.1 |
Sharesave Plan (SAYE) | 0.2 | 0.4 |
Share Incentive Plan (SIP) | – | 0.1 |
Free Share Awards (FSA) | 0.7 | 0.2 |
Total (Note 4) | 23.5 | 17.2 |
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 SAYE schemes were determined using a Black-Scholes
option-pricing method and the following assumptions:
SAYE 2025 | SAYE 2024 | |
Weighted average share price | £1.27 | £0.85 |
Weighted average exercise price | £1.01 | £0.68 |
Weighted average expected volatility 1 | 39.3% | 37.5% |
Weighted average option life (years) | 3.7 | 3.7 |
Weighted average dividend yield | 3.4% | 7.7% |
1. Expected volatility for options granted in 2025 and 2024 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:
| 2025 | 2024 | |
| Credit/(charge) to the income statement as a result of a change in forfeiture assumptions | £m | £m |
+5% | 2.3 | 1.9 |
-5% 1 | (1.7) | (1.4) |
1. Where forfeiture assumptions are less than 5% in relation to an award, we have modelled the impact of a reduction in forfeitures to 0%.
| 2025 | 2024 | |
| (Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions | £m | £m |
+25% | (1.4) | (2.0) |
-25% | 1.4 | 2.3 |
134
2025 | 2024 | |
| Options outstanding | Number m | Number m |
At 1 January | 25.9 | 21.9 |
Granted | 20.9 | 17.0 |
Exercised | (9.7) | (11.6) |
Forfeited | (0.3) | (1.4) |
At 31 December | 36.8 | 25.9 |
Exercisable at 31 December | 4.0 | 2.8 |
Weighted average exercise price (WAEP) of options outstanding during the year | £nil | £nil |
Weighted average share price at the date options were exercised | £1.08 | £0.84 |
Weighted average fair value of options granted during the year | £0.78 | £0.83 |
Weighted average remaining contractual life of options outstanding at the balance sheet date | 7.7 years | 7.7 years |
135Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
5. Share-based payments continued
2025 | 2024 | |
| Options outstanding | Number m | Number m |
At 1 January | 21.0 | 17.2 |
Granted | 16.7 | 9.1 |
Exercised | (1.6) | (0.7) |
Forfeited | (5.4) | (4.6) |
At 31 December | 30.7 | 21.0 |
Exercisable at 31 December | 0.9 | 0.4 |
WAEP of options outstanding during the year | £nil | £nil |
Weighted average share price at the date options were exercised | £1.02 | £0.86 |
Weighted average fair value of options granted during the year | £0.79 | £0.82 |
Weighted average remaining contractual life of options outstanding at the balance sheet date | 8.2 years | 8.1 years |
(iii) Sharesave Plan
All eligible UK employees may participate in the Group’s Sharesave Plan. 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.
2025 | 2024 | |||
| Options outstanding | Number m | WAEP £ | Number m | WAEP £ |
At 1 January | 4.5 | 0.76 | 4.9 | 0.98 |
Granted | 1.0 | 1.27 | 1.7 | 0.68 |
Exercised | (1.0) | 1.47 | (0.1) | 0.86 |
Forfeited | (0.8) | 0.82 | (2.0) | 0.83 |
At 31 December | 3.7 | 0.80 | 4.5 | 0.76 |
Exercisable at 31 December | 0.8 | 0.79 | 0.1 | 1.31 |
Weighted average share price at the date options were exercised | £1.47 | £0.86 | ||
Weighted average fair value of options granted during the year | £0.25 | £0.17 | ||
Weighted average remaining contractual life of options outstanding at the balance sheet date | 2.3 years | 2.3 years |
The range of exercise prices of options granted under this plan is between £0.68 and £1.01.
(iv) International Share Award (ISA)
All non-UK employees may participate in the Group’s International Share Award, the terms of which are broadly similar to the
Sharesave Plan. The number of awards made during the year was 0.1m (2024: 0.1m).
(v) Share Incentive Plan (SIP)
All eligible UK employees may participate in the Group’s Share Incentive Plan. 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 0.1m (2024: 0.2m).
(vi) Free Share Award (FSA)
All eligible employees may participate in the Free Share Award. 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 1.2m (2024: 1.1m).
136
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:
2025 | 2024 | |||||
| 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 | 5.2 | 25.1 | 30.3 | 2.7 | 17.5 | 20.2 |
Net gains on instruments held to provide an economic hedge for fund awards | – | (6.9) | (6.9) | – | (2.4) | (2.4) |
Net charge arising from cash and fund-based awards | 5.2 | 18.2 | 23.4 | 2.7 | 15.1 | 17.8 |
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):
| 2025 | 2024 | |
| Credit/(charge) to the income statement as a result of a change in forfeiture assumptions | £m | £m |
+5% | 2.4 | 2.0 |
-5% 1 | (1.1) | (1.0) |
1. Where forfeiture assumptions are less than 5% in relation to an award, we have modelled the impact of a reduction in forfeitures to 0%.
| 2025 | 2024 | |
| (Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions | £m | £m |
+25% | (2.3) | (0.3) |
-25% | 3.6 | 2.9 |
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.
137Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
6. Cash and fund-based deferred compensation awards continued
| 2025 | 2024 | |
| £m | £m | |
Dividend income | 1.0 | 0.9 |
Gains on financial instruments at FVTPL – seed | 9.2 | 9.8 |
Losses on financial instruments at FVTPL – derivatives | (4.2) | (3.8) |
Other income | 0.6 | – |
Other gains | 6.6 | 6.9 |
| 2025 | 2024 | |
| £m | £m | |
Interest on bank deposits | 1.9 | 2.5 |
Interest on short-term money market fund investments | 5.3 | 5.5 |
Finance income | 7.2 | 8.0 |
| 2025 | 2024 | |
| £m | £m | |
Interest on subordinated debt | 1.4 | 4.5 |
Interest on lease liabilities | 1.3 | 1.4 |
Other interest charges | 0.5 | – |
Finance costs relating to the RCF | 0.2 | 0.2 |
Finance costs | 3.4 | 6.1 |
138
9. Income tax expense
The Group pays taxes according to the rates applicable in the countries in which it operates. The Group’s headquarters are in the UK.
Most taxes are recorded in the income statement and relate to taxes payable for the reporting period (current tax), but there is also
a charge or credit relating to tax payable for future periods due to income or expenses being recognised in a different period for
tax and accounting purposes (deferred tax). Tax is credited to equity when the tax benefit exceeds the cumulative income statement
expense on share plans.
| 2025 | 2024 | |
| £m | £m | |
| Current tax | ||
Tax on profits for the year | 39.9 | 24.7 |
Adjustments in respect of prior years | 0.2 | 0.2 |
Total current tax | 40.1 | 24.9 |
| Deferred tax | ||
Origination and reversal of temporary differences | (8.6) | (1.8) |
Total deferred tax (Note 15) | (8.6) | (1.8) |
Income tax expense | 31.5 | 23.1 |
Total tax expense
The UK corporation tax rate for 2025 and 2024 was 25%. The tax charge in the year is lower (2024: higher) than the standard rate of
corporation tax in the UK and the differences are explained below:
| 2025 | 2024 | |
| Factors affecting tax expense for the year | £m | £m |
Profit before taxation | 131.9 | 88.3 |
Taxation at the standard corporation tax rate (25.0%) | 33.0 | 22.1 |
Other permanent differences | (1.2) | 1.2 |
Adjustments in respect of prior years | 0.2 | 0.2 |
Effect of differences in overseas tax rates | (0.5) | (0.4) |
Total tax expense | 31.5 | 23.1 |
139Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
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 comprise shares held for treasury purposes and shares held in an EBT for the
benefit of employees.
