Assets under management at Jupiter Fund Management for the first half of 2013 increased 10.3 per cent to £29 billion ($44.2 billion), up from £26.3 billion at the end of December 2012.

Net inflows for the first half were £418 million, down on the £1 billion seen over the final six months of 2012.

There were also net inflows of £130 million for private clients at the end of June 2013, down from £1.9 billion in December 2012. 

The firm said that while UK flows were dampened by the effects of the Retail Distribution Review, international expansion bolstered overall asset growth.

Profit before tax for the period rose to £59.1 million for the first half, up 89.5 per cent to £31.2 million from the same period last year. Jupiter said this increase was driven by increased earnings, reduced finance expenses and the gain made from the sale of Cofunds.

Net revenues for the first half increased 19 per cent to £140.3 million, compared to £109.4 million for the same period last year. This was driven by an increase in net management fees ahead of underlying market levels as a result of strong flows and investment outperformance.

“Jupiter continues to attract healthy inflows while delivering consistently strong investment performance. We have also made excellent progress in developing a strengthened and sustainable balance sheet. This performance, together with confidence in our prospects, has allowed us to increase our interim dividend by 40 per cent,” said chief executive Edward Bonham Carter.