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"decimals": -5, "dimensions": { "concept": "jupiter:GrossAmountOfLiabilitiesOverWhichControlWasLost", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "127200000.0", "decimals": -5, "dimensions": { "concept": "jupiter:GrossAmountOfAssetsAndLiabilitiesOverWhichControlWasObatined", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-310": { "value": "
Introduction
Accounting policies are contained within relevant notes, with the basis of preparation and general policies collected in Note 30.
An explanation of the use of APMs is provided on pages 185 to 187.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
1. Revenue and fee and commission expenses
The Group\u2019s primary source of recurring revenue is management fees. Management fees are charged for investment management
or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some
funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after
fee and commission expenses for ongoing services under distribution agreements.
Revenue
Revenue comprises the fair value of the consideration received or receivable for the provision of investment management and
administration services. Revenue is shown net of any value added tax, rebates and discounts. Our revenue components are
accounted for as follows:
\u2022 Management fees are earned over a period of time, and revenue is recognised in the same period in which the service is
performed. Management fees are normally calculated as a percentage of the value of assets managed in accordance with
individual management agreements and are billed to the client each period shortly after the relevant asset data is available.
\u2022 Performance fees are generally recognised at the end of the performance measurement period, when the agreed performance
obligations have been met, and the fee has crystallised and can be reliably estimated, or upon redemption by an investor. Until
the performance measurement period ends, market movements could significantly move the net asset value of the funds, and
therefore the value of any performance fees receivable. Performance fees are calculated as a percentage of the appreciation
in the net asset value of a fund or segregated mandate above a defined hurdle and are recognised when it is highly probable
that it will not be subject to significant reversal. There are no other performance obligations or services provided which suggest
that performance fees have been earned either before or after the crystallisation date. For certain performance fees earned
by the Group, the collectability of a proportion of the fee is contingent on future performance, in that it is deferred until the
end of the subsequent performance measurement period, at which time it may become receivable in full, or be offset against
underperformance in that subsequent measurement period. Because of the uncertainty around the collection of such fees in
current and future years, the Group does not recognise any contingent assets in this respect, and only recognises revenues
(and associated costs) when they become due for payment at the end of the subsequent performance measurement period.
Management fees and performance fees are both forms of variable consideration. The transaction price is determined at the end
of each measurement period and is normally equal to the relevant measure of AUM adjusted, if necessary, by a factor set out in the
investment management agreement. In the case of performance fees, the adjustment is a defined hurdle rate of return before the
performance fee is due. The amount is billed to the customer as per contractual arrangements for each of the separate components
of revenue listed above.
All components of the Group\u2019s revenue are performance obligations satisfied over time, and are generally not subject to returns or
refunds. For management fees, the Group uses the output method to recognise revenue, applying the practical expedient that allows
an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with
the value to the customer of the entity\u2019s performance completed to date. This is appropriate because investment management
services are generally satisfied over time with either the customer simultaneously receiving and consuming the benefits provided
by the investment manager as the investment manager performs the service, or with the investment manager\u2019s performance
enhancing the assets that the fund or, in the case of a segregated mandate, the client controls.
Fee and commission expenses
These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement
over the period in which the service is expected to be provided. The services provided include the provision of access to a
basket of investment products, information on financial products, promotional materials, ongoing services to clients and
transaction processing.
2025 2024
Net revenue \u00a3m \u00a3m
Management fees
1
345.4
371.3
Performance fees
120.3
31.2
Revenue
465.7
402.5
Fee and commission expenses
2
(34.7)
(38.4)
Net revenue
431.0
364.1
1. In previous periods, \u201cManagement fees\u201d was disaggregated between \u201cManagement fees\u201d and \u201cInitial charges and commissions\u201d. The
amounts reclassified are not material and prior year data has been re-presented accordingly.
2. In previous periods, \u201cFee and commission expenses\u201d was disaggregated between \u201cFee and commission expenses relating to management
fees\u201d and \u201cFee and commission expenses relating to Initial charges and commissions\u201d. The amounts reclassified are not material and prior
year data has been re-presented accordingly.
Disaggregation of revenue
The Group disaggregates revenue on the basis of product type and geographical region (see Note 2), as this best depicts how the
nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors.
The Group\u2019s product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include
both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined
via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance
with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles.
2025 2024
Revenue by product type \u00a3m \u00a3m
Pooled funds
423.0
368.3
Segregated mandates
42.7
34.2
Revenue
465.7
402.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "1. Revenue and fee and commission expenses The Group\u2019s primary source of recurring revenue is management fees. Management fees are charged for investment management or administrative services and are normally based on an agreed percentage of AUM. Performance fees may be earned from some funds and segregated mandate contracts when agreed performance conditions are met. Net revenue is stated after fee and commission expenses for ongoing services under distribution agreements. Revenue Revenue comprises the fair value of the consideration received or receivable for the provision of investment management and administration services. Revenue is shown net of any value added tax, rebates and discounts. Our revenue components are accounted for as follows: \u2022 Management fees are earned over a period of time, and revenue is recognised in the same period in which the service is performed. Management fees are normally calculated as a percentage of the value of assets managed in accordance with individual management agreements and are billed to the client each period shortly after the relevant asset data is available. \u2022 Performance fees are generally recognised at the end of the performance measurement period, when the agreed performance obligations have been met, and the fee has crystallised and can be reliably estimated, or upon redemption by an investor. Until the performance measurement period ends, market movements could significantly move the net asset value of the funds, and therefore the value of any performance fees receivable. Performance fees are calculated as a percentage of the appreciation in the net asset value of a fund or segregated mandate above a defined hurdle and are recognised when it is highly probable that it will not be subject to significant reversal. There are no other performance obligations or services provided which suggest that performance fees have been earned either before or after the crystallisation date. For certain performance fees earned by the Group, the collectability of a proportion of the fee is contingent on future performance, in that it is deferred until the end of the subsequent performance measurement period, at which time it may become receivable in full, or be offset against underperformance in that subsequent measurement period. Because of the uncertainty around the collection of such fees in current and future years, the Group does not recognise any contingent assets in this respect, and only recognises revenues (and associated costs) when they become due for payment at the end of the subsequent performance measurement period. Management fees and performance fees are both forms of variable consideration. The transaction price is determined at the end of each measurement period and is normally equal to the relevant measure of AUM adjusted, if necessary, by a factor set out in the investment management agreement. In the case of performance fees, the adjustment is a defined hurdle rate of return before the performance fee is due. The amount is billed to the customer as per contractual arrangements for each of the separate components of revenue listed above. All components of the Group\u2019s revenue are performance obligations satisfied over time, and are generally not subject to returns or refunds. For management fees, the Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to the customer of the entity\u2019s performance completed to date. This is appropriate because investment management services are generally satisfied over time with either the customer simultaneously receiving and consuming the benefits provided by the investment manager as the investment manager performs the service, or with the investment manager\u2019s performance enhancing the assets that the fund or, in the case of a segregated mandate, the client controls. Fee and commission expenses These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement over the period in which the service is expected to be provided. The services provided include the provision of access to a basket of investment products, information on financial products, promotional materials, ongoing services to clients and transaction processing.
2025 2024
Net revenue \u00a3m \u00a3m
Management fees
1
345.4
371.3
Performance fees
120.3
31.2
Revenue
465.7
402.5
Fee and commission expenses
2
(34.7)
(38.4)
Net revenue
431.0
364.1
1. In previous periods, \u201cManagement fees\u201d was disaggregated between \u201cManagement fees\u201d and \u201cInitial charges and commissions\u201d. The amounts reclassified are not material and prior year data has been re-presented accordingly. 2. In previous periods, \u201cFee and commission expenses\u201d was disaggregated between \u201cFee and commission expenses relating to management fees\u201d and \u201cFee and commission expenses relating to Initial charges and commissions\u201d. The amounts reclassified are not material and prior year data has been re-presented accordingly. Disaggregation of revenue The Group disaggregates revenue on the basis of product type and geographical region (see Note 2), as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. The Group\u2019s product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles.
2025 2024
Revenue by product type \u00a3m \u00a3m
Pooled funds
423.0
368.3
Segregated mandates
42.7
34.2
Revenue
465.7
402.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Fee and commission expenses These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement over the period in which the service is expected to be provided. The services provided include the provision of access to a basket of investment products, information on financial products, promotional materials, ongoing services to clients and transaction processing.
2025 2024
Net revenue \u00a3m \u00a3m
Management fees
1
345.4
371.3
Performance fees
120.3
31.2
Revenue
465.7
402.5
Fee and commission expenses
2
(34.7)
(38.4)
Net revenue
431.0
364.1
1. In previous periods, \u201cManagement fees\u201d was disaggregated between \u201cManagement fees\u201d and \u201cInitial charges and commissions\u201d. The amounts reclassified are not material and prior year data has been re-presented accordingly. 2. In previous periods, \u201cFee and commission expenses\u201d was disaggregated between \u201cFee and commission expenses relating to management fees\u201d and \u201cFee and commission expenses relating to Initial charges and commissions\u201d. The amounts reclassified are not material and prior year data has been re-presented accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "Disaggregation of revenue The Group disaggregates revenue on the basis of product type and geographical region (see Note 2), as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. The Group\u2019s product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles.
2025 2024
Revenue by product type \u00a3m \u00a3m
Pooled funds
423.0
368.3
Segregated mandates
42.7
34.2
Revenue
465.7
402.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "
2. Segmental reporting
The Group offers a range of investment products and services through different distribution channels. All financial, business
and strategic decisions are made centrally by the Board of Directors, which determines the KPIs of the Group. Information is
reported to the chief operating decision maker, the Board, on a single-segment basis. While the Group has the ability to analyse
its underlying information in different ways, for example by product type, this information is only used to allocate resources and
assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment
management business.
Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment.
Geographical information
2025 2024
Revenue by location of clients \u00a3m \u00a3m
UK
293.4
286.1
EMEA
123.5
78.1
Asia
22.5
19.0
Rest of the world
26.3
19.3
Revenue by location
465.7
402.5
The location of clients is determined using management information obtained from distribution partners and, where applicable,
directly from client mandate information. Where management information is not available, the location of the distribution partner is
used as a proxy for the location of the client.
Non-current assets for the Group (excluding financial instruments, prepayments and deferred tax assets) are domiciled as set
out below:
2025 2024
Non-current assets for the Group \u00a3m \u00a3m
UK
534.7
540.0
EMEA
1.6
1.2
Asia
1.0
0.3
Non-current assets by location
537.3
541.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Geographical information
2025 2024
Revenue by location of clients \u00a3m \u00a3m
UK
293.4
286.1
EMEA
123.5
78.1
Asia
22.5
19.0
Rest of the world
26.3
19.3
Revenue by location
465.7
402.5
The location of clients is determined using management information obtained from distribution partners and, where applicable, directly from client mandate information. Where management information is not available, the location of the distribution partner is used as a proxy for the location of the client. Non-current assets for the Group (excluding financial instruments, prepayments and deferred tax assets) are domiciled as set out below:
2025 2024
Non-current assets for the Group \u00a3m \u00a3m
UK
534.7
540.0
EMEA
1.6
1.2
Asia
1.0
0.3
Non-current assets by location
537.3
541.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
3. Administrative expenses
The largest administrative expense is staff costs. Other administrative expenses include administration fees, expenditure relating to
non-capitalisable investment in the business, marketing and IT costs.
Administrative expenses comprise:
2025 2024
\u00a3m \u00a3m
Staff costs (Note 4)
208.5
163.7
Depreciation of property, plant and equipment (Note 13)
6.3
5.0
Auditors\u2019 remuneration (see below)
1.9
1.8
Other administrative expenses
90.0
102.7
Total administrative expenses
306.7
273.2
The Financial review refers to \u00a37.0m of 2025 administrative expenses that are described as exceptional items. Of this amount, \u00a37.7m
relates to staff costs in respect of restructuring and \u00a3(0.7)m relates to other administrative expenses.
2025 2024
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
Fees payable to the Company\u2019s auditors and their associates for other services to the Group:
Audit of the Company\u2019s subsidiaries pursuant to legislation
0.9
0.8
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
0.3
Total auditors\u2019 remuneration
1.9
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "3. Administrative expenses The largest administrative expense is staff costs. Other administrative expenses include administration fees, expenditure relating to non-capitalisable investment in the business, marketing and IT costs. Administrative expenses comprise:
2025 2024
\u00a3m \u00a3m
Staff costs (Note 4)
208.5
163.7
Depreciation of property, plant and equipment (Note 13)
6.3
5.0
Auditors\u2019 remuneration (see below)
1.9
1.8
Other administrative expenses
90.0
102.7
Total administrative expenses
306.7
273.2
The Financial review refers to \u00a37.0m of 2025 administrative expenses that are described as exceptional items. Of this amount, \u00a37.7m relates to staff costs in respect of restructuring and \u00a3(0.7)m relates to other administrative expenses.