As dilutive potential ordinary shares have or would have no impact on the Group’s income statement, 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:
| 2025 | 2024 | |
| Number | Number | |
| Weighted average number of shares | m | m |
Issued share capital | 545.0 | 545.0 |
Add: Contingently issuable shares 1 | 8.7 | 7.5 |
Less: Time-apportioned own shares held | (31.3) | (29.1) |
Weighted average number of ordinary shares for the purpose of basic EPS | 522.4 | 523.4 |
Add: Weighted average number of dilutive potential shares arising from share options | 39.3 | 10.3 |
Weighted average number of ordinary shares for the purpose of diluted EPS | 561.7 | 533.7 |
1. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.
| 2025 | 2024 | |
| Earnings per share | p | p |
Basic | 19.2 | 12.5 |
Diluted | 17.9 | 12.2 |
| 2025 | 2024 | |
| £m | £m | |
| Cost | ||
At 1 January and 31 December | 570.6 | 570.6 |
| Accumulated impairment | ||
At 1 January and 31 December | (76.2) | (76.2) |
| Net book value | ||
At 31 December | 494.4 | 494.4 |
140
| £m | |
Headroom at 1 January 2025 | 9.6 |
Increase in VIU of CGU in 2025 | 173.6 |
Decrease in carrying value of CGU in 2025 | 4.2 |
Headroom at 31 December 2025 | 187.4 |
| Reasonably | Decrease in | |
| possible adverse | valuation | |
| Key variable | movement | £m |
Discount rate | +1% | 55 |
Terminal growth rate movement | -0.1% | 4 |
Decrease in revenue 1 | -1% | 27 |
141Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
2025 | 2024 | |||||
| Investment | Investment | |||||
| Computer | management | Computer | management | |||
| software | contracts | Total | software | contracts | Total | |
| £m | £m | £m | £m | £m | £m | |
| Cost | ||||||
At 1 January | 21.2 | 75.0 | 96.2 | 19.2 | 75.0 | 94.2 |
Additions | 2.2 | – | 2.2 | 6.2 | – | 6.2 |
Disposals | – | – | – | (4.2) | – | (4.2) |
Retiring assets | – | (75.0) | (75.0) | – | – | – |
At 31 December | 23.4 | – | 23.4 | 21.2 | 75.0 | 96.2 |
| Accumulated amortisation | ||||||
At 1 January | (8.9) | (75.0) | (83.9) | (10.9) | (65.8) | (76.7) |
Charge for the year | (2.8) | – | (2.8) | (2.2) | (9.2) | (11.4) |
Disposals | – | – | – | 4.2 | – | 4.2 |
Retiring assets | – | 75.0 | 75.0 | – | – | – |
At 31 December | (11.7) | – | (11.7) | (8.9) | (75.0) | (83.9) |
| Net book value | ||||||
At 31 December | 11.7 | – | 11.7 | 12.3 | – | 12.3 |
11. Goodwill continued
142
2025 | 2024 | |||||||
| 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 | 49.0 | 5.4 | 8.1 | 62.5 | 49.3 | 5.4 | 7.0 | 61.7 |
Additions | 0.8 | – | 0.5 | 1.3 | 0.6 | – | 1.4 | 2.0 |
Disposals | (0.9) | (3.1) | – | (4.0) | (1.3) | – | (0.3) | (1.6) |
Lease modifications | 0.1 | – | – | 0.1 | 0.4 | – | – | 0.4 |
At 31 December | 49.0 | 2.3 | 8.6 | 59.9 | 49.0 | 5.4 | 8.1 | 62.5 |
| Accumulated depreciation | ||||||||
At 1 January | (19.1) | (2.7) | (5.9) | (27.7) | (16.4) | (2.4) | (5.4) | (24.2) |
Charge for the year | (3.9) | (1.7) | (0.7) | (6.3) | (3.9) | (0.3) | (0.8) | (5.0) |
Disposals | 0.9 | 3.1 | – | 4.0 | 1.2 | – | 0.3 | 1.5 |
Lease modifications | 1.3 | – | – | 1.3 | – | – | – | – |
At 31 December | (20.8) | (1.3) | (6.6) | (28.7) | (19.1) | (2.7) | (5.9) | (27.7) |
| Net book value | ||||||||
At 31 December | 28.2 | 1.0 | 2.0 | 31.2 | 29.9 | 2.7 | 2.2 | 34.8 |
| 2025 | 2024 | ||
| Notes | £m | £m | |
| Right-of-use assets | |||
Buildings | 27.8 | 29.5 | |
Equipment | 0.3 | 0.3 | |
Motor vehicles | 0.1 | 0.1 | |
28.2 | 29.9 | ||
| Lease liabilities | |||
Current | 20 | 4.6 | 4.2 |
Non-current | 20 | 34.1 | 36.7 |
26 | 38.7 | 40.9 |
143Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
13. Property, plant and equipment continued
| 2025 | 2024 | |
| £m | £m | |
| Depreciation charge of right-of-use assets (included in administrative expenses) | ||
Buildings | 3.7 | 3.7 |
Equipment | 0.1 | – |
Motor vehicles | 0.1 | 0.2 |
3.9 | 3.9 | |
Interest expense (included in finance costs – see Note 8) | 1.3 | 1.4 |
Expense relating to short-term leases (included in administrative expenses) | 0.2 | 0.2 |
144
| 2025 | 2024 | |
| £m | £m | |
At 1 January | 1.8 | 1.8 |
Loss for the year after tax | (0.1) | – |
At 31 December | 1.7 | 1.8 |
| Accelerated | Other | Other deferred | |||
| Share-based | capital | temporary | compensation | ||
| payments | allowances | differences | payments | Total | |
| £m | £m | £m | £m | £m | |
At 31 December 2024 | 7.2 | 0.2 | 0.2 | 8.0 | 15.6 |
At 31 December 2025 | 18.9 | 0.4 | 0.2 | 11.5 | 31.0 |
| Intangible | ||||||
| Accelerated | Other | Other deferred | assets arising | |||
| Share-based | capital | temporary | compensation | upon | ||
| payments | allowances | differences | payments | consolidation | Total | |
| £m | £m | £m | £m | £m | £m | |
At 1 January 2024 | 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 |
Credited to the income statement | 4.9 | 0.2 | – | 3.5 | – | 8.6 |
Credited to equity | 6.8 | – | – | – | – | 6.8 |
At 31 December 2025 | 18.9 | 0.4 | 0.2 | 11.5 | – | 31.0 |
145Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
| 2025 | 2024 | |
| £m | £m | |
| Financial assets | ||
Direct seed investment at fair value | 73.2 | 126.5 |
Adjustments to financial assets due to consolidation of funds | (5.8) | 99.2 |
Derivatives and fund unit hedges | 50.5 | 46.2 |
Financial assets at FVTPL | 117.9 | 271.9 |
Financial assets at amortised cost | 16.9 | 16.7 |
Total financial assets | 134.8 | 288.6 |
| 2025 | 2024 | |
| £m | £m | |
| Financial liabilities | ||
Financial liabilities at FVTPL | (42.0) | (100.1) |
Other financial liabilities at FVTPL | – | (0.4) |
Total financial liabilities | (42.0) | (100.5) |
146
| 2025 | 2024 | |
| Non-current | £m | £m |
Rent deposits | 0.4 | 0.4 |
0.4 | 0.4 |
| 2025 | 2024 | |
| Current | £m | £m |
Trade receivables | 62.1 | 83.4 |
Prepayments | 9.8 | 10.0 |
Accrued income | 142.7 | 51.1 |
Contract assets | 2.3 | 1.4 |
216.9 | 145.9 |
147Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
| 2025 | 2024 | |
| £m | £m | |
Cash at bank and in hand | 120.8 | 113.4 |
Cash equivalents | 145.2 | 147.1 |
Cash held by the EBT and seed investment subsidiaries | 52.7 | 0.6 |
318.7 | 261.1 |
| 2025 | 2024 | |
| £m | £m | |
Subordinated debt | – | 49.9 |
| 2025 | 2024 | |
| Non-current | £m | £m |
Lease liabilities | 34.1 | 36.7 |
Accrued expenses | 20.7 | 19.5 |
Social security and other taxes | 8.3 | 5.3 |
63.1 | 61.5 |
| 2025 | 2024 | |
| Current | £m | £m |
Accrued expenses | 131.2 | 104.1 |
Trade payables | 55.1 | 75.3 |
Social security and other taxes | 20.9 | 13.9 |
Other payables | 3.4 | 3.6 |
Lease liabilities | 4.6 | 4.2 |
215.2 | 201.1 |
148
| 2025 | |
| £m | |
At 1 January | 5.1 |
Charge for the year | 0.6 |
Provisions utilised | (1.7) |
Provisions released | (3.4) |
At 31 December | 0.6 |
Number of shares | Par value | |||
| 2025 | 2024 | 2025 | 2024 | |
| 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 |
149Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
Shares held in EBT | Treasury shares | Total own shares | ||||
| Nominal value | Nominal value | Nominal value | ||||
| Number of shares | of shares | Number of shares | of shares | Number of shares | of shares | |
| m | £m | m | £m | m | £m | |
At 1 January 2024 | 33.9 | 0.7 | – | – | 33.9 | 0.7 |
Purchases | 1.4 | – | – | – | 1.4 | – |
Disposals | (12.9) | (0.2) | – | – | (12.9) | (0.2) |
At 31 December 2024 | 22.4 | 0.5 | – | – | 22.4 | 0.5 |
Purchases | 17.7 | 0.4 | 16.3 | 0.3 | 34.0 | 0.7 |
Disposals | (13.4) | (0.3) | – | – | (13.4) | (0.3) |
At 31 December 2025 | 26.7 | 0.6 | 16.3 | 0.3 | 43.0 | 0.9 |
150
24. Dividends
Dividend distributions to the Company’s shareholders are recognised in the accounting period in which the dividends are paid.
