Jupiter Fund Management said today that its pre-tax profit for 2010 rose nearly five-fold to £42.4 million ($68.5 million) from a year before, while assets under management also rose, lifted by rising net inflows.

The firm's profit rose from £7.2 million a year before, while assets under management rose to £24.1 million from £19.5 million. Net inflows were £2.3 billion last year, compared with £1.8 billion a year before, Jupiter, which floated on the London Stock Exchange in June last year, said in a statement.

"More than 50 per cent of our mutual funds by AuM were ranked in the first quartile in terms of three-year investment performance,” Edward Bonham-Carter, chief executive, said.

Net management fees rose to £204.7 million last year from £158.4 million in 2009, the firm said. Including performance and other fees, total fee income was £230.5 million, up from £182.1 million a year earlier.