2025 2024
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
Fees payable to the Company\u2019s auditors and their associates for other services to the Group:
Audit of the Company\u2019s subsidiaries pursuant to legislation
0.9
0.8
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
0.3
Total auditors\u2019 remuneration
1.9
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "Administrative expenses comprise:
2025 2024
\u00a3m \u00a3m
Staff costs (Note 4)
208.5
163.7
Depreciation of property, plant and equipment (Note 13)
6.3
5.0
Auditors\u2019 remuneration (see below)
1.9
1.8
Other administrative expenses
90.0
102.7
Total administrative expenses
306.7
273.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
2025 2024
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
Fees payable to the Company\u2019s auditors and their associates for other services to the Group:
Audit of the Company\u2019s subsidiaries pursuant to legislation
0.9
0.8
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
0.3
Total auditors\u2019 remuneration
1.9
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
4. Staff costs
Staff costs include wages and salaries, share-based payments, pension costs and redundancy costs, along with associated social
security costs, and are recognised on an accrual basis as services are provided to the Group.
2025 2024
\u00a3m \u00a3m
Wages and salaries
149.2
119.6
Share-based payments (Note 5)
23.5
17.2
Social security costs
31.5
18.4
Pension costs
7.6
7.2
Redundancy costs
3.6
3.7
Staff costs before net gains arising from the economic hedging of fund awards
215.4
166.1
Net gains on instruments held to provide an economic hedge for fund awards
1
(6.9)
(2.4)
Staff costs
208.5
163.7
1. The gains relate to equity holdings in instruments held as an economic hedge against compensation awards to employees, the value of
which is linked to those equity holdings. As a result, any gain or loss relating to such holdings is ultimately borne by the awardees rather than
the Group. Over the vesting period of the awards, any gains or losses made on such instruments will be offset by increases or decreases in
the accounting charge in respect of the awards, which are included in \u201cWages and salaries\u201d (see also Note 6 for details).
Pension costs
The Group contributes to a number of defined contribution pension schemes for the benefit of its employees. Contributions in respect
of the UK employees (at the rate of up to 15% of gross salary) are made into the Jupiter Pension Scheme whose financial statements
are available from the trustees at the registered office of the Company. Contributions made by the Group are charged to the
consolidated income statement as they become payable in accordance with the rules of the schemes.
Average number of employees
The monthly average number of persons employed by the Group by activity during the year, including Executive Directors but
excluding employees on maternity leave and long-term sickness, is:
2025 2024
m m
Investment management
115
124
Client Group, including marketing
121
136
Infrastructure and operations
232
252
468
512
Information regarding Executive Directors\u2019 aggregate emoluments of \u00a34.8m (2024: \u00a33.5m) is set out in the Remuneration report
on page 95.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "4. Staff costs Staff costs include wages and salaries, share-based payments, pension costs and redundancy costs, along with associated social security costs, and are recognised on an accrual basis as services are provided to the Group.
2025 2024
\u00a3m \u00a3m
Wages and salaries
149.2
119.6
Share-based payments (Note 5)
23.5
17.2
Social security costs
31.5
18.4
Pension costs
7.6
7.2
Redundancy costs
3.6
3.7
Staff costs before net gains arising from the economic hedging of fund awards
215.4
166.1
Net gains on instruments held to provide an economic hedge for fund awards
1
(6.9)
(2.4)
Staff costs
208.5
163.7
1. The gains relate to equity holdings in instruments held as an economic hedge against compensation awards to employees, the value of which is linked to those equity holdings. As a result, any gain or loss relating to such holdings is ultimately borne by the awardees rather than the Group. Over the vesting period of the awards, any gains or losses made on such instruments will be offset by increases or decreases in the accounting charge in respect of the awards, which are included in \u201cWages and salaries\u201d (see also Note 6 for details). Pension costs The Group contributes to a number of defined contribution pension schemes for the benefit of its employees. Contributions in respect of the UK employees (at the rate of up to 15% of gross salary) are made into the Jupiter Pension Scheme whose financial statements are available from the trustees at the registered office of the Company. Contributions made by the Group are charged to the consolidated income statement as they become payable in accordance with the rules of the schemes. Average number of employees The monthly average number of persons employed by the Group by activity during the year, including Executive Directors but excluding employees on maternity leave and long-term sickness, is:
2025 2024
m m
Investment management
115
124
Client Group, including marketing
121
136
Infrastructure and operations
232
252
468
512
Information regarding Executive Directors\u2019 aggregate emoluments of \u00a34.8m (2024: \u00a33.5m) is set out in the Remuneration report on page 95.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "
5. Share-based payments
The Group engages in share-based payment transactions in respect of services receivable from certain employees by granting
the right to either shares or options over shares in the parent company of the Group, Jupiter Fund Management plc (the Company),
subject to certain vesting conditions and exercise prices. These have been accounted for as equity-settled share-based payments.
The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate
performance and vesting period. The corresponding credit is recognised in retained earnings within total equity. For awards made
under the deferred bonus plans (DBP) and long-term incentive plan (LTIP), fair value is determined at the date of grant and is equal
to the market value of the shares at that time, adjusted for expected and actual levels of vesting, which includes estimating the
number of eligible employees leaving the Group and the number of employees satisfying the relevant performance conditions.
Shares and options vest on the occurrence of a specified event under the rules of the relevant plan.
A summary of the charge taken to the income statement (excluding social security) for each share-based payment arrangement
is shown below:
2025 2024
\u00a3m \u00a3m
Deferred Bonus Plan (DBP)
17.2
13.4
Long-Term Incentive Plan (LTIP)
5.4
3.1
Sharesave Plan (SAYE)
0.2
0.4
Share Incentive Plan (SIP)
\u2013
0.1
Free Share Awards (FSA)
0.7
0.2
Total (Note 4)
23.5
17.2
The fair value of the services provided by employees has been calculated indirectly by reference to the fair value of the equity
instruments granted. Fair value amounts for the options granted under the SAYE schemes were determined using a Black-Scholes
option-pricing method and the following assumptions:
SAYE 2025
SAYE 2024
Weighted average share price
\u00a31.27
\u00a30.85
Weighted average exercise price
\u00a31.01
\u00a30.68
Weighted average expected volatility
1
39.3%
37.5%
Weighted average option life (years)
3.7
3.7
Weighted average dividend yield
3.4%
7.7%
1. Expected volatility for options granted in 2025 and 2024 has been calculated using the historical volatility of the Group.
In respect of DBP and LTIP awards, the Group initially estimates that 2% of recipients per annum will leave prior to the vesting dates
and forfeit their awards. This estimate is updated each reporting period to reflect the current position. Additionally, for performance-
based LTIP awards, the Group estimates that 50% of such awards will vest. This forecast is updated when the Group has a reasonable
basis for concluding that the forecast may be under- or over-stated. The Group provides a sensitivity analysis to show the impact
to the Group\u2019s profit before taxation in the event that forfeiture and performance condition assumptions exceed or are below the
Group\u2019s estimations on share-based payments by the stated percentages:
2025 2024
Credit/(charge) to the income statement as a result of a change in forfeiture assumptions \u00a3m \u00a3m
+5%
2.3
1.9
-5%
1
(1.7)
(1.4)
1. Where forfeiture assumptions are less than 5% in relation to an award, we have modelled the impact of a reduction in forfeitures to 0%.
2025 2024
(Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions \u00a3m \u00a3m
+25%
(1.4)
(2.0)
-25%
1.4
2.3
(i) Deferred Bonus Plan (DBP) All employees of the Group who are eligible for a bonus over a certain level, as determined by the Remuneration Committee, are required to participate in the DBP. The DBP provides for compulsory deferral of a proportion of bonus awards. Deferrals may be made either into options over the Company\u2019s shares or a cash amount equivalent to the value of units in the Group\u2019s funds (see Note 6 for information on the treatment of fund-based compensation awards). The awards in respect of DBP are granted after the year end to which they relate. The awards made in 2025 and 2024, in relation to 2024 and 2023 performance respectively, were granted in the form of nil-cost options over the Company\u2019s shares, at a price calculated as the market price immediately prior to the date of the award. Awards will also be made in 2026 in relation to 2025 performance, and thus a charge for these awards has been taken to the income statement in 2025. The following table illustrates the number of, and movement in, share options during the year:
2025
2024
Options outstanding
Number m
Number m
At 1 January
25.9
21.9
Granted
20.9
17.0
Exercised
(9.7)
(11.6)
Forfeited
(0.3)
(1.4)
At 31 December
36.8
25.9
Exercisable at 31 December
4.0
2.8
Weighted average exercise price (WAEP) of options outstanding during the year
\u00a3nil
\u00a3nil
Weighted average share price at the date options were exercised
\u00a31.08
\u00a30.84
Weighted average fair value of options granted during the year
\u00a30.78
\u00a30.83
Weighted average remaining contractual life of options outstanding at the balance sheet date
7.7 years
7.7 years
(ii) Long-Term Incentive Plan (LTIP) All employees are eligible to participate in the LTIP. Awards are made at the discretion of the Remuneration Committee and may be granted in the form of options (either at market value, nominal value or nil cost), restricted shares or conditional share awards over the shares of the Company, a cash amount equivalent to the value of units in the Group\u2019s funds, or in cash. The table below illustrates the number and WAEP of, and movement in, awards in the form of share options during the year. Cash and cash awards linked to the value of funds are included in Note 6. The use of estimation in the calculation of share-based payments At the year end, the Group had approximately 75.2m (2024: 54.8m) share-based awards in issue. Each year, existing awards vest and new awards are made. Around 33.1m (2024: 21.8m) share-based awards were issued in 2025 in the form of deferred bonus and LTIP awards. Given their significance as a form of employee remuneration for the Group, share-based payments have been included as an area where the use of estimation is important in Note 30. The principal estimations made relate to: \u2022 forfeitures (where awardees leave the Group as \u201cbad\u201d leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u201cgood\u201d leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 the satisfaction of performance conditions attached to certain LTIP awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material.
2025
2024
Options outstanding
Number m
Number m
At 1 January
21.0
17.2
Granted
16.7
9.1
Exercised
(1.6)
(0.7)
Forfeited
(5.4)
(4.6)
At 31 December
30.7
21.0
Exercisable at 31 December
0.9
0.4
WAEP of options outstanding during the year
\u00a3nil
\u00a3nil
Weighted average share price at the date options were exercised
\u00a31.02
\u00a30.86
Weighted average fair value of options granted during the year
\u00a30.79
\u00a30.82
Weighted average remaining contractual life of options outstanding at the balance sheet date
8.2 years
8.1 years
(iii) Sharesave Plan
All eligible UK employees may participate in the Group\u2019s Sharesave Plan. Under the terms of this plan, employees may enter into
contracts to save up to the maximum amount permitted under legislation and, at the expiry of a fixed three- or five-year term, have
the option to use these savings to acquire shares in the Company at a discounted price, calculated under the rules of the plan
(currently a 20% discount to the market price at the date of grant). Participants in the plan have six months from the date of vesting
to exercise their option.
2025
2024
Options outstanding
Number m
WAEP \u00a3
Number m
WAEP \u00a3
At 1 January
4.5
0.76
4.9
0.98
Granted
1.0
1.27
1.7
0.68
Exercised
(1.0)
1.47
(0.1)
0.86
Forfeited
(0.8)
0.82
(2.0)
0.83
At 31 December
3.7
0.80
4.5
0.76
Exercisable at 31 December
0.8
0.79
0.1
1.31
Weighted average share price at the date options were exercised
\u00a31.47
\u00a30.86
Weighted average fair value of options granted during the year
\u00a30.25
\u00a30.17
Weighted average remaining contractual life of options outstanding at the
balance sheet date
2.3 years
2.3 years
The range of exercise prices of options granted under this plan is between \u00a30.68 and \u00a31.01.
(iv) International Share Award (ISA)
All non-UK employees may participate in the Group\u2019s International Share Award, the terms of which are broadly similar to the
Sharesave Plan. The number of awards made during the year was 0.1m (2024: 0.1m).