| 2025 | 2024 | |
| £m | £m | |
Prior year final dividend (2.2p per ordinary share) (2024: 3.4p per ordinary share) | 11.5 | 17.6 |
Current year interim dividend (2.1p per ordinary share) (2024: 3.2p per ordinary share) | 10.8 | 16.6 |
22.3 | 34.2 |
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 2025
were £0.7m (2024: £1.8m).
A final dividend for 2025 of 2.3 p per share (2024: 2.2 p) and a special dividend of 5.7p per share (2024: nil) have been proposed by the
Directors. These dividends amount to £12.2 m and £30.1 m respectively before adjusting for any dividends waived on shares held in the
EBT and will be accounted for in 2026. Including the interim dividend for 2025 of 2.1p per share (2024: 3.2p), this gives a total dividend
per share of 10.1p (2024: 5.4p).
25. Cash flows from operating activities
| 2025 | 2024 | ||
| Notes | £m | £m | |
Operating profit | 128.1 | 86.4 | |
| Adjustments for: | |||
Amortisation of intangible assets | 12 | 2.8 | 11.4 |
Depreciation of property, plant and equipment | 13 | 6.3 | 5.0 |
Net gains on fund unit hedges | 4 | (6.9) | (2.4) |
Other net gains | (8.3) | 0.2 | |
Share-based payments | 5 | 23.5 | 17.2 |
Increase in trade and other receivables | (70.3) | (7.7) | |
Increase/(decrease) in trade and other payables | 13.2 | (14.6) | |
Cash generated from operations | 88.4 | 95.5 |
2025 | 2024 | |||||||
| Financial | Financial | |||||||
| liabilities at | Loans and | liabilities at | Loans and | |||||
| FVTPL | borrowings 1 | Leases 2 | Total | FVTPL | borrowings 1 | Leases 2 | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
Brought forward at 1 January | 100.1 | 49.9 | 40.9 | 190.9 | 80.2 | 49.7 | 44.1 | 174.0 |
New leases | – | – | 0.8 | 0.8 | – | – | 0.6 | 0.6 |
Changes from financing cash flows | 27.9 3 | – | (5.7) | 22.2 | 147.3 3 | – | (5.6) | 141.7 |
| Changes arising from obtaining or losing | ||||||||
control of consolidated funds | (113.0) | – | – | (113.0) | (160.9) | – | – | (160.9) |
Changes in fair value | 27.0 | – | – | 27.0 | 33.5 | – | – | 33.5 |
Interest expense | – | 0.1 | 1.3 | 1.4 | – | 0.2 | 1.4 | 1.6 |
Lease reassignment and modifications | – | – | 1.4 | 1.4 | – | – | 0.4 | 0.4 |
Repayment of loans and borrowings | – | (50.0) | – | (50.0) | – | – | – | – |
| Liabilities arising from financing activities | ||||||||
carried forward at 31 December | 42.0 | – | 38.7 | 80.7 | 100.1 | 49.9 | 40.9 | 190.9 |
Notes | 16 | 19 | 20 | 16 | 19 | 20 |
151Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
| Financial | ||||||
| Financial | assets held at | Financial | Financial | |||
| assets | amortised cost | liabilities | liabilities at | Non-financial | ||
| at FVTPL | and other | at FVTPL | amortised cost | instruments | Total | |
| 2025 | £m | £m | £m | £m | £m | £m |
Goodwill | – | – | – | – | 494.4 | 494.4 |
Intangible assets | – | – | – | – | 11.7 | 11.7 |
Property, plant and equipment | – | – | – | – | 31.2 | 31.2 |
Investment in associates 1 | – | 1.7 | – | – | – | 1.7 |
Deferred tax assets | – | – | – | – | 31.0 | 31.0 |
Non-current trade and other receivables | – | 0.4 | – | – | – | 0.4 |
Financial assets | 117.9 | 16.9 | – | – | – | 134.8 |
Current trade and other receivables 2 | – | 204.8 | – | – | 12.1 | 216.9 |
Cash and cash equivalents | – | 318.7 | – | – | – | 318.7 |
Current tax asset 2 | – | – | – | – | 1.8 | 1.8 |
Non-current trade and other payables 2 | – | – | – | (54.8) | (8.3) | (63.1) |
Financial liabilities at FVTPL | – | – | (42.0) | – | – | (42.0) |
Current trade and other payables 2 | – | – | – | (194.3) | (20.9) | (215.2) |
Provisions | – | – | – | (0.6) | – | (0.6) |
Current tax liability 2 | – | – | – | – | (15.6) | (15.6) |
Total | 117.9 | 542.5 | (42.0) | (249.7) | 537.4 | 906.1 |
| Financial | ||||||
| Financial | assets held at | Financial | Financial | |||
| assets | amortised cost | liabilities | liabilities at | Non-financial | ||
| at FVTPL | and other | 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 | – | 1.8 | – | – | – | 1.8 |
Deferred tax assets | – | – | – | – | 15.6 | 15.6 |
Non-current trade and other receivables | – | 0.4 | – | – | – | 0.4 |
Financial assets | 271.9 | 16.7 | – | – | – | 288.6 |
Current trade and other receivables 2 | – | 134.5 | – | – | 11.4 | 145.9 |
Cash and cash equivalents | – | 261.1 | – | – | – | 261.1 |
Current tax asset 2 | – | – | – | – | 1.6 | 1.6 |
Non-current loans and borrowings | – | – | – | (49.9) | – | (49.9) |
Non-current trade and other payables 2 | – | – | – | (56.2) | (5.3) | (61.5) |
Financial liabilities at FVTPL | – | – | (100.5) | – | – | (100.5) |
Current trade and other payables 2 | – | – | – | (187.2) | (13.9) | (201.1) |
Provisions | – | – | – | (5.1) | – | (5.1) |
Current tax liability 2 | – | – | – | – | (4.4) | (4.4) |
Total | 271.9 | 414.5 | (100.5) | (298.4) | 546.5 | 834.0 |
152
2025 | 2024 | |||||
| Financial | ||||||
| Financial assets | Other income | assets | Other income | |||
at FVTPL 1 | and expense | Total | at FVTPL 1 | and expense | Total | |
| £m | £m | £m | £m | £m | £m | |
Revenue | – | 465.7 | 465.7 | – | 402.5 | 402.5 |
Fee and commission expenses | – | (34.7) | (34.7) | – | (38.4) | (38.4) |
Administrative expenses | 6.9 | (313.6) | (306.7) | 2.4 | (275.6) | (273.2) |
Other gains | 6.6 | – | 6.6 | 6.9 | – | 6.9 |
Amortisation of intangible assets | – | (2.8) | (2.8) | – | (11.4) | (11.4) |
Finance income | – | 7.2 | 7.2 | – | 8.0 | 8.0 |
Finance costs | – | (3.4) | (3.4) | – | (6.1) | (6.1) |
Income tax expense | – | (31.5) | (31.5) | – | (23.1) | (23.1) |
Profit for the year | 13.5 | 86.9 | 100.4 | 9.3 | 55.9 | 65.2 |
| Level 1 | Level 2 | Level 3 | Total | |
| 2025 | £m | £m | £m | £m |
Financial assets – investments in funds | 99.8 | 16.6 | – | 116.4 |
Financial assets – derivatives | – | 1.5 | – | 1.5 |
Financial liabilities – non-controlling interests in consolidated funds | (42.0) | – | – | (42.0) |
57.8 | 18.1 | – | 75.9 |
| Level 1 | Level 2 | Level 3 | Total | |
| 2024 | £m | £m | £m | £m |
Financial assets – investments in funds | 271.0 | – | – | 271.0 |
Financial assets – derivatives | – | 0.9 | – | 0.9 |
Financial liabilities – non-controlling interests in consolidated funds | (100.1) | – | – | (100.1) |
Financial liabilities – derivatives | – | (0.4) | – | (0.4) |
170.9 | 0.5 | – | 171.4 |
153Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
27. Financial risk management continued
154
| 2025 | 2024 | |
| Impact on the income statement of change in equity markets | £m | £m |
+10% | 1.7 | 4.4 |
-10% | (1.7) | (4.4) |
2025 | 2024 | |||
| +10% | -10% | +10% | -10% | |
| Impact on the income statement of change in exchange rates | £m | £m | £m | £m |
Sterling against Euro | (6.2) | 7.6 | (7.9) | 9.6 |
Sterling against US Dollar | (2.8) | 3.5 | (6.6) | 8.1 |
Sterling against Singaporean Dollar | (1.2) | 1.5 | (0.5) | 0.7 |
