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The Value of Active Minds THE VALUE OF ACTIVE MINDS JUPITER FUND MANAGEMENT PLC ANNUAL REPORT AND ACCOUNTS 2020 THE VALUE OF ACTIVE MINDS WHAT’S IN THIS REPORT Jupiter is a specialist, high Strategic report 01 2020 overview 02 About Jupiter conviction, active asset 02 Our purpose and principles 04 Providing support through Covid-19 manager. 06 Our business 08 Our business model 10 Chairman’s statement 12 Chief Executive Officer’s review 16 Our strategic priorities and goals We exist to help our clients 18 Our key performance indicators 20 Chief Financial Officer’s review achieve their long-term 28 Strategic and operating review 28 Investment management 30 Product and distribution investment objectives. 32 Our people and culture 36 Corporate social responsibility 46 Stakeholder engagement 48 Section 172 statement 50 Risk and risk management 54 Principal risks & mitigations Governance 58 Board leadership and Company purpose 58 Chairman’s introduction to governance 62 Board of Directors 64 Executive Committee 65 Division of responsibilities 68 Composition, succession and evaluation 70 Nomination Committee report 74 Audit, risk and internal control 74 Audit and Risk Committee report 80 Remuneration report 80 Remuneration Committee report 115 Directors’ report 119 Directors’ responsibility and compliance statements Financial statements 120 Section 1: Results for the year 129 Section 2: Consolidated statement of cash flows 131 Section 3: Assets and liabilities 141 Section 4: Equity 143 Section 5: Other notes 155 Section 6: Company financial statements 162 Independent auditors’ report Other information 171 Historical summary (unaudited) 172 Shareholder information 173 Glossary of terms 01 2020 REPORT STRATEGIC OVERVIEW GOVERNANCE NON-FINANCIAL KPIs 2020 was a challenging year for everyone, but it We continued to deliver strong investment performance, with 70% of our was also a significant one for Jupiter as we made mutual fund AUM outperforming the median over the three years to progress towards a number of our strategic goals, 31 December 2020. Net outflows from our funds for the year totalled £4.0bn. despite the backdrop of the Covid-19 pandemic and its disruptive impact on stock markets and global business operations. 70% £(4.0)bn We successfully completed the acquisition of Merian Global Investors Limited (Merian), expanding INVESTMENT PERFORMANCE NET FLOWS AFTER ALL FEES 2019: £(4.5)bn our investment expertise and reinforcing our 2019: 72% (Change: +£0.5bn) position as a market leader in the UK retail channel. STATEMENTS FINANCIAL (Change: -2%) We continued to generate superior, sustainable investment performance for our clients, with 70% of our mutual fund assets outperforming FINANCIAL KPIs over a three-year period. Net management fees increased by 4% to £384.0m, driven by higher average AUM following the acquisition of Merian. As a result, underlying profit before We broadened our product range not only tax was 10% higher. Underlying earnings per share (EPS) were flat at 28.7p, due through the Merian acquisition but also through to the dilutive effect of the shares issued to fund the Merian acquisition. a number of selective fund launches and through our new partnership in the US with NZS Capital. Geographically, we expanded our distribution reach OTHER INFORMATION OTHER into both the largest and the fastest growing asset £384.0m 28.7p management markets globally, with an office NET MANAGEMENT FEES 1 UNDERLYING EARNINGS in North America and a partnership in China. 2019: £370.0m PER SHARE 1 (Change: +4%) 2019: 28.8p Gross inflows in 2020 remained robust at £16.5bn (Change: +0%) (2019: £13.4bn). Despite three positive quarters of net flows from Jupiter strategies, we saw total net outflows in the year of £4.0bn (2019: £4.5bn) as DIVIDENDS market volatility weighed upon investor sentiment. Ordinary dividends for the year were 17.1p per share, unchanged on 2019. Our assets under management increased by 37%, In addition, there was a special dividend of 3.0p per share (2019: nil). driven primarily by the Merian acquisition, and ended the year at a new high of £58.7bn. Statutory profit before tax of £132.6m decreased 12% due to costs relating to the acquisition, but 20.1p underlying profit before tax of £179.0m was up 10%. DIVIDENDS Underlying EPS of 28.7p was 0.1p lower than in 2019. 2019: 17.1p (Change: +18%) Reflecting the dilution from the share issue that funded our purchase of Merian, basic EPS was down 23%. Our strong capital position, robust balance sheet and careful management of our financial resources enabled us to both maintain the ordinary dividend at 17.1p and pay a special dividend of 3.0p. 1 Details of the Group’s use of alternative performance measures are on page 27. Jupiter Fund Management plc Annual Report and Accounts 2020 02 ABOUT JUPITER STRATEGIC REPORT STRATEGIC OUR PURPOSE AND PRINCIPLES Jupiter has a clear purpose and set of principles, underpinned by our belief in the value of active minds and the importance of keeping our clients at the heart of everything we do. THE VALUE OF ACTIVE MINDS OUR PURPOSE We believe that generating