(v) Share Incentive Plan (SIP)
All eligible UK employees may participate in the Group\u2019s Share Incentive Plan. Under the terms of this plan, employees may contribute
from pre-tax salary up to the maximum amount permitted under legislation in any tax year, to be used to acquire shares in the
Company at the market price on the relevant date. Matching shares are then awarded by the Company on a one matching share for
each share purchased basis. The matching shares are subject to forfeiture where the employee leaves employment with the Group
within three years of their award.
The number of matching shares purchased under this scheme during the year was 0.1m (2024: 0.2m).
(vi) Free Share Award (FSA)
All eligible employees may participate in the Free Share Award. Eligible employees in the UK receive their award through the UK
approved SIP. Non-UK eligible employees receive a nil-cost option which will vest over a three-year period.
The number of awards made during the year was 1.2m (2024: 1.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
The use of estimation in the calculation of share-based payments
At the year end, the Group had approximately 75.2m (2024: 54.8m) share-based awards in issue. Each year, existing awards
vest and new awards are made. Around 33.1m (2024: 21.8m) share-based awards were issued in 2025 in the form of deferred
bonus and LTIP awards. Given their significance as a form of employee remuneration for the Group, share-based payments
have been included as an area where the use of estimation is important in Note 30. The principal estimations made relate to:
\u2022 forfeitures (where awardees leave the Group as \u201cbad\u201d leavers and therefore forfeit unvested awards) and accelerations
(where awardees are \u201cgood\u201d leavers and their awards continue to vest but there is no longer an extended service period
condition); and
\u2022 the satisfaction of performance conditions attached to certain LTIP awards.
These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the
relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of
reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition
assumptions is not considered to be significant or material.
The use of estimation in the calculation of cash and fund-based awards
At the year end, the Group had accrued \u00a346.8m (2024: \u00a333.2m) of deferred cash and fund-based awards. Each year, existing
awards vest and new awards are made. Given their significance as a form of employee remuneration for the Group, cash and
fund-based awards have been included as an area where the use of estimation is important in Note 30. The principal
estimations made relate to:
\u2022 forfeitures (where awardees leave the Group as \u201cbad\u201d leavers and therefore forfeit unvested awards) and accelerations
(where awardees are \u201cgood\u201d leavers and their awards continue to vest but there is no longer an extended service period
condition); and
\u2022 the satisfaction of performance conditions attached to cash and fund-based LTIP awards.
These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the
relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of
reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition
assumptions is not considered to be significant or material.
The use of estimation and judgement in valuing goodwill
The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability.
Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been
included as an area where significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to
factors such as market sentiment and index levels which are beyond the Group\u2019s control and, if forecasts are not met,
impairment of the asset could result. The Group has engaged third-party valuation specialists to provide an opinion in relation
to the value in use as at 31 December 2025 to allow the Group to ensure that inputs into the valuation process are reasonable
and based on supportable management assumptions.
The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill
impairment assessment.
Significant area of estimation and judgement
Calculation of leased assets and liabilities requires the use of both estimation and judgement and is therefore referred to in Note
30. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the
enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s
leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised.
In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest
rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security.
This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate.
Significant area of judgement
In determining the level of control for seed investments, additional judgement is required and consolidation of seed
investments is therefore referred to in Note 30. The Group considers all relevant facts and circumstances in assessing whether it
has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective
rights, and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of
management fees, and the percentage investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds
50% of the total value of the fund, the Group deems control to automatically exist. Where ownership is under 50%, the Group
applies a rebuttable presumption that interests amounting to 30% or more are consolidated, and interests amounting to less
than 30% are not consolidated, subject to review of the facts and circumstances of each individual investment relevant to
establishing whether the Group is acting as principal or agent to the fund. These include the potential for large performance
fees to be earned, an assessment of kick-out rights and the existence of any other large investors in the fund. Kick-out rights
rarely vary between the different types of funds that the Group manages; the percentage investment in a fund is therefore the
primary means for determining whether control exists for the Group, and the determination of the threshold to be used as the
rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s
balance sheet is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such
instruments is material to the Group, this has been included as a significant area of judgement.
The Group has seed investments in its unit trusts, ICVCs, SICAV sub-funds, a hedge fund and an ETF. The Group\u2019s judgement is
that control can exist in a sub-fund, even if it does not exist in the whole of the umbrella fund, as the sub-funds have no
cross-liability risk to other sub-funds or to the SICAV umbrella fund and thus should be accounted for as separate entities.
The Group reassesses whether or not it controls an entity if facts or circumstances indicate that control may have changed.
Significant accounting estimates, judgements and assumptions
The preparation of the financial information requires management to make judgements, estimates and assumptions that affect
the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If such estimates and
assumptions, which are based on management\u2019s best judgement at the date of preparation of the financial information, deviate
from actual circumstances, the original estimates and assumptions are modified as appropriate in the period in which the
circumstances change.
Areas where judgements are significant to the Group financial statements are discussed in the following notes:
11. Goodwill;
13. Calculation of lease assets and liabilities;
16. Consolidation of seed investments; and
21. Provisions.
Areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant,
are discussed in the following notes:
5. Share-based payments;
6. Cash and fund-based deferred compensation awards;
11. Goodwill;
13. Calculation of lease assets and liabilities; and
21. Provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
6. Cash and fund-based deferred compensation awards
As described in Note 5(i) and (ii), deferred bonuses and LTIP awards can be deferred into either options over the Company\u2019s shares,
a cash amount equivalent to the value of units in the Group\u2019s funds, or cash. The expense included within wages and salaries in the
income statement in relation to cash and fund-based awards was:
2025
2024
Fund-based Fund-based
Cash awards
awards
Total
Cash awards
awards
Total
Charge in respect of cash and fund-based
awards before net gains arising from hedging
5.2
25.1
30.3
2.7
17.5
20.2
Net gains on instruments held to provide an
economic hedge for fund awards
\u2013
(6.9)
(6.9)
\u2013
(2.4)
(2.4)
Net charge arising from cash and
fund-based awards
5.2
18.2
23.4
2.7
15.1
17.8
Where bonuses are deferred into cash or fund-based awards, the fair value of the award is expensed over the appropriate
performance and vesting period and included within staff costs. For fund-based awards, the liability is revalued at each balance
sheet date to the expected settlement amount, being the current market value of the underlying fund units adjusted for the
proportion of the vesting period that has passed. Any increase or decrease in value is recognised in the income statement
within staff costs.
For cash awards, there is no variability in the fair value of the awards once granted, and the liability is equal to the amount granted,
including any interest payable over the vesting period, discounted to allow for the time value of money, and adjusted to reflect the
proportion of the vesting period that has passed. The liabilities are included in the balance sheet as part of accrued expenses within
non-current trade and other payables and current trade and other payables (see Note 20).
The Group hedges its exposure to price fluctuations in the underlying fund units by purchasing the fund units at the date of grant.
These are included within financial assets at fair value through profit or loss (FVTPL) in the balance sheet. Changes in the fair value
of the units are recognised in the income statement within staff costs in order to match the gains and losses of both the hedging
instrument and the hedged item within the same line item of the income statement.
The Group provides a sensitivity analysis to show the impact on the Group\u2019s profit before taxation in the event that forfeiture (for all
awards) and performance condition assumptions (in the case of LTIP awards only) exceed or are below the Group\u2019s estimations on
cash and fund-based awards by the stated percentages (see Note 5 for the assumptions at grant date):
2025 2024
Credit/(charge) to the income statement as a result of a change in forfeiture assumptions \u00a3m \u00a3m
+5%
2.4
2.0
-5%
1
(1.1)
(1.0)
1. Where forfeiture assumptions are less than 5% in relation to an award, we have modelled the impact of a reduction in forfeitures to 0%.
2025 2024
(Charge)/credit to the income statement as a result of a change in performance condition vesting assumptions \u00a3m \u00a3m
+25%
(2.3)
(0.3)
-25%
3.6
2.9
Volatility in the net charge arising from fund-based awards
In addition to the sensitivities shown above, the Group is also exposed to volatility in its income statement arising from its hedging
policy. Although the policy ensures that, in the absence of award forfeitures or differences between the actual achievement
of performance conditions versus estimated achievement levels, there is no overall net gain or loss arising for the Group from
movements in the value of fund-based awards from the date the hedge is purchased until the vesting date, it may result in
short-term income statement mismatches that subsequently reverse.
Where the Group purchases units or shares in funds to hedge the market risk exposure arising from a fund-based award, any
movements in the value of those assets are recorded as gains or losses from the point that the asset is purchased. However, under
IAS 19, the related liability is initially recorded at zero and is recognised over the period service is provided by the awardee to the
vesting date. Only at the vesting date are the asset and liability equal and, therefore, only from this point are nil net gains and
losses made from the revaluation of the asset and liability.
Until this point is reached, the impact of movements in the value of fund units held for hedging purposes on asset values may be
significantly different to the impact on the fund award liability, resulting effectively in either an acceleration of the compensation
charge (where net losses are recorded) or a deferral of charge until future years (where net gains are recorded). Where awards
vest and are exercised, these timing differences will fully reverse by the vesting date.
The use of estimation in the calculation of cash and fund-based awards At the year end, the Group had accrued \u00a346.8m (2024: \u00a333.2m) of deferred cash and fund-based awards. Each year, existing awards vest and new awards are made. Given their significance as a form of employee remuneration for the Group, cash and fund-based awards have been included as an area where the use of estimation is important in Note 30. The principal estimations made relate to: \u2022 forfeitures (where awardees leave the Group as \u201cbad\u201d leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u201cgood\u201d leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 the satisfaction of performance conditions attached to cash and fund-based LTIP awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material. ", "dimensions": { "concept": "jupiter:DisclosureOfCashAndFundbasedDeferredCompensatio", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
7. Other gains
Other gains relate principally to net gains (2024: net gains) made on the Group\u2019s seed investment portfolio and derivative instruments
held to provide economic hedges against that portfolio. The portfolio and derivatives are both held at FVTPL (see Note 16). Gains and
losses comprise both realised and unrealised amounts.
2025 2024
\u00a3m \u00a3m
Dividend income
1.0
0.9
Gains on financial instruments at FVTPL \u2013 seed
9.2
9.8
Losses on financial instruments at FVTPL \u2013 derivatives
(4.2)
(3.8)
Other income
0.6
\u2013
Other gains
6.6
6.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "7. Other gains Other gains relate principally to net gains (2024: net gains) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are both held at FVTPL (see Note 16). Gains and losses comprise both realised and unrealised amounts.
2025 2024
\u00a3m \u00a3m
Dividend income
1.0
0.9
Gains on financial instruments at FVTPL \u2013 seed
9.2
9.8
Losses on financial instruments at FVTPL \u2013 derivatives
(4.2)
(3.8)
Other income
0.6
\u2013
Other gains
6.6
6.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "7. Other gains Other gains relate principally to net gains (2024: net gains) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are both held at FVTPL (see Note 16). Gains and losses comprise both realised and unrealised amounts.
2025 2024
\u00a3m \u00a3m
Dividend income
1.0
0.9
Gains on financial instruments at FVTPL \u2013 seed
9.2
9.8
Losses on financial instruments at FVTPL \u2013 derivatives
(4.2)
(3.8)
Other income
0.6
\u2013
Other gains
6.6
6.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
8. Finance income and finance costs
Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in
short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective
interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the
Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed
on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF
(see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "8. Finance income and finance costs Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "8. Finance income and finance costs Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "8. Finance income and finance costs Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "8. Finance income and finance costs Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "8. Finance income and finance costs Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on bank deposits
1.9
2.5
Interest on short-term money market fund investments
5.3
5.5
Finance income
7.2
8.0
Finance costs principally relate to the unwinding of the discount applied to lease liabilities (see Note 13 for further details). In 2024, the Group incurred significant finance costs relating to interest payable on Tier 2 subordinated debt notes. These notes were redeemed on 28 April 2025. Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2025 2024
\u00a3m \u00a3m
Interest on subordinated debt
1.4
4.5
Interest on lease liabilities
1.3
1.4
Other interest charges
0.5
\u2013
Finance costs relating to the RCF
0.2
0.2
Finance costs
3.4
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
9. Income tax expense
The Group pays taxes according to the rates applicable in the countries in which it operates. The Group\u2019s headquarters are in the UK.