Sterling against Hong Kong Dollar | (0.5) | 0.6 | (1.3) | 1.5 |
Sterling against Swiss Franc | (0.3) | 0.3 | (0.4) | 0.5 |
| 2025 | 2024 | |
| Impact on the income statement of change in interest rates | £m | £m |
+100 bps | 3.2 | 2.6 |
-100 bps | (3.2) | (2.6) |
155Jupiter Fund Management plc Annual Report and Accounts 2025
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Notes to the Group Financial Statements continued
27. Financial risk management continued
| 2025 | 2024 | |
| £m | £m | |
Neither past due nor impaired | 60.7 | 82.0 |
| Days past due: | ||
< 30 | 1.0 | 0.3 |
30-60 | 0.2 | 0.9 |
61-90 | 0.1 | – |
> 90 | 0.1 | 0.2 |
62.1 | 83.4 |
2025 | 2024 | |||||||
| Other financial | ||||||||
| Financial | assets held at | Financial | Other financial | |||||
| assets | Cash and cash | amortised | 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 | 3.2 | 132.7 | – | 135.9 | – | – | – | – |
AA | 5.1 | – | 20.3 | 25.4 | – | – | 20.2 | 20.2 |
A | 3.5 | 137.6 | 0.1 | 141.2 | – | 198.6 | – | 198.6 |
BBB | 2.6 | 48.4 | – | 51.0 | – | 62.5 | – | 62.5 |
BB | 0.9 | – | – | 0.9 | – | – | – | – |
Not rated | 102.6 | – | 58.6 | 161.2 | 271.9 | – | 79.9 | 351.8 |
Total | 117.9 | 318.7 | 79.0 | 515.6 | 271.9 | 261.1 | 100.1 | 633.1 |
156
2025 | 2024 | |||||||
| 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 | |
| Financial liabilities | £m | £m | £m | £m | £m | £m | £m | £m |
Loans and borrowings¹ | – | – | – | – | 54.4 | – | – | 54.4 |
Lease liabilities | 5.7 | 19.8 | 19.0 | 44.5 | 5.6 | 19.3 | 23.1 | 48.0 |
Trade and other payables | 189.8 | 20.8 | – | 210.6 | 180.0 | 19.4 | – | 199.4 |
Provisions | 0.6 | – | – | 0.6 | 5.1 | – | – | 5.1 |
Financial liabilities at FVTPL | 42.0 | – | – | 42.0 | 100.5 | – | – | 100.5 |
Total | 238.1 | 40.6 | 19.0 | 297.7 | 345.6 | 38.7 | 23.1 | 407.4 |
| 2025 | 2024 | |
| £m | £m | |
Equity¹ | 249.0 | 255.0 |
Retained earnings, foreign currency translation reserve | 657.1 | 579.0 |
Total equity | 906.1 | 834.0 |
157Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
| 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 2025 | 58 | 36.9 | 42.3 | 261.3 | 19.2 |
As at 31 December 2024 | 60 | 32.4 | 60.3 | 271.8 | 39.9 |
158
| Investment | Date of the end | |||||||
| Financial | in | Percentage | of the fund’s | |||||
| Country of | Principal | assets at | associates | of total AUM | reporting | |||
Name | Category | incorporation | activities | FVTPL £m | £m | held | Share class held by the Group | period |
| Jupiter GEARx Fund | Subsidiary | Cayman | Hedge | 23.4 | – | 38% | F Class USD Shares | 31-Mar |
| Limited | Islands | Fund | F Class EUR Hedged Shares | |||||
| F Class GBP Hedged Shares | ||||||||
| F Class CHF Hedged Shares | ||||||||
| F Class HKD Hedged Shares | ||||||||
| F Class SGD Hedged Shares | ||||||||
| F Class SEK Hedged Shares | ||||||||
| F Class NOK Hedged Shares | ||||||||
| A Class USD Shares | ||||||||
| M Class USD Shares | ||||||||
| M Class GBP Hedged Shares | ||||||||
| I Class USD Shares | ||||||||
| A Class EUR Hedged Shares | ||||||||
| F Class USD | ||||||||
| Jupiter Global | Subsidiary | Ireland | Exchange | 15.4 | – | 92% | USD Acc | 31-Mar |
| Government Bond | Traded | CHF Acc Hedged | ||||||
| Active UCITS ETF | Fund | GBP Acc Hedged | ||||||
| EUR Acc Hedged | ||||||||
| Jupiter Merlin | Subsidiary | England & | Unit Trust | 6.1 | – | 97% | I Acc | 31-May |
| Moderate Select | Wales | I Inc | ||||||
| J Acc | ||||||||
| and | ||||||||
| J Inc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 6.6 | – | 97% | I USD Acc | 31-Dec |
| Consumer Trends | sub-fund | I EUR Acc | ||||||
| Fund | I GBP Acc | |||||||
| L USD Acc | ||||||||
| L EUR Acc | ||||||||
| F USD Acc | ||||||||
| F GBP Acc | ||||||||
| F EUR Acc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 7.3 | – | 98% | I USD Acc | 31-Dec |
| Demographic | sub-fund | I EUR Acc | ||||||
| Opportunities Fund | I GBP Acc | |||||||
| L USD Acc | ||||||||
| L EUR Acc | ||||||||
| F USD Acc | ||||||||
| F GBP Acc | ||||||||
| F EUR Acc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 7.6 | – | 97% | I USD Acc | 31-Dec |
| Disruptive | sub-fund | I EUR Acc | ||||||
| Technology Fund | I GBP Acc | |||||||
| L USD Acc | ||||||||
| L EUR Acc | ||||||||
| F USD Acc | ||||||||
| F GBP Acc | ||||||||
| F EUR Acc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 6.0 | – | 88% | I USD Acc | 31-Dec |
| Healthcare | sub-fund | I EUR Acc | ||||||
| Innovation Fund | I GBP Acc | |||||||
| L USD Acc | ||||||||
| L EUR Acc | ||||||||
| F USD Acc | ||||||||
| F GBP Acc | ||||||||
| F EUR Acc | ||||||||
| Jupiter Systematic | Subsidiary | Ireland | ICVC | 7.4 | – | 91% | I USD Acc | 31-Dec |
| Physical World | sub-fund | I EUR Acc | ||||||
| Fund | I GBP Acc | |||||||
| L USD Acc | ||||||||
| L EUR Acc | ||||||||
| F USD Acc | ||||||||
| F GBP Acc | ||||||||
| F EUR Acc |
159Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
28. Interests in structured entities continued
| 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: | B AUD | ||||||
| Emerging Market Debt Income Fund | Hedged Inc (F) | Ireland | ICVC sub-fund | – | 90% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: | B ZAR | ||||||
| Emerging Market Debt Income Fund | Hedged Inc (F) | Ireland | ICVC sub-fund | – | 38% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Asia Pacific Income Fund (IRL) | B USD Inc (F) | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Asia Pacific Income Fund (IRL) | I USD Q Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Asia Pacific Income Fund (IRL) | L EUR Acc HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | L SGD M Inc | ||||||
| Asia Pacific Income Fund (IRL) | Dist HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Asia Pacific Income Fund (IRL) | L USD Inc (F) | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Asia Pacific Income Fund (IRL) | L USD Q Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Global Emerging Markets Focus Fund | N USD Acc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Global Fixed Income Fund | L USD M Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | L HKD Income | ||||||
| Global Fixed Income Fund | HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | L HKD M Inc | ||||||
| Global Fixed Income Fund | HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | L SGD Income | ||||||
| Global Fixed Income Fund | HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | L SGD M Inc | ||||||
| Global Fixed Income Fund | HSC | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Merian World Equity Fund | I GBP Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Merian World Equity Fund | I USD Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Merian World Equity Fund | L USD Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Merian World Equity Fund | U1 GBP Inc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
