Jupiter Fund Management will commence a share buyback scheme next week, according to its third quarter trading update, which revealed that despite a reduction in outflows its assets under management are down over 20% year-on-year.
The £10m share buyback programme will start on 24 October and is part of the company's target to return at least 70% of underlying earnings per share for 2021 and 2022. The announcement came as part of trading update published on 20 October, which Matthew Beesley, CEO of the firm, deemed "encouraging". Jupiter reported net outflows of £0.6bn for the quarter, down from £2bn in the second quarter and £1.6bn in the first quarter. Market loss also reduced to £0.8bn down from £4.5bn in Q2 and £3.6bn in Q1. The firm's assets under management ended the quarter at £47.4bn, more than 20% l...
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