Most taxes are recorded in the income statement and relate to taxes payable for the reporting period (current tax), but there is also
a charge or credit relating to tax payable for future periods due to income or expenses being recognised in a different period for
tax and accounting purposes (deferred tax). Tax is credited to equity when the tax benefit exceeds the cumulative income statement
expense on share plans.
The Group provides for current tax according to the tax laws of each jurisdiction in which it operates using tax rates that have been
enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns
in respect of situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate,
on the basis of amounts expected to be paid to the tax authorities. The Organisation for Economic Co-operation and Development\u2019s
Pillar Two model rules, which establish a global minimum tax regime, have been enacted or substantively enacted in jurisdictions in
which the Group operates. The Group is not impacted by these rules, as it does not meet the relevant thresholds for the rules to apply.
Deferred tax is provided, using the liability method, on temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary
differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation
to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A deferred tax asset is
recognised when it is considered recoverable and therefore recognised only when, on the basis of all available evidence, it can be
regarded as probable that there will be suitable taxable profits against which to recover carried forward tax losses and from which
the future reversal of underlying temporary differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences
are estimated to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Group has an unrecognised deferred tax asset in respect of future capital losses arising from the impairment of a subsidiary (see
Note 33), with a gross amount of \u00a311.3m (2024: \u00a35.7m).
2025 2024
\u00a3m \u00a3m
Current tax
Tax on profits for the year
39.9
24.7
Adjustments in respect of prior years
0.2
0.2
Total current tax
40.1
24.9
Deferred tax
Origination and reversal of temporary differences
(8.6)
(1.8)
Total deferred tax (Note 15)
(8.6)
(1.8)
Income tax expense
31.5
23.1
Total tax expense
The UK corporation tax rate for 2025 and 2024 was 25%. The tax charge in the year is lower (2024: higher) than the standard rate of
corporation tax in the UK and the differences are explained below:
2025 2024
Factors affecting tax expense for the year \u00a3m \u00a3m
Profit before taxation
131.9
88.3
Taxation at the standard corporation tax rate (25.0%)
33.0
22.1
Other permanent differences
(1.2)
1.2
Adjustments in respect of prior years
0.2
0.2
Effect of differences in overseas tax rates
(0.5)
(0.4)
Total tax expense
31.5
23.1
15. Deferred tax
Analysis of the Group\u2019s deferred tax assets is shown below:
Accelerated Other Other deferred
Share-based capital temporary compensation
payments allowances differences payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
7.2
0.2
0.2
8.0
15.6
At 31 December 2025
18.9
0.4
0.2
11.5
31.0
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the
statement of changes in equity as follows:
Intangible
Accelerated Other Other deferred assets arising
Share-based capital temporary compensation upon
payments allowances differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
6.3
0.5
0.3
9.0
(2.3)
13.8
Credited/(charged) to the income statement
0.9
(0.3)
(0.1)
(1.0)
2.3
1.8
At 31 December 2024
7.2
0.2
0.2
8.0
\u2013
15.6
Credited to the income statement
4.9
0.2
\u2013
3.5
\u2013
8.6
Credited to equity
6.8
\u2013
\u2013
\u2013
\u2013
6.8
At 31 December 2025
18.9
0.4
0.2
11.5
\u2013
31.0
The other temporary differences balances at 31 December 2025 and 2024 include short-term timing differences and temporary
differences between depreciation and capital allowances.
Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted
or substantively enacted tax rate for the year in which they are or were expected to be realised or settled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "The Group provides for current tax according to the tax laws of each jurisdiction in which it operates using tax rates that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns in respect of situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. The Organisation for Economic Co-operation and Development\u2019s Pillar Two model rules, which establish a global minimum tax regime, have been enacted or substantively enacted in jurisdictions in which the Group operates. The Group is not impacted by these rules, as it does not meet the relevant thresholds for the rules to apply. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Deferred tax is provided, using the liability method, on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A deferred tax asset is recognised when it is considered recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying temporary differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are estimated to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The Group has an unrecognised deferred tax asset in respect of future capital losses arising from the impairment of a subsidiary (see Note 33), with a gross amount of \u00a311.3m (2024: \u00a35.7m).
2025 2024
\u00a3m \u00a3m
Current tax
Tax on profits for the year
39.9
24.7
Adjustments in respect of prior years
0.2
0.2
Total current tax
40.1
24.9
Deferred tax
Origination and reversal of temporary differences
(8.6)
(1.8)
Total deferred tax (Note 15)
(8.6)
(1.8)
Income tax expense
31.5
23.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
10. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to equity shareholders of the Company for the
year by the weighted average number of ordinary shares outstanding and contingently issuable during the year, less the weighted
average number of own shares held. Own shares comprise shares held for treasury purposes and shares held in an EBT for the
benefit of employees.
As dilutive potential ordinary shares have or would have no impact on the Group\u2019s income statement, diluted EPS is calculated by
dividing the profit or loss for the year (as used in the calculation of basic EPS) by the weighted average number of ordinary shares
outstanding during the year for the purpose of basic EPS plus the weighted average number of ordinary shares that would be issued
on the conversion of all the dilutive potential ordinary shares arising from the award of share options into ordinary shares.
The weighted average number of ordinary shares used in the calculation of EPS is as follows:
2025 2024
Number Number
Weighted average number of shares m m
Issued share capital
545.0
545.0
Add: Contingently issuable shares
1
8.7
7.5
Less: Time-apportioned own shares held
(31.3)
(29.1)
Weighted average number of ordinary shares for the purpose of basic EPS
522.4
523.4
Add: Weighted average number of dilutive potential shares arising from share options
39.3
10.3
Weighted average number of ordinary shares for the purpose of diluted EPS
561.7
533.7
1. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.
2025 2024
Earnings per share p p
Basic
19.2
12.5
Diluted
17.9
12.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
11. Goodwill
Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets,
liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision
for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any
indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the
allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose.
Impairment losses on goodwill are not reversed.
Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global
Investors Limited (Merian).
2025 2024
\u00a3m \u00a3m
Cost
At 1 January and 31 December
570.6
570.6
Accumulated impairment
At 1 January and 31 December
(76.2)
(76.2)
Net book value
At 31 December
494.4
494.4
The Group operates as a single asset management business segment and does not allocate costs between investment strategies
or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill
relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group\u2019s profitability
between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on
Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair
value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU.
For the purposes of impairment testing, the recoverable amount of goodwill has been determined using a VIU methodology. The VIU
calculation is based on the present value of the Group\u2019s projected future cash flows, derived from a discounted cash flow model. As
the acquisition of CCLA Investment Management Limited completed after the balance sheet date, the impairment assessment
excludes any cash flows, synergies or other benefits arising from the acquisition. The acquisition is expected to result in the
recognition of goodwill and separately identifiable intangible assets on completion (see Note 31). The following key assumptions have
been applied in the impairment test:
\u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue
growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year
plan, which was approved by the Board in February 2026 and is aligned with the strategic focus set out in the Chief Executive
Officer\u2019s review on pages 8 to 11;
\u2022 Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal value; and
\u2022 A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the capital asset pricing model and applied to post-tax cash
flows. Using a pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not produce a materially different result.
The impairment test indicated that the VIU of the CGU of \u00a3724.7m (2024: \u00a3551.1m) exceeded its carrying value of \u00a3537.3m
(2024: \u00a3541.5m). The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the
Group\u2019s goodwill asset is not currently impaired.
The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2025
9.6
Increase in VIU of CGU in 2025
173.6
Decrease in carrying value of CGU in 2025
4.2
Headroom at 31 December 2025
187.4
The increase in the VIU of the CGU year-on-year was \u00a3173.6m. This arises from improvements in forecast cash flows, principally arising
from the 19.2% increase in the Group\u2019s AUM in the year and a decrease in the post-tax discount rate. The decrease in the carrying
value of the CGU was largely due to the amortisation of intangible assets.
As at the end of 2025, the Group has headroom of \u00a3187.4m in respect of the VIU of its goodwill. The sensitivity of this amount to
changes in key metrics and assumptions is shown in the table below which sets out the impacts of reasonably possible changes in
key assumptions used in the VIU calculation:
Reasonably Decrease in
possible adverse valuation
Key variable movement \u00a3m
Discount rate
+1%
55
Terminal growth rate movement
-0.1%
4
Decrease in revenue
1
-1%
27
1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows.
The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions
management would take to reduce costs should the Group experience future reductions in AUM or profitability.
12. Intangible assets Intangible assets principally comprise computer software. The amortisation expense on intangible assets has been recorded as a separate line item in the consolidated income statement and is recognised on a straight-line basis. Following initial recognition, intangible assets are held at cost. Software licences acquired are capitalised at the cost incurred to bring the software into use and are amortised on a straight-line basis over their estimated useful lives, which are estimated as being between five and ten years. Costs associated with developing or maintaining computer software programs that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. An assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying values exceed the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. Non-financial assets that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Intangible assets are retired once they are fully amortised and no longer provide future economic benefits. On retirement, both the original cost and accumulated amortisation are removed from the statement of financial position. The Directors have reviewed the intangible assets as at 31 December 2025 and 31 December 2024 and have concluded there are no indicators of impairment.
2025
2024
Investment Investment
Computer management Computer management
software contracts Total software contracts Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
21.2
75.0
96.2
19.2
75.0
94.2
Additions
2.2
\u2013
2.2
6.2
\u2013
6.2
Disposals
\u2013
\u2013
\u2013
(4.2)
\u2013
(4.2)
Retiring assets
\u2013
(75.0)
(75.0)
\u2013
\u2013
\u2013
At 31 December
23.4
\u2013
23.4
21.2
75.0
96.2
Accumulated amortisation
At 1 January
(8.9)
(75.0)
(83.9)
(10.9)
(65.8)
(76.7)
Charge for the year
(2.8)
\u2013
(2.8)
(2.2)
(9.2)
(11.4)
Disposals
\u2013
\u2013
\u2013
4.2
\u2013
4.2
Retiring assets
\u2013
75.0
75.0
\u2013
\u2013
\u2013
At 31 December
(11.7)
\u2013
(11.7)
(8.9)
(75.0)
(83.9)
Net book value
At 31 December
11.7
\u2013
11.7
12.3
\u2013
12.3
The use of estimation and judgement in valuing goodwill The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability. Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control and, if forecasts are not met, impairment of the asset could result. The Group has engaged third-party valuation specialists to provide an opinion in relation to the value in use as at 31 December 2025 to allow the Group to ensure that inputs into the valuation process are reasonable and based on supportable management assumptions. The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill impairment assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "11. Goodwill Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed. Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited (Merian).
2025 2024
\u00a3m \u00a3m
Cost
At 1 January and 31 December
570.6
570.6
Accumulated impairment
At 1 January and 31 December
(76.2)
(76.2)
Net book value
At 31 December
494.4
494.4
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group\u2019s profitability between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU. For the purposes of impairment testing, the recoverable amount of goodwill has been determined using a VIU methodology. The VIU calculation is based on the present value of the Group\u2019s projected future cash flows, derived from a discounted cash flow model. As the acquisition of CCLA Investment Management Limited completed after the balance sheet date, the impairment assessment excludes any cash flows, synergies or other benefits arising from the acquisition. The acquisition is expected to result in the recognition of goodwill and separately identifiable intangible assets on completion (see Note 31). The following key assumptions have been applied in the impairment test: \u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2026 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s review on pages 8 to 11; \u2022 Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal value; and \u2022 A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the capital asset pricing model and applied to post-tax cash flows. Using a pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not produce a materially different result. The impairment test indicated that the VIU of the CGU of \u00a3724.7m (2024: \u00a3551.1m) exceeded its carrying value of \u00a3537.3m (2024: \u00a3541.5m). The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group\u2019s goodwill asset is not currently impaired. The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2025
9.6
Increase in VIU of CGU in 2025
173.6
Decrease in carrying value of CGU in 2025
4.2
Headroom at 31 December 2025
187.4
The increase in the VIU of the CGU year-on-year was \u00a3173.6m. This arises from improvements in forecast cash flows, principally arising from the 19.2% increase in the Group\u2019s AUM in the year and a decrease in the post-tax discount rate. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets. As at the end of 2025, the Group has headroom of \u00a3187.4m in respect of the VIU of its goodwill. The sensitivity of this amount to changes in key metrics and assumptions is shown in the table below which sets out the impacts of reasonably possible changes in key assumptions used in the VIU calculation:
Reasonably Decrease in
possible adverse valuation
Key variable movement \u00a3m
Discount rate
+1%
55
Terminal growth rate movement
-0.1%
4
Decrease in revenue
1
-1%
27
1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows. The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "11. Goodwill Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed. Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) and the 2020 acquisition of Merian Global Investors Limited (Merian).