Strategic Absolute Return Bond Fund | U2 USD Acc | Ireland | ICVC sub-fund | – | 100% | 0% | 31-Dec |
| Jupiter Asset Management Series Plc: Jupiter | |||||||
UK Specialist Equity Fund | X GBP Acc | Ireland | ICVC sub-fund | 0.2 | 22% | 2% | 31-Dec |
| England & | |||||||
Jupiter European Fund | U4 GBP Inc Dist | Wales | Unit Trust | – | 100% | 0% | 30-Jun |
| D SGD Acc | |||||||
| Jupiter Global Fund SICAV: Dynamic Bond | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| V HKD M Inc | |||||||
| Jupiter Global Fund SICAV: Dynamic Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| V SGD M Inc | |||||||
| Jupiter Global Fund SICAV: Dynamic Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| V USD M Inc | |||||||
| Jupiter Global Fund SICAV: Dynamic Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
160
| 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: Jupiter European | |||||||
Select | U3 EUR Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | |||||||
Select | U3 EUR Q Inc | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U3 GBP Acc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U3 GBP Q Inc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U3 USD Acc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U3 USD Q Inc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | |||||||
Select | U4 EUR Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | |||||||
Select | U4 EUR Q Inc | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U4 GBP Acc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U4 GBP Q Inc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U4 USD Acc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter European | U4 USD Q Inc | ||||||
| Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 31-Dec | |
| Jupiter Global Fund SICAV: Jupiter Global High | G GBP Acc | ||||||
| Yield Bond | HSC | Luxembourg SICAV sub-fund | – | 62% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | G USD Q Inc | ||||||
| Yield Bond | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | I GBP Acc | ||||||
| Yield Bond | HSC | Luxembourg SICAV sub-fund | 0.4 | 41% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | L EUR Q Inc | ||||||
| Yield Bond | Dist | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | L SGD M Inc | ||||||
| Yield Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | N USD Q Inc | ||||||
| Yield Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | |||||||
Yield Bond | U3 EUR Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | |||||||
Yield Bond | U4 EUR Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | |||||||
Yield Bond | U4 EUR Q Inc | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| Jupiter Global Fund SICAV: Jupiter Global High | V SGD M Inc | ||||||
| Yield Bond | IRD HSC | Luxembourg SICAV sub-fund | – | 38% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Jupiter India Select | U4 USD Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| D GBP Acc | |||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | PHSC | Luxembourg SICAV sub-fund | 1.0 | 100% | 0% | 30-Sep | |
| U4 EUR S Inc | |||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | Dist | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
Jupiter Global Fund SICAV: Jupiter Japan Select | U4 GBP Acc | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| U4 GBP Acc | |||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | |
| U4 GBP Acc | |||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | PHSC | Luxembourg SICAV sub-fund | – | 46% | 0% | 30-Sep | |
| U4 GBP S Inc | |||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | Dist | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep |
161Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Notes to the Group Financial Statements continued
| 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 | |
| U4 GBP S Inc | ||||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | Dist HSC | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | ||
| U4 JPY S Inc | ||||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | Dist | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | ||
| U4 USD S Inc | ||||||||
| Jupiter Global Fund SICAV: Jupiter Japan Select | Dist | Luxembourg SICAV sub-fund | – | 100% | 0% | 30-Sep | ||
| Jupiter Investment Management Series I: | England & | |||||||
Jupiter UK Multi Cap Income Fund | U1 GBP Acc | Wales | Unit Trust | – | 100% | 0% | 31-Jul | |
| Jupiter Investment Management Series I: | England & | |||||||
Jupiter UK Multi Cap Income Fund | U1 GBP Inc | Wales | Unit Trust | – | 100% | 0% | 31-Jul | |
| Jupiter Investment Management Series II: | England & | |||||||
Jupiter Merian Global Equity Fund | U2 GBP Acc | Wales | OEIC sub-fund | 3.0 | 24% | 0% | 31-Oct | |
| England & | ||||||||
Jupiter Japan Income Fund | U3 Acc | Wales | Unit Trust | – | 100% | 0% | 30-Sep | |
| England & | ||||||||
Jupiter Japan Income Fund | U3 Inc Dist | Wales | Unit Trust | – | 100% | 0% | 30-Sep | |
| England & | ||||||||
Jupiter Japan Income Fund | U4 Acc | Wales | Unit Trust | – | 100% | 0% | 30-Sep | |
| England & | ||||||||
Jupiter UK Income Fund | U2 GBP Acc | Wales | Unit Trust | – | 100% | 0% | 31-Dec | |
| U2 GBP Inc | England & | |||||||
| Jupiter UK Income Fund | Dist | Wales | Unit Trust | – | 100% | 0% | 31-Dec | |
| England & | ||||||||
Jupiter UK Income Fund | U3 GBP Acc | Wales | Unit Trust | – | 100% | 0% | 31-Dec | |
| U3 GBP Inc | England & | |||||||
| Jupiter UK Income Fund | Dist | Wales | Unit Trust | – | 100% | 0% | 31-Dec | |
28. Interests in structured entities continued
162
| 2025 | 2024 | |
| £m | £m | |
Short-term employee benefits | 4.8 | 5.4 |
Share-based payments | 2.4 | 3.3 |
Other long-term employee benefits | 1.9 | 1.6 |
9.1 | 10.3 |
163Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
30. Basis of preparation and other accounting policies
Notes to the Group Financial Statements continued
164
165Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
31. Events after the balance sheet date
The following events occurred after the reporting date and are considered non-adjusting events for the purposes of IAS 10 Events
after the Reporting Period. Accordingly, no adjustments have been made to the amounts recognised in these financial statements:
On 2 February 2026, the Group acquired 100% of the issued share capital of CCLA Investment Management Limited (CCLA), an
investment management company registered in England. The total consideration payable is estimated to be approximately £100m,
satisfied in cash from existing reserves, of which £76.4m was paid on 2 February 2026, with the balance expected to be paid in the
second quarter of 2026, subject to the delivery and agreement of final post-closing adjustments.
