Jupiter profits down 18% on Rathbones deal but inflows drive up AUM

Jupiter has reported an 18% fall in its profits in the first half of 2014, with the sale of its private client business increasing costs but also boosting dividend prospects.

Profits for the half year to 30 June fell from £59.1m to £48.4m, with the £5.3m cost of transferring its private client business to Rathbones a major factor.   Profits were also hit by another one-off factor, as last year's figure included a gain of £6.7m made from the sale of its Cofunds stake.   But the group has raised its dividend from 3.5p to 3.7p per share, and for the first time explicitly flagged the likelihood of special dividends in 2014 and beyond.   Crucially, net revenues increased 6% to £148.5m, supported by inflows into its fixed income range and a numbe...