2025 2024
\u00a3m \u00a3m
Cost
At 1 January and 31 December
570.6
570.6
Accumulated impairment
At 1 January and 31 December
(76.2)
(76.2)
Net book value
At 31 December
494.4
494.4
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds in its day-to-day monitoring and management of the business. The businesses acquired to which the goodwill relates are fully integrated and are not separately measured or monitored. It is not possible to assign the Group\u2019s profitability between the acquired businesses, and therefore the Group adopts a single CGU and considers its impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU. For the purposes of impairment testing, the recoverable amount of goodwill has been determined using a VIU methodology. The VIU calculation is based on the present value of the Group\u2019s projected future cash flows, derived from a discounted cash flow model. As the acquisition of CCLA Investment Management Limited completed after the balance sheet date, the impairment assessment excludes any cash flows, synergies or other benefits arising from the acquisition. The acquisition is expected to result in the recognition of goodwill and separately identifiable intangible assets on completion (see Note 31). The following key assumptions have been applied in the impairment test: \u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2026 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s review on pages 8 to 11; \u2022 Long-term growth rates of 2.2% (2024: 2.1%) were used to calculate terminal value; and \u2022 A post-tax discount rate of 13.8% (2024: 14.1%) was calculated using the capital asset pricing model and applied to post-tax cash flows. Using a pre-tax discount rate of 17.9% (2024: 18.0%) on pre-tax cash flows does not produce a materially different result. The impairment test indicated that the VIU of the CGU of \u00a3724.7m (2024: \u00a3551.1m) exceeded its carrying value of \u00a3537.3m (2024: \u00a3541.5m). The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group\u2019s goodwill asset is not currently impaired. The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2025
9.6
Increase in VIU of CGU in 2025
173.6
Decrease in carrying value of CGU in 2025
4.2
Headroom at 31 December 2025
187.4
The increase in the VIU of the CGU year-on-year was \u00a3173.6m. This arises from improvements in forecast cash flows, principally arising from the 19.2% increase in the Group\u2019s AUM in the year and a decrease in the post-tax discount rate. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets. As at the end of 2025, the Group has headroom of \u00a3187.4m in respect of the VIU of its goodwill. The sensitivity of this amount to changes in key metrics and assumptions is shown in the table below which sets out the impacts of reasonably possible changes in key assumptions used in the VIU calculation:
Reasonably Decrease in
possible adverse valuation
Key variable movement \u00a3m
Discount rate
+1%
55
Terminal growth rate movement
-0.1%
4
Decrease in revenue
1
-1%
27
1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows. The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. The use of estimation and judgement in valuing goodwill The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability. Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control and, if forecasts are not met, impairment of the asset could result. The Group has engaged third-party valuation specialists to provide an opinion in relation to the value in use as at 31 December 2025 to allow the Group to ensure that inputs into the valuation process are reasonable and based on supportable management assumptions. The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill impairment assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "
12. Intangible assets
Intangible assets principally comprise computer software. The amortisation expense on intangible assets has been recorded as a
separate line item in the consolidated income statement and is recognised on a straight-line basis.
Following initial recognition, intangible assets are held at cost. Software licences acquired are capitalised at the cost incurred to
bring the software into use and are amortised on a straight-line basis over their estimated useful lives, which are estimated as being
between five and ten years. Costs associated with developing or maintaining computer software programs that do not meet the
capitalisation criteria under IAS 38 are recognised as an expense as incurred.
An assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. If any
such indication exists and the carrying values exceed the estimated recoverable amount at that time, the assets are written down
to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use.
Non-financial assets that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Intangible assets are retired once they are fully amortised and no longer provide future economic benefits. On retirement, both the
original cost and accumulated amortisation are removed from the statement of financial position.
The Directors have reviewed the intangible assets as at 31 December 2025 and 31 December 2024 and have concluded there are no
indicators of impairment.
2025
2024
Investment Investment
Computer management Computer management
software contracts Total software contracts Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
21.2
75.0
96.2
19.2
75.0
94.2
Additions
2.2
\u2013
2.2
6.2
\u2013
6.2
Disposals
\u2013
\u2013
\u2013
(4.2)
\u2013
(4.2)
Retiring assets
\u2013
(75.0)
(75.0)
\u2013
\u2013
\u2013
At 31 December
23.4
\u2013
23.4
21.2
75.0
96.2
Accumulated amortisation
At 1 January
(8.9)
(75.0)
(83.9)
(10.9)
(65.8)
(76.7)
Charge for the year
(2.8)
\u2013
(2.8)
(2.2)
(9.2)
(11.4)
Disposals
\u2013
\u2013
\u2013
4.2
\u2013
4.2
Retiring assets
\u2013
75.0
75.0
\u2013
\u2013
\u2013
At 31 December
(11.7)
\u2013
(11.7)
(8.9)
(75.0)
(83.9)
Net book value
At 31 December
11.7
\u2013
11.7
12.3
\u2013
12.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
13. Property, plant and equipment
Property, plant and equipment is made up of leasehold improvements, office furniture and equipment and right-of-use lease
assets and is stated at cost, less accumulated depreciation and any provision for impairment. Cost includes expenditure that is
directly attributable to the acquisition of the assets. Subsequent costs are included in an asset\u2019s carrying amount or recognised
as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the
Group and the cost of the item can be measured reliably. All other repair and maintenance expenditures are charged to the income
statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis to allocate the cost
of each asset over its estimated useful life as follows:
Leasehold improvements 19 years
Office furniture and equipment 5 years
Right-of-use assets Shorter of the asset\u2019s useful life and the lease term
The assets\u2019 useful economic lives and residual values are reviewed at each financial year end and adjusted if appropriate. An item
of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use.
Any gain or loss arising on the disposal of the asset, calculated as the difference between the net disposal proceeds and the
carrying amount of the item, is included in the income statement in the year the item is sold or retired.
2025
2024
Office Office
Right-of-use Leasehold furniture and Right-of-use Leasehold furniture and
assets improvements equipment Total assets improvements equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
49.0
5.4
8.1
62.5
49.3
5.4
7.0
61.7
Additions
0.8
\u2013
0.5
1.3
0.6
\u2013
1.4
2.0
Disposals
(0.9)
(3.1)
\u2013
(4.0)
(1.3)
\u2013
(0.3)
(1.6)
Lease modifications
0.1
\u2013
\u2013
0.1
0.4
\u2013
\u2013
0.4
At 31 December
49.0
2.3
8.6
59.9
49.0
5.4
8.1
62.5
Accumulated depreciation
At 1 January
(19.1)
(2.7)
(5.9)
(27.7)
(16.4)
(2.4)
(5.4)
(24.2)
Charge for the year
(3.9)
(1.7)
(0.7)
(6.3)
(3.9)
(0.3)
(0.8)
(5.0)
Disposals
0.9
3.1
\u2013
4.0
1.2
\u2013
0.3
1.5
Lease modifications
1.3
\u2013
\u2013
1.3
\u2013
\u2013
\u2013
\u2013
At 31 December
(20.8)
(1.3)
(6.6)
(28.7)
(19.1)
(2.7)
(5.9)
(27.7)
Net book value
At 31 December
28.2
1.0
2.0
31.2
29.9
2.7
2.2
34.8
Leases
(i) Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
2025 2024
Notes \u00a3m \u00a3m
Right-of-use assets
Buildings
27.8
29.5
Equipment
0.3
0.3
Motor vehicles
0.1
0.1
28.2
29.9
Lease liabilities
Current
20
4.6
4.2
Non-current
20
34.1
36.7
26
38.7
40.9
A maturity analysis of the Group\u2019s lease liabilities is presented in Note 27.
(ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases:
2025 2024
\u00a3m \u00a3m
Depreciation charge of right-of-use assets (included in administrative expenses)
Buildings
3.7
3.7
Equipment
0.1
\u2013
Motor vehicles
0.1
0.2
3.9
3.9
Interest expense (included in finance costs \u2013 see Note 8)
1.3
1.4
Expense relating to short-term leases (included in administrative expenses)
0.2
0.2
The total cash outflow for leases in 2025 was \u00a35.7m (2024: \u00a35.6m). (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of between 2 to 20 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and \u2022 Payments to be made under reasonably certain extension options. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that it would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement and is therefore referred to in Note 30. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "13. Property, plant and equipment Property, plant and equipment is made up of leasehold improvements, office furniture and equipment and right-of-use lease assets and is stated at cost, less accumulated depreciation and any provision for impairment. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expenditures are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis to allocate the cost of each asset over its estimated useful life as follows: Leasehold improvements 19 years Office furniture and equipment 5 years Right-of-use assets Shorter of the asset\u2019s useful life and the lease term The assets\u2019 useful economic lives and residual values are reviewed at each financial year end and adjusted if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on the disposal of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income statement in the year the item is sold or retired.
2025
2024
Office Office
Right-of-use Leasehold furniture and Right-of-use Leasehold furniture and
assets improvements equipment Total assets improvements equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
49.0
5.4
8.1
62.5
49.3
5.4
7.0
61.7
Additions
0.8
\u2013
0.5
1.3
0.6
\u2013
1.4
2.0
Disposals
(0.9)
(3.1)
\u2013
(4.0)
(1.3)
\u2013
(0.3)
(1.6)
Lease modifications
0.1
\u2013
\u2013
0.1
0.4
\u2013
\u2013
0.4
At 31 December
49.0
2.3
8.6
59.9
49.0
5.4
8.1
62.5
Accumulated depreciation
At 1 January
(19.1)
(2.7)
(5.9)
(27.7)
(16.4)
(2.4)
(5.4)
(24.2)
Charge for the year
(3.9)
(1.7)
(0.7)
(6.3)
(3.9)
(0.3)
(0.8)
(5.0)
Disposals
0.9
3.1
\u2013
4.0
1.2
\u2013
0.3
1.5
Lease modifications
1.3
\u2013
\u2013
1.3
\u2013
\u2013
\u2013
\u2013
At 31 December
(20.8)
(1.3)
(6.6)
(28.7)
(19.1)
(2.7)
(5.9)
(27.7)
Net book value
At 31 December
28.2
1.0
2.0
31.2
29.9
2.7
2.2
34.8
Leases (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases:
2025 2024
Notes \u00a3m \u00a3m
Right-of-use assets
Buildings
27.8
29.5
Equipment
0.3
0.3
Motor vehicles
0.1
0.1
28.2
29.9
Lease liabilities
Current
20
4.6
4.2
Non-current
20
34.1
36.7
26
38.7
40.9
A maturity analysis of the Group\u2019s lease liabilities is presented in Note 27. (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases:
2025 2024
\u00a3m \u00a3m
Depreciation charge of right-of-use assets (included in administrative expenses)
Buildings
3.7
3.7
Equipment
0.1
\u2013
Motor vehicles
0.1
0.2
3.9
3.9
Interest expense (included in finance costs \u2013 see Note 8)
1.3
1.4
Expense relating to short-term leases (included in administrative expenses)
0.2
0.2
The total cash outflow for leases in 2025 was \u00a35.7m (2024: \u00a35.6m). (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of between 2 to 20 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and \u2022 Payments to be made under reasonably certain extension options. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that it would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement and is therefore referred to in Note 30. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Leases (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases:
2025 2024
Notes \u00a3m \u00a3m
Right-of-use assets
Buildings
27.8
29.5
Equipment
0.3
0.3
Motor vehicles
0.1
0.1
28.2
29.9
Lease liabilities
Current
20
4.6
4.2
Non-current
20
34.1
36.7
26
38.7
40.9
A maturity analysis of the Group\u2019s lease liabilities is presented in Note 27. (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases:
2025 2024
\u00a3m \u00a3m
Depreciation charge of right-of-use assets (included in administrative expenses)
Buildings
3.7
3.7
Equipment
0.1
\u2013
Motor vehicles
0.1
0.2
3.9
3.9
Interest expense (included in finance costs \u2013 see Note 8)
1.3
1.4
Expense relating to short-term leases (included in administrative expenses)
0.2
0.2
The total cash outflow for leases in 2025 was \u00a35.7m (2024: \u00a35.6m). (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of between 2 to 20 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and \u2022 Payments to be made under reasonably certain extension options. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that it would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement and is therefore referred to in Note 30. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "
14. Investments in associates
Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through
participation in the financial and operating policy decisions of the investee.