Given that completion occurred shortly before the date of these financial statements, the determination of the fair values of the
identifiable assets and liabilities acquired is provisional. The fair value of the net tangible assets acquired is provisionally assessed as
being in the region of £30m, and the fair value assigned to goodwill and other intangible assets as £70m. Further information on the
acquisition, including updated fair value assessments and its impact on the Group’s financial position, will be provided in the Group’s
interim financial statements for 2026.
The goodwill and intangible assets recognised represent the value of acquired client relationships, brand, workforce, and anticipated
operational synergies.
On 25 February 2026, the Board approved the cancellation of 16.3m shares held in treasury. The cancellation will reduce issued share
capital when effected.
On the same date, the Board approved the utilisation of the authority granted by shareholders at the 2025 AGM to purchase up to 3%
of the Company’s issued share capital. The buyback programme is subject to a maximum aggregate consideration of £30m and a
limit of 3% of the Company’s issued share capital, and is expected to commence in April 2026.
Notes to the Group Financial Statements continued
166
Company balance sheet
Notes
2025
£m
2024
£m
Non-current assets
Investment in subsidiary undertakings 33 596.4 580.6
Deferred tax assets – 0.8
596.4 581.4
Current assets
Financial assets at FVTPL 35 – 0.3
Trade and other receivables 36 162.0 103.0
Cash and cash equivalents 37 5.8 0.7
167.8 104.0
Total assets 764.2 685.4
Equity
Share capital 22 10.9 10.9
Own share reserve 23 (0.9) (0.5)
Other reserves 23 239.0 244.6
Retained earnings 293.2 269.8
Total equity 542.2 524.8
Non-current liabilities
Loans and borrowings 19 – 49.9
Trade and other payables 38 0.9 0.5
0.9 50.4
Current liabilities
Trade and other payables 38 221.1 110.2
221.1 110.2
Total liabilities 222.0 160.6
Total equity and liabilities 764.2 685.4
The financial statements of Jupiter Fund Management plc (registered number 6150195) on pages 167 to 174 were approved by the
Board of Directors and authorised for issue on 25 February 2026. They were signed on its behalf by:
Wayne Mepham
Chief Financial & Operating Officer
Company balance sheet at 31 December 2025
167Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Company statement of changes in equity
Share
capital
£m
Own share
reserve
£m
Other
reserves
£m
Retained
earnings
£m
Total
£m
At 1 January 2024 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 – – (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
Profit for the year – – – 52.8 52.8
Total comprehensive income – – – 52.8 52.8
Vesting of ordinary shares and options – 0.2 – 0.5 0.7
Dividends paid – – – (22.3) (22.3)
Share-based payments – – – 23.5 23.5
Purchase of treasury shares – (0.3) – (13.4) (13.7)
Purchase of shares by EBT – (0.3) – (23.3) (23.6)
Transfers
1
– – (5.6) 5.6 –
Total transactions with owners – (0.4) (5.6) (29.4) (35.4)
At 31 December 2025 10.9 (0.9) 239.0 293.2 542.2
Notes 22 23 23
1. The impairment charge of £5.6m (2024: £5.7m) recognised in respect of the Company’s investment in Merian Global Investors Limited
(see Note 33) 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
2025
£m
2024
£m
Cash flows from operating activities
Cash generated from operations 39 119.0 30.7
Net cash inflows from operating activities 119.0 30.7
Cash flows from investing activities
Proceeds from sale of financial assets at FVTPL 0.3 9.1
Net cash inflows from investing activities 0.3 9.1
Cash flows from financing activities
Share repurchases (13.7) –
Purchase of shares by EBT (23.6) (1.0)
Finance costs paid (4.6) (4.8)
Dividends paid 24 (22.3) (34.2)
Redemption of subordinated debt (50.0) –
Net cash outflows from financing activities (114.2) (40.0)
Net movement in cash and cash equivalents 5.1 (0.2)
Cash and cash equivalents at beginning of year 0.7 0.9
Cash and cash equivalents at end of year 37 5.8 0.7
Company statement of changes in equity and Company statement of cash flows for the year ended 31 December 2025
168
32. 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 £52.8m (2024: £52.1m).
The Company operates an EBT to support the administration of its share-based payment plans and the trust’s assets, liabilities,
income and expenses are recognised within the Company’s financial statements.
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 33.
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 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 of the awards,
is recognised over the vesting period as an increase in the investment in subsidiary undertakings, with a corresponding credit to
equity in the Company financial statements.
Where the Company grants equity-settled share-based payment awards to Executive Directors of the Company, the fair value of the
services received is measured by reference to the grant date fair value of the awards and is recognised as an expense in the
Company’s income statement over the vesting period, with a corresponding credit to equity.
33. Investment in subsidiary undertakings
2025
£m
2024
£m
At 1 January 580.6 569.9
Share-based payments 21.4 16.4
Provision for impairment (5.6) (5.7)
At 31 December 596.4 580.6
During 2025 and 2024, 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. During the year, an
impairment review was undertaken as a result of the limited level of operational activity within certain entities and the extended time-
frame taken to liquidate those entities compared with original expectations. The review applied 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 Fund 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.
34. Related undertakings
The following information relates to the Company’s operating subsidiaries. At 31 December 2024 and 2025 (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 32 and 33). 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.
169Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
34. Related undertakings continued
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 Investment management
Jupiter Asset Management Group Limited
1
70 Victoria Street, London, UK Investment holding company
Jupiter Asset Management (Hong Kong) Limited Unit 1501, Level 15, AIA Central, 1 Connaught Road
Central, Hong Kong
Investment management
Jupiter Asset Management International S.A 5 Rue Heienhaff, Senningerberg, L-1736, Luxembourg Investment 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
1
70 Victoria Street, London, UK Investment holding company
Jupiter Fund Managers Limited 70 Victoria Street, London, UK Dormant
Jupiter Investment Management Group Limited
1
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 Investment management
Knightsbridge Asset Management Limited
1
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
1
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
1
70 Victoria Street, London, UK Investment holding company
Tyndall Investments Limited 70 Victoria Street, London, UK Dormant
1. Exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A.
The following information relates to an investment which is judged to be an associate of the Group:
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 2025.