sustainable long-term We exist to help our clients achieve their outperformance for our clients, in a complex and long-term investment objectives. challenging world, requires diversity of thought and mindset in all its aspects. The ability to be agile, entrepreneurial and adaptable to help solve problems is a human quality. This is why CLIENTS our approach fosters real diversity of thinking, At Jupiter, our clients are our focus and our priority. We are dedicated to serving our clients and put their interests at the accountability, collaboration and a willingness heart of our business. to be challenged. We seek to be flexible and We have deep relationships that enable us to understand what change as circumstances and our environment our clients want from us and we engage continuously with them to ensure we are delivering on their expectations. evolve around us. Our commitment to active asset management is a driving force. Our fund managers have the freedom to pursue their own We believe that a combination of experience investment style within a collegiate environment with a shared and creativity, as well as a commitment to keep commitment to sustainability. Our distinct, entrepreneurial culture encourages independence of listening and learning across all of our business, thought and individual accountability so that they can follow their enables us to make a positive difference in the convictions and seek those investment opportunities that they world and deliver for our clients. believe will ensure the best outcome for our clients. We call this advantage “the value of active minds”. SOCIETY Our value to society lies in being responsible stewards of our clients’ assets, increasing the value of their savings and carefully deploying capital. We understand that active fund management is not only about financial results, but also about successfully identifying sustainable businesses that create value for both society and shareholders. We believe these companies have better long-term growth prospects, ultimately benefiting our clients. Our fund managers engage with our investee companies to help drive improvement in governance and encourage initiatives that could be beneficial for both the firm and broader society. Our fund manager led approach to stewardship differs by strategy and asset class, but is always centred on improving client outcomes. As long-term investors, our fund managers create sustained and effective relationships with company management, and this enables more meaningful and relevant engagement. www.jupiteram.com 03 STRATEGIC REPORT STRATEGIC GOVERNANCE OUR PURPOSE OUR CULTURAL PILLARS We believe in a set of guiding principles, which underpin the way we do business. FINANCIAL STATEMENTS FINANCIAL EMPLOYEES WE PUT CLIENTS FIRST We believe that our value is in our people, whatever their role in the organisation. We encourage collaboration, debate and A focus on serving our clients and a diversity. We give our employees the freedom and support commitment to delivering superior they need to perform at their best, to challenge and be open performance after fees is central to to challenge. why we exist as a business. When we recruit, we look for talented people and strive to build a workforce that is as diverse as the wider society in which we live and work. We consider diversity and inclusion at a company-wide level and firmly believe that fostering a culture which embraces WE VALUE OUR PEOPLE differences among people creates a stronger and more sustainable INFORMATION OTHER business. Through this commitment to improving diversity, we Independence of thought and individual actively promote independence of thought. accountability define us. We believe that Jupiter is committed to developing its people through its talent and learning programmes. We strongly encourage employee share diversity in people and freedom to think ownership and provided free Jupiter share awards to all staff in and act differently will set us apart. each of the last two years, aligning the interests of employees and shareholders that ultimately benefits our clients. SHAREHOLDERS WE SUCCEED TOGETHER Through our unwavering focus on meeting the needs of our clients and achieving superior investment performance, we believe that Only collectively, by working together we will achieve top quartile net new money growth and drive the as one team, can we meet our individual growth of the business. and business goals. Combining top quartile net new business growth with rigorous LONG-TERM INVESTMENT OBJECTIVES INVESTMENT LONG-TERM financial discipline will lead to strong financial performance. THEIR ACHIEVE OUR CLIENTS HELPING Along with a carefully managed capital base, this delivers strong total returns for our shareholders. WE CHALLENGE OURSELVES We encourage open debate, innovation and continuous improvement. Jupiter Fund Management plc Annual Report and Accounts 2020 04 ABOUT JUPITER STRATEGIC REPORT STRATEGIC PROVIDING SUPPORT THROUGH COVID-19 Throughout the pandemic, Jupiter has remained focused on supporting our people, delivering for our clients and helping local communities.
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