After initial recognition at cost, the Group\u2019s associate NZS Capital LLC (NZS) has been accounted for using equity accounting, whereby
the investment is adjusted to recognise the Group\u2019s share of its profits and losses during the year. The Group\u2019s consolidated income
statement reflects its share of NZS\u2019s profit or loss after tax. In view of the immateriality of NZS\u2019s profit for the year, it is not presented
as a separate line item within the income statement, but is included within other gains.
The movements during the year were:
2025 2024
\u00a3m \u00a3m
At 1 January
1.8
1.8
Loss for the year after tax
(0.1)
\u2013
At 31 December
1.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "14. Investments in associates Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. After initial recognition at cost, the Group\u2019s associate NZS Capital LLC (NZS) has been accounted for using equity accounting, whereby the investment is adjusted to recognise the Group\u2019s share of its profits and losses during the year. The Group\u2019s consolidated income statement reflects its share of NZS\u2019s profit or loss after tax. In view of the immateriality of NZS\u2019s profit for the year, it is not presented as a separate line item within the income statement, but is included within other gains. The movements during the year were:
2025 2024
\u00a3m \u00a3m
At 1 January
1.8
1.8
Loss for the year after tax
(0.1)
\u2013
At 31 December
1.7
1.8
28. Interests in structured entities IFRS 12 requires certain disclosures in respect of interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group has assessed whether the funds it manages are structured entities and concluded that mutual funds and investment trusts managed by the Group are structured entities unless substantive removal or liquidation rights exist. The Group has interests in these funds through the receipt of management and other fees and, in certain funds, seed investment through ownership of fund units or shares. The Group\u2019s investments in these funds are subject to the terms and conditions of the respective funds\u2019 offering documentation and are susceptible to market price risk. The Group has not provided any guarantees or commitments in respect of these funds. The investments are included in financial assets at FVTPL in the balance sheet. Where the Group has no equity holding in a fund it manages, the investment risk is borne by the external investors and therefore the Group\u2019s maximum exposure to loss relates to future management fees and any uncollected fees at the balance sheet date. Where the Group does have an equity holding, the maximum exposure to loss constitutes the future and uncollected management fees plus the fair value of the Group\u2019s investment in that fund. Direct holdings in unconsolidated structured entities Direct investments in unconsolidated structured entities comprise seed investments and hedges of awards in fund units or shares in mutual funds and investment trusts, details of which are given below:
Financial Management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2025
58
36.9
42.3
261.3
19.2
As at 31 December 2024
60
32.4
60.3
271.8
39.9
Of the financial assets at FVTPL, \u00a30.1m (2024: \u00a30.3m) is invested in a fund not managed by the Group. In addition, the Group invests in unconsolidated structured entities through holding units in money market funds managed by third parties. These amounts are reported as cash equivalents in Note 18. The carrying value of both the financial assets at FVTPL (\u00a342.3m; 2024: \u00a360.3m) and the money market fund units (\u00a3145.2m; 2024: \u00a3147.1m) represents the Group\u2019s maximum exposure to loss from its interests in unconsolidated structured entities. The Group provides financial support to funds under its management through seed investment in order to support their growth, ensure an effective launch and to accelerate the process of raising assets over critical size thresholds. During the year, the Group purchased units or shares in unconsolidated funds for these purposes at a cost of \u00a333.3m (2024: \u00a344.2m), of which \u00a333.2m (2024: \u00a333.7m) resulted in the consolidation of those funds. Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2025 is given below:
Investment Date of the end
Financial in Percentage of the fund\u2019s
Country of Principal assets at associates of total AUM reporting
Name
Category
incorporation activities FVTPL \u00a3m \u00a3m
held
Share class held by the Group
period
Jupiter GEARx Fund
Subsidiary
Cayman
Hedge
23.4
\u2013
38%
F Class USD Shares
31-Mar
Limited Islands Fund F Class EUR Hedged Shares
F Class GBP Hedged Shares
F Class CHF Hedged Shares
F Class HKD Hedged Shares
F Class SGD Hedged Shares
F Class SEK Hedged Shares
F Class NOK Hedged Shares
A Class USD Shares
M Class USD Shares
M Class GBP Hedged Shares
I Class USD Shares
A Class EUR Hedged Shares
F Class USD
Jupiter Global
Subsidiary
Ireland
Exchange
15.4
\u2013
92%
USD Acc
31-Mar
Government Bond Traded CHF Acc Hedged
Active UCITS ETF Fund GBP Acc Hedged
EUR Acc Hedged
Jupiter Merlin
Subsidiary
England &
Unit Trust
6.1
\u2013
97%
I Acc
31-May
Moderate Select Wales I Inc
J Acc
and
J Inc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.6
\u2013
97%
I USD Acc
31-Dec
Consumer Trends sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.3
\u2013
98%
I USD Acc
31-Dec
Demographic sub-fund I EUR Acc
Opportunities Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.6
\u2013
97%
I USD Acc
31-Dec
Disruptive sub-fund I EUR Acc
Technology Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.0
\u2013
88%
I USD Acc
31-Dec
Healthcare sub-fund I EUR Acc
Innovation Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.4
\u2013
91%
I USD Acc
31-Dec
Physical World sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Related undertakings other than subsidiaries and associates Entities in which the Group holds more than 20% of the shares in any single share class, but over which the Group has neither control nor significant influence, are summarised below:
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
Jupiter Asset Management Series Plc: B AUD
Emerging Market Debt Income Fund
Hedged Inc (F)
Ireland
ICVC sub-fund
\u2013
90%
0%
31-Dec
Jupiter Asset Management Series Plc: B ZAR
Emerging Market Debt Income Fund
Hedged Inc (F)
Ireland
ICVC sub-fund
\u2013
38%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
B USD Inc (F)
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
I USD Q Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L EUR Acc HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD M Inc
Asia Pacific Income Fund (IRL)
Dist HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L USD Inc (F)
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L USD Q Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Global Emerging Markets Focus Fund
N USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Global Fixed Income Fund
L USD M Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L HKD Income
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L HKD M Inc
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD Income
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD M Inc
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
I GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
I USD Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
L USD Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
U1 GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Strategic Absolute Return Bond Fund
U2 USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
UK Specialist Equity Fund
X GBP Acc
Ireland
ICVC sub-fund
0.2
22%
2%
31-Dec
England &
Jupiter European Fund
U4 GBP Inc Dist
Wales
Unit Trust
\u2013
100%
0%
30-Jun
D SGD Acc
Jupiter Global Fund SICAV: Dynamic Bond
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V HKD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V SGD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V USD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
Jupiter Global Fund SICAV: Jupiter European
Select
U3 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U3 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 GBP Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 GBP Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 USD Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 USD Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U4 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U4 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 GBP Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 GBP Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 USD Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 USD Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter Global High G GBP Acc
Yield Bond
HSC
Luxembourg SICAV sub-fund
\u2013
62%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High G USD Q Inc
Yield Bond
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High I GBP Acc
Yield Bond
HSC
Luxembourg SICAV sub-fund
0.4
41%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High L EUR Q Inc
Yield Bond
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High L SGD M Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High N USD Q Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U3 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U4 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U4 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High V SGD M Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
38%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter India Select
U4 USD Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
D GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
PHSC
Luxembourg SICAV sub-fund
1.0
100%
0%
30-Sep
U4 EUR S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Japan Select
U4 GBP Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
PHSC
Luxembourg SICAV sub-fund
\u2013
46%
0%
30-Sep
U4 GBP S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
U4 GBP S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 JPY S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 USD S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Investment Management Series I: England &
Jupiter UK Multi Cap Income Fund
U1 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Jul
Jupiter Investment Management Series I: England &
Jupiter UK Multi Cap Income Fund
U1 GBP Inc
Wales
Unit Trust
\u2013
100%
0%
31-Jul
Jupiter Investment Management Series II: England &
Jupiter Merian Global Equity Fund
U2 GBP Acc
Wales
OEIC sub-fund
3.0
24%
0%
31-Oct
England &
Jupiter Japan Income Fund
U3 Acc
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter Japan Income Fund
U3 Inc Dist
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter Japan Income Fund
U4 Acc
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter UK Income Fund
U2 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Dec
U2 GBP Inc England &
Jupiter UK Income Fund Dist
Wales
Unit Trust
\u2013
100%
0%
31-Dec
England &
Jupiter UK Income Fund
U3 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Dec
U3 GBP Inc England &
Jupiter UK Income Fund Dist
Wales
Unit Trust
\u2013
100%
0%
31-Dec
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "14. Investments in associates Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. After initial recognition at cost, the Group\u2019s associate NZS Capital LLC (NZS) has been accounted for using equity accounting, whereby the investment is adjusted to recognise the Group\u2019s share of its profits and losses during the year. The Group\u2019s consolidated income statement reflects its share of NZS\u2019s profit or loss after tax. In view of the immateriality of NZS\u2019s profit for the year, it is not presented as a separate line item within the income statement, but is included within other gains. The movements during the year were:
2025 2024
\u00a3m \u00a3m
At 1 January
1.8
1.8
Loss for the year after tax
(0.1)
\u2013
At 31 December
1.7
1.8
15. Deferred tax Analysis of the Group\u2019s deferred tax assets is shown below:
Accelerated Other Other deferred
Share-based capital temporary compensation
payments allowances differences payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
7.2
0.2
0.2
8.0
15.6
At 31 December 2025
18.9
0.4
0.2
11.5
31.0
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in equity as follows:
Intangible
Accelerated Other Other deferred assets arising
Share-based capital temporary compensation upon
payments allowances differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
6.3
0.5
0.3
9.0
(2.3)
13.8
Credited/(charged) to the income statement
0.9
(0.3)
(0.1)
(1.0)
2.3
1.8
At 31 December 2024
7.2
0.2
0.2
8.0
\u2013
15.6
Credited to the income statement
4.9
0.2
\u2013
3.5
\u2013
8.6
Credited to equity
6.8
\u2013
\u2013
\u2013
\u2013
6.8
At 31 December 2025
18.9
0.4
0.2
11.5
\u2013
31.0
The other temporary differences balances at 31 December 2025 and 2024 include short-term timing differences and temporary differences between depreciation and capital allowances. Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are or were expected to be realised or settled. Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2025 is given below:
Investment Date of the end
Financial in Percentage of the fund\u2019s
Country of Principal assets at associates of total AUM reporting
Name
Category
incorporation activities FVTPL \u00a3m \u00a3m
held
Share class held by the Group
period
Jupiter GEARx Fund
Subsidiary
Cayman
Hedge
23.4
\u2013
38%
F Class USD Shares
31-Mar
Limited Islands Fund F Class EUR Hedged Shares
F Class GBP Hedged Shares
F Class CHF Hedged Shares
F Class HKD Hedged Shares
F Class SGD Hedged Shares
F Class SEK Hedged Shares
F Class NOK Hedged Shares
A Class USD Shares
M Class USD Shares
M Class GBP Hedged Shares
I Class USD Shares
A Class EUR Hedged Shares
F Class USD
Jupiter Global
Subsidiary
Ireland
Exchange
15.4
\u2013
92%
USD Acc
31-Mar
Government Bond Traded CHF Acc Hedged
Active UCITS ETF Fund GBP Acc Hedged
EUR Acc Hedged
Jupiter Merlin
Subsidiary
England &
Unit Trust
6.1
\u2013
97%
I Acc
31-May
Moderate Select Wales I Inc
J Acc
and
J Inc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.6
\u2013
97%
I USD Acc
31-Dec
Consumer Trends sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.3
\u2013
98%
I USD Acc
31-Dec
Demographic sub-fund I EUR Acc
Opportunities Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.6
\u2013
97%
I USD Acc
31-Dec
Disruptive sub-fund I EUR Acc
Technology Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.0
\u2013
88%
I USD Acc
31-Dec
Healthcare sub-fund I EUR Acc
Innovation Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.4
\u2013
91%
I USD Acc
31-Dec
Physical World sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "15. Deferred tax Analysis of the Group\u2019s deferred tax assets is shown below:
Accelerated Other Other deferred
Share-based capital temporary compensation
payments allowances differences payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
7.2
0.2
0.2
8.0
15.6
At 31 December 2025
18.9
0.4
0.2
11.5
31.0
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in equity as follows:
Intangible
Accelerated Other Other deferred assets arising
Share-based capital temporary compensation upon
payments allowances differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
6.3
0.5
0.3
9.0
(2.3)
13.8
Credited/(charged) to the income statement
0.9
(0.3)
(0.1)
(1.0)
2.3
1.8
At 31 December 2024
7.2
0.2
0.2
8.0
\u2013
15.6
Credited to the income statement
4.9
0.2
\u2013
3.5
\u2013
8.6
Credited to equity
6.8
\u2013
\u2013
\u2013
\u2013
6.8
At 31 December 2025
18.9
0.4
0.2
11.5
\u2013
31.0
The other temporary differences balances at 31 December 2025 and 2024 include short-term timing differences and temporary differences between depreciation and capital allowances. Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are or were expected to be realised or settled. 20. Trade and other payables Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group recognises accrued expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest on the Group\u2019s subordinated debt (see Note 19) is included as an accrued expense.