Name Registered office Principal activities
Percentage of AUM
indirectly held by
the Company
Jupiter GEARX Fund PO Box 309, Ugland House, Grand Cayman,
Cayman Islands
Hedge fund 38%
Jupiter Global Emerging Markets Focus
ex China Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund 100%
Jupiter Global Government Bond Active 55 Charlemont Place, Dublin, Ireland UCITS ETF 92%
Jupiter Merlin Moderate Select 70 Victoria Street, London, UK Unit Trust 97%
Jupiter Systematic Consumer Trends Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 97%
Jupiter Systematic Demographic
Opportunities Fund
53 Merrion Square South, Dublin, Ireland ICVC sub-fund 98%
Jupiter Systematic Disruptive Technology Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 97%
Jupiter Systematic Healthcare Innovation Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 88%
Jupiter Systematic Physical World Fund 53 Merrion Square South, Dublin, Ireland ICVC sub-fund 91%
Notes to the Company Financial Statements continued
170
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: 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
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
Global Equity Absolute Return 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 Asset Management Series Plc: Strategic
Absolute Return Bond 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 Multi Cap Income Fund
70 Victoria Street, London, UK OEIC sub-fund
Jupiter Strategic Bond Fund 70 Victoria Street, London, UK Unit Trust
171Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
35. 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.
2025
£m
2024
£m
Financial assets
Financial assets at FVTPL – 0.3
– 0.3
36. 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.
2025
£m
2024
£m
Amounts due from subsidiaries 161.8 102.9
Prepayments and accrued income 0.2 0.1
162.0 103.0
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 (2024: £nil).
37. Cash and cash equivalents
2025
£m
2024
£m
Cash at bank and in hand 0.6 0.6
Cash held by the EBT 5.2 0.1
5.8 0.7
38. Trade and other payables
Non-current
2025
£m
2024
£m
Accruals 0.3 0.3
Social security and other taxes 0.6 0.2
0.9 0.5
Current
2025
£m
2024
£m
Amounts due to subsidiaries 218.7 105.4
Accruals 1.5 4.5
Social security and other taxes 0.9 0.3
221.1 110.2
39. Cash flows from operating activities
2025
£m
2024
£m
Operating profit 55.2 57.6
Adjustments for:
Share-based payments 2.1 0.8
Increase in trade and other receivables (50.3) (2.0)
Increase/(decrease) in trade and other payables 111.3 (25.7)
Cash inflows on exercise of share options 0.7 –
Cash generated from operations 119.0 30.7
Notes to the Company Financial Statements continued
172
40. Financial instruments
Financial instruments by category
The carrying value of the financial instruments of the Company at 31 December is shown below:
2025
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 596.4 – – – 596.4
Current trade and other receivables 162.0 – – – 162.0
Cash and cash equivalents 5.8 – – – 5.8
Non-current trade and other payables
1
– – (0.3) (0.6) (0.9)
Current trade and other payables
1
– – (220.2) (0.9) (221.1)
Total 764.2 – (220.5) (1.5) 542.2
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.
173Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
40. Financial instruments continued
At 31 December 2025 and 2024, 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 2025, the Company held the following financial instruments measured at fair value:
2025
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets at FVTPL – funds – – – –
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
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.
41. Related parties
Investments in subsidiary undertakings are disclosed in Note 33 and the amounts due from and to subsidiaries in Notes 36 and 38.
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:
2025
£m
2024
£m
Short-term employee benefits 1.6 1.6
Share-based payments 0.6 0.8
Other long-term employee benefits 0.3 0.3
2.5 2.7
Notes to the Company Financial Statements continued
174
Independent Auditor’s Report to the members of Jupiter Fund Management plc
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 2025 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 2025 which comprise:
Group Parent company
Consolidated balance sheet as at 31 December 2025 Company balance sheet as at 31 December 2025
Consolidated income statement for the year ended 31 December 2025 Company statement of changes in equity for the
year ended 31 December 2025
Consolidated statement of comprehensive income for the year ended
31 December 2025
Company statement of cash flows for the year
ended 31 December 2025
Consolidated statement of changes in equity for the year ended
31 December 2025
Related notes 32 to 41 to the financial statements,
including material accounting policy information
Consolidated statement of cash flows for the year ended 31 December 2025
Related notes 1 to 31 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.
175Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
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. Our evaluation of 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 forecasts by comparing to internal management information and external
market sources. We also determined that the forecast is appropriate to enable management to make an assessment of the going
concern status 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 within their Internal
Capital Adequacy and Risk Assessment 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;
• 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
a period of twelve months from the date when 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 comprises 31 legal entities domiciled in 10 countries.
• We performed an audit of the complete financial information of four legal entities
and audit procedures on specific balances for a further 11 legal entities.
• The Group’s processes over financial reporting are centralised in London. Therefore,
the majority of 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
Materiality • Overall group materiality of £6.6m which represents 5% of profit before tax.
An overview of the scope of the Parent Company and Group audits
Tailoring the scope
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 have engaged certain overseas teams to complete specific procedures on behalf of the Group audit team relating to the transfer
of fund administration responsibilities between third parties. For all other areas of the audit, we determined that centralised audit
procedures would be performed for all in-scope entities, for all audit areas.
176
We identified 15 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 a significant risk or an area of higher assessed risk of material
misstatement of the Group financial statements being 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 where audit work needed to be performed at these
entities 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 15 entities selected, we designed and performed audit procedures on the entire financial information of four legal entities (“full
scope entities”). For 11 entities, we designed and performed audit procedures on specific significant financial statement account
balances or disclosures of the financial information of the entity (“specific scope entities”).
Involvement with overseas teams
The Group has centralised its processes and controls over financial reporting in the UK. With the exception of the specified procedures
performed by our overseas audit teams, 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.
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.
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. These are explained on pages 41 to 43 in the Task Force On Climate Related Financial Disclosures
and on pages 58 to 63 in the Risk Management section of the Annual Report and Accounts. The Group has also explained their
climate commitments on pages 38 to 39. 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 on “Other information”. In planning and performing our audit we assessed the
potential impacts of climate change on the Group’s business and any consequential material impact on its financial statements.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any
consequential material impact on its financial statements.
The Group has explained in their Basis of Preparation and other accounting policies notes on pages 163 to 165 how climate change
has been reflected 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 climate risk, physical and transition, their climate commitments, the effects of material climate risks
disclosed on page 44 and the significant judgments and estimates disclosed in note 30 and whether these have been appropriately
reflected following the requirements of UK-adopted international accounting standards. As part of this evaluation, we performed our
own risk assessment, supported by our climate change internal specialists, to determine if there were risks of material misstatement
in the financial statements 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.
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.
177Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Independent Auditor’s Report to the members of Jupiter Fund Management plc continued
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,
2024: £494.4 million)
Refer to the Audit and Risk Committee
Report (page 80) and Note 11 of the
Consolidated Financial Statements
(page 140).
The Group recognised goodwill with a
carrying amount of £494.4m at
31 December 2025. 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 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 2026 to 2030
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;
• through enquiries of management, including the Chief Executive Officer, Chief Financial
and Operating Officer and Co-Head of the Client Group, challenging the forecast AUM
in the context of the wider macroeconomic environment and gaining an understanding
of how these align with the Group’s stated growth objectives;
• 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.
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 performed we have no matters to report with respect to impairment of goodwill.
178
Risk Our response to the risk
Improper recognition of revenue
(£465.7 million, 2024: £402.5 million)
Refer to the Audit and Risk Committee
Report (page 80) and Note 1 of the
Consolidated Financial Statements
(page 131)
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;
• evaluated the design and operating effectiveness of key controls over the calculation,
measurement, and recording of management fees earned from segregated
mandates. Our procedures included testing controls over the initiation and amendment
of fee agreements, as well as relevant IT dependent controls supporting the
management fee calculation process;
• 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 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 audit procedures performed, we have no matters to report with respect to revenue recognition.
179Jupiter Fund Management plc Annual Report and Accounts 2025
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 fee and
commission expenses (£34.7 million,
2024: £38.4 million)
Refer to the Audit and Risk Committee
Report (page 80) and Note 1 of the
Consolidated Financial Statements
(page 131).
