Shift to international clients boosts Jupiter first-half net revenue

LONDON (Reuters) - A shift away from UK clients boosted British asset manager Jupiter Fund Management's net revenue and assets under management in the first half, chief executive Maarten Slendebroek said on Wednesday. Net revenues jumped 14 percent from a year earlier, beating analysts' forecasts and driving the share price more than 4 percent higher, while assets under management rose 8 percent from end-December, Jupiter said in a trading statement for the six months ended June 30. The firm plans to open an office in Milan within the next year as part of its diversification strategy, Slendebroek told Reuters in a telephone interview. "We are following our clients around the world -- we have picked up money from Italian clients, it's time for us to service them more closely." Slendebroek said gross inflows in the first half came 50 percent from international clients and 50 percent from UK clients, while UK clients made up more than 80 percent of existing business. Slendebroek also said the money manager planned to launch two new funds this year. Jupiter and UK peers have benefited from government rule changes designed to get people to save more. Rathbone Brothers posted an underlying half-year profit rise of 27 percent on Tuesday, while St James's Place said on Wednesday half-year profits dipped, but net inflows and assets under management rose. Jupiter's shares rose 4.2 percent to 459.9 pence at 0730 GMT. The shares have jumped 27 percent this year, outstripping a 9 percent rise in the FTSE 250 index <.FTMC>. Analysts at Cantor Fitzgerald put their hold recommendation for the stock under review, highlighting "strong numbers in top-performing strategies such as European equities, and better outcomes from previously weaker areas". Jupiter's net revenue rose to 169.4 million pounds, and pretax profit jumped 74 percent from a year earlier to 84 million pounds, also above forecast. Assets under management rose to 34.3 billion pounds, while the fund manager saw net inflows of 1.4 billion pounds over the period. Jupiter increased its interim dividend to 4 pence a share from 3.7 pence. (Reporting by Carolyn Cohn; Editing by Sinead Cruise and Mark Potter)