2025 2024
Non-current \u00a3m \u00a3m
Lease liabilities
34.1
36.7
Accrued expenses
20.7
19.5
Social security and other taxes
8.3
5.3
63.1
61.5
2025 2024
Current \u00a3m \u00a3m
Accrued expenses
131.2
104.1
Trade payables
55.1
75.3
Social security and other taxes
20.9
13.9
Other payables
3.4
3.6
Lease liabilities
4.6
4.2
215.2
201.1
Accrued expenses of \u00a320.7m (2024: \u00a319.5m) included within non-current trade and other payables and \u00a326.1m (2024: \u00a313.7m) included within current trade and other payables relate to deferred bonus awards whose settlement amounts will be based on the cash value or the value of units in the Group\u2019s funds (see Note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "15. Deferred tax Analysis of the Group\u2019s deferred tax assets is shown below:
Accelerated Other Other deferred
Share-based capital temporary compensation
payments allowances differences payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
7.2
0.2
0.2
8.0
15.6
At 31 December 2025
18.9
0.4
0.2
11.5
31.0
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in equity as follows:
Intangible
Accelerated Other Other deferred assets arising
Share-based capital temporary compensation upon
payments allowances differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
6.3
0.5
0.3
9.0
(2.3)
13.8
Credited/(charged) to the income statement
0.9
(0.3)
(0.1)
(1.0)
2.3
1.8
At 31 December 2024
7.2
0.2
0.2
8.0
\u2013
15.6
Credited to the income statement
4.9
0.2
\u2013
3.5
\u2013
8.6
Credited to equity
6.8
\u2013
\u2013
\u2013
\u2013
6.8
At 31 December 2025
18.9
0.4
0.2
11.5
\u2013
31.0
The other temporary differences balances at 31 December 2025 and 2024 include short-term timing differences and temporary differences between depreciation and capital allowances. Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are or were expected to be realised or settled. 17. Trade and other receivables Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual cash flows, which are solely payments of principal and interest, and are therefore subsequently measured at amortised cost using the effective interest method, less loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs, based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers a trade receivable to be impaired when one or more detrimental credit events have occurred. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2024: \u00a3nil) (see Note 27). Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest available information and therefore involves a degree of estimation relating to the valuation of underlying AUM. Contract assets represent deferred acquisition and commission costs paid upfront to distributors where performance obligations have not been fully satisfied at the end of the reporting period. The costs are recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis.
2025 2024
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2025 2024
Current \u00a3m \u00a3m
Trade receivables
62.1
83.4
Prepayments
9.8
10.0
Accrued income
142.7
51.1
Contract assets
2.3
1.4
216.9
145.9
Trade receivables are non-interest bearing and the majority are collected within four working days. An analysis of the ageing profile of trade receivables is disclosed in Note 27. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3196.6m (2024: \u00a3126.3m). The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset balance at the beginning of the period was \u00a31.4m (2024: \u00a30.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "15. Deferred tax Analysis of the Group\u2019s deferred tax assets is shown below:
Accelerated Other Other deferred
Share-based capital temporary compensation
payments allowances differences payments Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 31 December 2024
7.2
0.2
0.2
8.0
15.6
At 31 December 2025
18.9
0.4
0.2
11.5
31.0
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in equity as follows:
Intangible
Accelerated Other Other deferred assets arising
Share-based capital temporary compensation upon
payments allowances differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2024
6.3
0.5
0.3
9.0
(2.3)
13.8
Credited/(charged) to the income statement
0.9
(0.3)
(0.1)
(1.0)
2.3
1.8
At 31 December 2024
7.2
0.2
0.2
8.0
\u2013
15.6
Credited to the income statement
4.9
0.2
\u2013
3.5
\u2013
8.6
Credited to equity
6.8
\u2013
\u2013
\u2013
\u2013
6.8
At 31 December 2025
18.9
0.4
0.2
11.5
\u2013
31.0
The other temporary differences balances at 31 December 2025 and 2024 include short-term timing differences and temporary differences between depreciation and capital allowances. Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are or were expected to be realised or settled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
16. Financial instruments
Financial instruments
Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are
initially measured at fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs
are immediately recognised in the income statement. Financial assets are derecognised when the rights to receive cash flows from
the assets have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of
ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or has expired.
Financial assets
The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds,
equity instruments, fixed income securities and derivative financial instruments. Financial assets are classified as being at FVTPL
or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial
assets and their contractual cash flow characteristics.
Financial assets at FVTPL
Financial assets at FVTPL principally comprise seed investments in pooled funds which are managed and evaluated on a fair value
basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been
acquired for the purposes of hedging deferred compensation awards. Financial assets at FVTPL also include the equity instruments
and fixed income securities held within funds which the Group is judged to have control of and which are therefore consolidated.
Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or
if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which
are held to provide an economic hedge in respect of specific risk exposures (see Note 27). Financial assets at FVTPL are carried at
fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses
or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category
are classified as current assets.
Financial assets at amortised cost
Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on
cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective
of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest
method. Interest receivable is recorded within Trade and other receivables and, in the income statement, within Finance income.
At 31 December 2025, financial assets at amortised cost had a fair value of \u00a316.9m (2024: \u00a316.7m).
Financial liabilities
The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the
non-controlling interests in funds that have been consolidated as subsidiaries.
Financial liabilities at FVTPL
Gains and losses on financial liabilities at FVTPL are recognised in the income statement within other gains in the period in which they
arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds.
Other financial liabilities at FVTPL
Other financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other
gains in the period in which they arise. Other financial liabilities at FVTPL comprise derivative instruments which are held to provide
an economic hedge in respect of specific risk exposures (see Note 27).
As at 31 December, the Group held the following financial instruments measured at fair value:
2025 2024
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
73.2
126.5
Adjustments to financial assets due to consolidation of funds
(5.8)
99.2
Derivatives and fund unit hedges
50.5
46.2
Financial assets at FVTPL
117.9
271.9
Financial assets at amortised cost
16.9
16.7
Total financial assets
134.8
288.6
2025 2024
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(42.0)
(100.1)
Other financial liabilities at FVTPL
\u2013
(0.4)
Total financial liabilities
(42.0)
(100.5)
Significant area of judgement In determining the level of control for seed investments, additional judgement is required and consolidation of seed investments is therefore referred to in Note 30. The Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective rights, and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of management fees, and the percentage investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds 50% of the total value of the fund, the Group deems control to automatically exist. Where ownership is under 50%, the Group applies a rebuttable presumption that interests amounting to 30% or more are consolidated, and interests amounting to less than 30% are not consolidated, subject to review of the facts and circumstances of each individual investment relevant to establishing whether the Group is acting as principal or agent to the fund. These include the potential for large performance fees to be earned, an assessment of kick-out rights and the existence of any other large investors in the fund. Kick-out rights rarely vary between the different types of funds that the Group manages; the percentage investment in a fund is therefore the primary means for determining whether control exists for the Group, and the determination of the threshold to be used as the rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s balance sheet is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such instruments is material to the Group, this has been included as a significant area of judgement. The Group has seed investments in its unit trusts, ICVCs, SICAV sub-funds, a hedge fund and an ETF. The Group\u2019s judgement is that control can exist in a sub-fund, even if it does not exist in the whole of the umbrella fund, as the sub-funds have no cross-liability risk to other sub-funds or to the SICAV umbrella fund and thus should be accounted for as separate entities. The Group reassesses whether or not it controls an entity if facts or circumstances indicate that control may have changed.
19. Loans and borrowings
The Group\u2019s \u00a350.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025. The notes bore interest at a rate of 8.875% per
annum and their fair value at 31 December 2024 was \u00a350.4m.
2025 2024
\u00a3m \u00a3m
Subordinated debt
\u2013
49.9
The Group\u2019s RCF enables it to borrow up to \u00a3100.0m (2024: \u00a340.0m). The current facility was agreed in December 2025 and expires in
December 2027, with an option for the Group to extend the facility by up to a further three years. The Group\u2019s RCFs were undrawn
throughout 2025 and 2024.
Interest on the RCF is payable on drawn amounts at a rate per annum of SONIA (sterling overnight index average) reference rate plus
a margin of 0.95%. A commitment fee is payable on the RCF at a rate of 0.2% per annum on the undrawn balance.
27. Financial risk management
Financial instruments by category
The carrying value of the financial instruments of the Group at 31 December is shown below:
Financial
Financial assets held at Financial Financial
assets amortised cost liabilities liabilities at Non-financial
at FVTPL and other at FVTPL amortised cost instruments Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
11.7
11.7
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
31.2
31.2
Investment in associates
1
\u2013
1.7
\u2013
\u2013
\u2013
1.7
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
31.0
31.0
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
117.9
16.9
\u2013
\u2013
\u2013
134.8
Current trade and other receivables
2
\u2013
204.8
\u2013
\u2013
12.1
216.9
Cash and cash equivalents
\u2013
318.7
\u2013
\u2013
\u2013
318.7
Current tax asset
2
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Non-current trade and other payables
2
\u2013
\u2013
\u2013
(54.8)
(8.3)
(63.1)
Financial liabilities at FVTPL
\u2013
\u2013
(42.0)
\u2013
\u2013
(42.0)
Current trade and other payables
2
\u2013
\u2013
\u2013
(194.3)
(20.9)
(215.2)
Provisions
\u2013
\u2013
\u2013
(0.6)
\u2013
(0.6)
Current tax liability
2
\u2013
\u2013
\u2013
\u2013
(15.6)
(15.6)
Total
117.9
542.5
(42.0)
(249.7)
537.4
906.1
Financial
Financial assets held at Financial Financial
assets amortised cost liabilities liabilities at Non-financial
at FVTPL and other at FVTPL amortised cost instruments Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
12.3
12.3
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
34.8
34.8
Investment in associates
1
\u2013
1.8
\u2013
\u2013
\u2013
1.8
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
15.6
15.6
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
271.9
16.7
\u2013
\u2013
\u2013
288.6
Current trade and other receivables
2
\u2013
134.5
\u2013
\u2013
11.4
145.9
Cash and cash equivalents
\u2013
261.1
\u2013
\u2013
\u2013
261.1
Current tax asset
2
\u2013
\u2013
\u2013
\u2013
1.6
1.6
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.9)
\u2013
(49.9)
Non-current trade and other payables
2
\u2013
\u2013
\u2013
(56.2)
(5.3)
(61.5)
Financial liabilities at FVTPL
\u2013
\u2013
(100.5)
\u2013
\u2013
(100.5)
Current trade and other payables
2
\u2013
\u2013
\u2013
(187.2)
(13.9)
(201.1)
Provisions
\u2013
\u2013
\u2013
(5.1)
\u2013
(5.1)
Current tax liability
2
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Total
271.9
414.5
(100.5)
(298.4)
546.5
834.0
1. Investments in associates are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group\u2019s share of the
investee\u2019s net assets.
2. Prepayments, contract assets, contract liabilities, current tax asset and liability and social security and other taxes do not meet the definition
of financial instruments.
At 31 December 2025, the fair value of financial assets held at amortised cost was \u00a3542.5m (2024: \u00a3414.5m).
Gains and losses recognised in the income statement by category are shown below:
2025
2024
Financial
Financial assets Other income assets Other income
at FVTPL
1
and expense Total
at FVTPL
1
and expense Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
465.7
465.7
\u2013
402.5
402.5
Fee and commission expenses
\u2013
(34.7)
(34.7)
\u2013
(38.4)
(38.4)
Administrative expenses
6.9
(313.6)
(306.7)
2.4
(275.6)
(273.2)
Other gains
6.6
\u2013
6.6
6.9
\u2013
6.9
Amortisation of intangible assets
\u2013
(2.8)
(2.8)
\u2013
(11.4)
(11.4)
Finance income
\u2013
7.2
7.2
\u2013
8.0
8.0
Finance costs
\u2013
(3.4)
(3.4)
\u2013
(6.1)
(6.1)
Income tax expense
\u2013
(31.5)
(31.5)
\u2013
(23.1)
(23.1)
Profit for the year
13.5
86.9
100.4
9.3
55.9
65.2
1. See Notes 4 and 7 for further details.
The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.
