Jupiter Fund Management recorded £160 million ($248 million) in pre-tax profits over the course of 2014, following the sale of its private client arm.

UK-based Jupiter Fund Management enjoyed a 40 per cent surge in pre-tax profit over 2014 to £160 million ($248 million).

The company's sale of its private client operations to investment manager Rathbones fetched a pre-tax sum of £28.5 million last year. Jupiter managed to offset its 4.3 per cent fall in assets under management following the sale, with a lift towards the end of the year that took assets to £31.9 billion, up a slight 0.6 per cent from £31.7 billion in 2013.

The group highlighted organic growth within its core mutual fund franchise, which benefited from net mutual fund inflows of £1.4 billion. Meanwhile, new business from fixed income strategies, as well as UK and European equity funds, contributed healthy net flows.

A 6 per cent rise in net management fees pushed the year's net revenues up to £303 million, compared to £288.5 million the previous year. 

Jupiter's EBITDA margins dipped 2 per cent, finishing the year at 51 per cent, which the group attributed to improved infrastructure and organisational functions.

“We believe that investment performance after fees will never go out of fashion, and that our chosen savings markets offer the prospect of significant long-term growth. As we extend our relationships with key distributors on a global basis and deliver the performance our clients are looking for, we are confident that we can continue to deliver profitable growth at attractive margins,” said Jupiter Fund Management's chief executive, Maarten Slendebroek, in the results statement.