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;
• for a sample of fee and commission expenses 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, agreed the invoices issued to the fee
and commission expense 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 audit procedures performed we have no matters to report in respect of fee and commission expenses.
180
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 £6.6 million (2024: £4.5 million), which is 5% of profit before tax (2024: 5% of profit before tax).
We determined materiality for the Parent Company to be £5.3 million (2024: £5.3 million), which is 1% of net assets (2024: 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 2025 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% (2024: 50%) of our planning materiality, namely £3.3m (2024: £2.2m).
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 £0.7m to £2.5m (2024: £0.4m to £2.1m).
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 £0.3m
(2024: £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 126 and 184 to 190, other than the
financial statements and our auditor’s report thereon. 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.
181Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements 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 its 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 126;
• Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why the period is
appropriate set out on page 126;
• Directors’ statement on whether it has a reasonable expectation that the Group will be able to continue in operation and meets its
liabilities as they fall due set out on page 126;
• Directors’ statement on fair, balanced and understandable set out on page 126;
• Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 126;
• The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems set
out on page 58; and
• The section describing the work of the Audit and Risk Committee set out on page 80.
Responsibilities of directors
As explained more fully in the Statement of Directors’ responsibilities set out on page 126, 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
182
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 UK 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 3 years, covering the years
ending 31 December 2023 to 31 December 2025.
• The audit opinion is consistent with the Audit Results Report presented 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
25 February 2026
183Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Historical summary (unaudited) for the year ended 31 December 2025
2025
£m
2024
£m
2023
£m
2022
£m
2021
£m
Net revenue 431.0 364.1 368.8 397.3 568.6
Administrative expenses (306.7) (273.2) (265.4) (302.3) (353.1)
Other gains/(losses) 6.6 6.9 3.2 (9.7) (4.4)
Amortisation of intangible assets (2.8) (11.4) (20.6) (21.0) (20.6)
Operating profit 128.1 86.4 86.0 64.3 190.5
Impairment of goodwill – – (76.2) – –
Finance income 7.2 8.0 5.8 0.3 –
Finance costs (3.4) (6.1) (6.2) (6.6) (6.8)
Profit before taxation 131.9 88.3 9.4 58.0 183.7
Income tax expense (31.5) (23.1) (22.3) (10.1) (34.1)
Profit/(loss) for the year 100.4 65.2 (12.9) 47.9 149.6
Earnings per share
Basic (p/share) 19.2 12.5 (2.5) 8.9 27.6
Diluted (p/share) 17.9 12.2 (2.5) 8.8 26.9
Dividends per share
Interim (p/share) 2.1 3.2 3.5 7.9 7.9
Final (p/share) 2.3 2.2 3.4 0.5 9.2
Special (p/share) 5.7 – 2.9 – –
Total dividends paid out of current year profit 10.1 5.4 9.8 8.4 17.1
AUM at year end (£bn) 54.0 45.3 52.2 50.2 60.5
Average headcount (number) 468 512 516 560 566
Cash and cash equivalents (£m) 318.7 261.1 268.2 280.3 197.3
Net cash inflows from operating activities (£m) 59.3 73.9 88.0 162.3 188.9
Underlying profit before tax (£m) 138.3 97.5 105.2 77.6 216.7
Underlying earnings per share (p/share) 19.4 13.4 14.8 11.3 31.7
184
The use of Alternative Performance Measures (APMs)
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 2025 Annual Report and Accounts, we have used the following ratios:
APM 2025 2024 Definition Reconciliation
1 Cost:income ratio 82% 78% Administrative expenses before exceptional
items and performance fee costs divided by
Net revenue before performance fees
See table 1
below
2 Net management fee margin 65bps 66bps
1
Net management fees divided by average AUM
3 Total compensation ratio 47% 45% Compensation costs before exceptional items
as a proportion of Net revenue
4 Total compensation ratio
before performance fees
50% 45% Compensation costs before exceptional items
and performance fees costs as a proportion of
Net revenue before performance fees
5 Underlying EPS 19.4p 13.4p Underlying profit after tax divided by average
issued share capital
6 Underlying EPS before
performance fee profits
8.7p 10.9p Underlying profit after tax before
performance fee profits divided by
average issued share capital
7 Total shareholder return 92% 1% 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
1. See “Changes in use of APMs in 2025” on page 187.
The use of Alternative Performance Measures in this Annual Report
185Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Reconciliations: table 1
APM
2025
£m
2024
£m
Administrative expenses (page 127) 306.7 273.2
Less: Performance fee costs (page 26) (44.2) (12.7)
Less: Exceptional items included in administrative expenses (page 29) (7.0) –
Administrative expenses before exceptional items and performance fee costs 255.5 260.5
Net revenue (page 127) 431.0 364.1
Less: Performance fees (page 131) (120.3) (31.2)
Net revenue before performance fees 310.7 332.9
Cost:income ratio 1 82% 78%
Management fees (page 131) 345.4 371.3
Less: Fees and commissions (page 131) (34.7) (38.4)
Net management fees 310.7 332.9
Average AUM (£bn) (page 26) 48.1 50.7
Net management fee margin
1
2 65bps 66bps
1. See “Changes in use of APMs in 2025” on page 187.
Compensation costs before exceptional items (page 26) 200.8 163.7
Net revenue (see above) 431.0 364.1
Total compensation ratio 3 47% 45%
Compensation costs before exceptional items and performance fee costs (page 26) 156.6 151.0
Net revenue before performance fees (see above) 310.7 332.9
Total compensation ratio before performance fees 4 50% 45%
Statutory profit before tax (page 127) 131.9 88.3
Exceptional items (page 29) 6.4 9.2
Underlying profit before tax 138.3 97.5
Tax at average statutory rate of 25.0%
2
(34.6) (24.4)
Underlying profit after tax 103.7 73.1
Average issued share capital (m) (page 29) 534.2 545.0
Underlying EPS 5 19.4p 13.4p
2. Actual effective tax rates applicable to underlying profit before tax were 23.3% in 2025 and 26.0% in 2024.
Underlying profit before tax before performance fee profits (page 29) 62.2 79.0
Tax at average statutory rate of 25.0%
3
(15.6) (19.8)
Underlying profit after tax before performance fee profits (page 29) 46.6 59.2
Average issued share capital (m) (see above) 534.2 545.0
Underlying EPS before performance fee profits 6 8.7p 10.9p
3. Actual effective tax rates applicable to underlying profit before tax before performance fee profits were 21.3% in 2025 and 26.3% in 2024.
The use of Alternative Performance Measures in this Annual Report continued
186
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 between compensation and non-
compensation expenditure 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 2025 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 fees 2
Compensation 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 26.
Changes in use of APMs in 2025
There have been no changes in the Group’s APMs compared to those used in 2024. As set out on page 131, the Group has amended
how it measures management fees. This has resulted in an increase of 1bp in the Group’s net management fee margin for the year
ended 31 December 2024.
187Jupiter Fund Management plc Annual Report and Accounts 2025
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 and special
dividend
Record date for final dividend and special dividend
Q1 Trading update
Annual General Meeting
Payment date for final dividend and special dividend
Interim results announcement
Q3 Trading update
Date
16 April 2026
17 April 2026
28 April 2026
7 May 2026
19 May 2026
23 July 2026
15 October 2026
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 2026 Notice of Annual General Meeting.
Shareholder information
188
Glossary
A
Act
Companies Act 2006 (as amended,
supplemented or replaced from time
to time)
AGM
Annual General Meeting
AML
Anti-money laundering
APMs
Alternative Performance Measures as
defined from page 185
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
189Jupiter Fund Management plc Annual Report and Accounts 2025
Strategic report Governance Financial statements Other information
Glossary continued
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 Managers Initiative
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
190
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