\u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable
market data (unobservable inputs).
As at 31 December 2025, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
99.8
16.6
\u2013
116.4
Financial assets \u2013 derivatives
\u2013
1.5
\u2013
1.5
Financial liabilities \u2013 non-controlling interests in consolidated funds
(42.0)
\u2013
\u2013
(42.0)
57.8
18.1
\u2013
75.9
As at 31 December 2024, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
271.0
\u2013
\u2013
271.0
Financial assets \u2013 derivatives
\u2013
0.9
\u2013
0.9
Financial liabilities \u2013 non-controlling interests in consolidated funds
(100.1)
\u2013
\u2013
(100.1)
Financial liabilities \u2013 derivatives
\u2013
(0.4)
\u2013
(0.4)
170.9
0.5
\u2013
171.4
Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions
above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of
these funds are quoted in active markets.
Level 1 financial instruments
The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted
market prices at the balance sheet date.
Investments in funds
These relate to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the
underlying holdings in consolidated funds that meet the definition of level 1 financial instruments.
Non-controlling interests in consolidated funds
These relate to non-controlling interests in funds consolidated by the Group as subsidiaries.
Level 2 financial instruments Investments in funds These relate to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments, principally comprising daily priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. Derivative financial instruments These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. The fair value is determined by reference to valuations provided by the Group\u2019s banking counterparties. Movements in the fair value are recorded in the income statement. The Group enters into swap arrangements, futures contracts and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments. Gains and losses arising from fair value movements in the contracts are recognised in the consolidated income statement within other gains and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled on expiration of the contract, are recorded within current assets or current liabilities as trade receivables or other payables, as appropriate. The fair value of futures and foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2025, the notional values of the futures, swaps and foreign exchange forward contracts were \u00a350.0m (2024: \u00a322.1m), \u00a36.0m (2024: \u00a360.7m) and \u00a365.2m (2024: \u00a375.6m) respectively. The settlement amount of the swaps at 31 December 2025 was a receivable of \u00a3nil (2024: \u00a31.9m). The fair value of the futures and foreign exchange forward contracts is included within Financial assets \u2013 derivatives (\u00a31.5m (2024: \u00a30.9m)) and Financial liabilities \u2013 derivatives (\u00a3nil (2024: \u00a30.4m)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "16. Financial instruments Financial instruments Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are initially measured at fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs are immediately recognised in the income statement. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or has expired. Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds, equity instruments, fixed income securities and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Financial assets at FVTPL Financial assets at FVTPL principally comprise seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred compensation awards. Financial assets at FVTPL also include the equity instruments and fixed income securities held within funds which the Group is judged to have control of and which are therefore consolidated. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category are classified as current assets. Financial assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the income statement, within Finance income. At 31 December 2025, financial assets at amortised cost had a fair value of \u00a316.9m (2024: \u00a316.7m). Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. Financial liabilities at FVTPL Gains and losses on financial liabilities at FVTPL are recognised in the income statement within other gains in the period in which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds. Other financial liabilities at FVTPL Other financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains in the period in which they arise. Other financial liabilities at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). As at 31 December, the Group held the following financial instruments measured at fair value:
2025 2024
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
73.2
126.5
Adjustments to financial assets due to consolidation of funds
(5.8)
99.2
Derivatives and fund unit hedges
50.5
46.2
Financial assets at FVTPL
117.9
271.9
Financial assets at amortised cost
16.9
16.7
Total financial assets
134.8
288.6
2025 2024
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(42.0)
(100.1)
Other financial liabilities at FVTPL
\u2013
(0.4)
Total financial liabilities
(42.0)
(100.5)
The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at 31 December 2025, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
99.8
16.6
\u2013
116.4
Financial assets \u2013 derivatives
\u2013
1.5
\u2013
1.5
Financial liabilities \u2013 non-controlling interests in consolidated funds
(42.0)
\u2013
\u2013
(42.0)
57.8
18.1
\u2013
75.9
As at 31 December 2024, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
271.0
\u2013
\u2013
271.0
Financial assets \u2013 derivatives
\u2013
0.9
\u2013
0.9
Financial liabilities \u2013 non-controlling interests in consolidated funds
(100.1)
\u2013
\u2013
(100.1)
Financial liabilities \u2013 derivatives
\u2013
(0.4)
\u2013
(0.4)
170.9
0.5
\u2013
171.4
Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets. Level 1 financial instruments The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Investments in funds These relate to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. Non-controlling interests in consolidated funds These relate to non-controlling interests in funds consolidated by the Group as subsidiaries. Level 2 financial instruments Investments in funds These relate to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments, principally comprising daily priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. Derivative financial instruments These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. The fair value is determined by reference to valuations provided by the Group\u2019s banking counterparties. Movements in the fair value are recorded in the income statement. The Group enters into swap arrangements, futures contracts and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments. Gains and losses arising from fair value movements in the contracts are recognised in the consolidated income statement within other gains and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled on expiration of the contract, are recorded within current assets or current liabilities as trade receivables or other payables, as appropriate. The fair value of futures and foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2025, the notional values of the futures, swaps and foreign exchange forward contracts were \u00a350.0m (2024: \u00a322.1m), \u00a36.0m (2024: \u00a360.7m) and \u00a365.2m (2024: \u00a375.6m) respectively. The settlement amount of the swaps at 31 December 2025 was a receivable of \u00a3nil (2024: \u00a31.9m). The fair value of the futures and foreign exchange forward contracts is included within Financial assets \u2013 derivatives (\u00a31.5m (2024: \u00a30.9m)) and Financial liabilities \u2013 derivatives (\u00a3nil (2024: \u00a30.4m)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "16. Financial instruments Financial instruments Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are initially measured at fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs are immediately recognised in the income statement. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or has expired. Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds, equity instruments, fixed income securities and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Financial assets at FVTPL Financial assets at FVTPL principally comprise seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred compensation awards. Financial assets at FVTPL also include the equity instruments and fixed income securities held within funds which the Group is judged to have control of and which are therefore consolidated. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category are classified as current assets. Financial assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the income statement, within Finance income. At 31 December 2025, financial assets at amortised cost had a fair value of \u00a316.9m (2024: \u00a316.7m). Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. Financial liabilities at FVTPL Gains and losses on financial liabilities at FVTPL are recognised in the income statement within other gains in the period in which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds. Other financial liabilities at FVTPL Other financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains in the period in which they arise. Other financial liabilities at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). As at 31 December, the Group held the following financial instruments measured at fair value:
2025 2024
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
73.2
126.5
Adjustments to financial assets due to consolidation of funds
(5.8)
99.2
Derivatives and fund unit hedges
50.5
46.2
Financial assets at FVTPL
117.9
271.9
Financial assets at amortised cost
16.9
16.7
Total financial assets
134.8
288.6
2025 2024
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(42.0)
(100.1)
Other financial liabilities at FVTPL
\u2013
(0.4)
Total financial liabilities
(42.0)
(100.5)
The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at 31 December 2025, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
99.8
16.6
\u2013
116.4
Financial assets \u2013 derivatives
\u2013
1.5
\u2013
1.5
Financial liabilities \u2013 non-controlling interests in consolidated funds
(42.0)
\u2013
\u2013
(42.0)
57.8
18.1
\u2013
75.9
As at 31 December 2024, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
271.0
\u2013
\u2013
271.0
Financial assets \u2013 derivatives
\u2013
0.9
\u2013
0.9
Financial liabilities \u2013 non-controlling interests in consolidated funds
(100.1)
\u2013
\u2013
(100.1)
Financial liabilities \u2013 derivatives
\u2013
(0.4)
\u2013
(0.4)
170.9
0.5
\u2013
171.4
Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets. Level 1 financial instruments The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Investments in funds These relate to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. Non-controlling interests in consolidated funds These relate to non-controlling interests in funds consolidated by the Group as subsidiaries. Level 2 financial instruments Investments in funds These relate to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments, principally comprising daily priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. Derivative financial instruments These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. The fair value is determined by reference to valuations provided by the Group\u2019s banking counterparties. Movements in the fair value are recorded in the income statement. The Group enters into swap arrangements, futures contracts and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments. Gains and losses arising from fair value movements in the contracts are recognised in the consolidated income statement within other gains and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled on expiration of the contract, are recorded within current assets or current liabilities as trade receivables or other payables, as appropriate. The fair value of futures and foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2025, the notional values of the futures, swaps and foreign exchange forward contracts were \u00a350.0m (2024: \u00a322.1m), \u00a36.0m (2024: \u00a360.7m) and \u00a365.2m (2024: \u00a375.6m) respectively. The settlement amount of the swaps at 31 December 2025 was a receivable of \u00a3nil (2024: \u00a31.9m). The fair value of the futures and foreign exchange forward contracts is included within Financial assets \u2013 derivatives (\u00a31.5m (2024: \u00a30.9m)) and Financial liabilities \u2013 derivatives (\u00a3nil (2024: \u00a30.4m)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "16. Financial instruments Financial instruments Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are initially measured at fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs are immediately recognised in the income statement. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or has expired. Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds, equity instruments, fixed income securities and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Financial assets at FVTPL Financial assets at FVTPL principally comprise seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred compensation awards. Financial assets at FVTPL also include the equity instruments and fixed income securities held within funds which the Group is judged to have control of and which are therefore consolidated. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category are classified as current assets. Financial assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the income statement, within Finance income. At 31 December 2025, financial assets at amortised cost had a fair value of \u00a316.9m (2024: \u00a316.7m). Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. Financial liabilities at FVTPL Gains and losses on financial liabilities at FVTPL are recognised in the income statement within other gains in the period in which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds. Other financial liabilities at FVTPL Other financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains in the period in which they arise. Other financial liabilities at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). As at 31 December, the Group held the following financial instruments measured at fair value:
2025 2024
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
73.2
126.5
Adjustments to financial assets due to consolidation of funds
(5.8)
99.2
Derivatives and fund unit hedges
50.5
46.2
Financial assets at FVTPL
117.9
271.9
Financial assets at amortised cost
16.9
16.7
Total financial assets
134.8
288.6
2025 2024
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(42.0)
(100.1)
Other financial liabilities at FVTPL
\u2013
(0.4)
Total financial liabilities
(42.0)
(100.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds, equity instruments, fixed income securities and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Financial assets at FVTPL Financial assets at FVTPL principally comprise seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred compensation awards. Financial assets at FVTPL also include the equity instruments and fixed income securities held within funds which the Group is judged to have control of and which are therefore consolidated. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category are classified as current assets. Financial assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the income statement, within Finance income. At 31 December 2025, financial assets at amortised cost had a fair value of \u00a316.9m (2024: \u00a316.7m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. Financial liabilities at FVTPL Gains and losses on financial liabilities at FVTPL are recognised in the income statement within other gains in the period in which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds. Other financial liabilities at FVTPL Other financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains in the period in which they arise. Other financial liabilities at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 27). As at 31 December, the Group held the following financial instruments measured at fair value:
2025 2024
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
73.2
126.5
Adjustments to financial assets due to consolidation of funds
(5.8)
99.2
Derivatives and fund unit hedges
50.5
46.2
Financial assets at FVTPL
117.9
271.9
Financial assets at amortised cost
16.9
16.7
Total financial assets
134.8
288.6
2025 2024
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(42.0)
(100.1)
Other financial liabilities at FVTPL
\u2013
(0.4)
Total financial liabilities
(42.0)
(100.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
17. Trade and other receivables
Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual
cash flows, which are solely payments of principal and interest, and are therefore subsequently measured at amortised cost using
the effective interest method, less loss allowances.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount
equal to lifetime ECLs, based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers
a trade receivable to be impaired when one or more detrimental credit events have occurred. In line with the Group\u2019s historical
experience, and after consideration of current credit exposures, the Group does not expect to incur any credit losses and has
not recognised any ECLs in the current year (2024: \u00a3nil) (see Note 27).
Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater
than 12 months after the balance sheet date. These are classified as non-current assets.
Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest
available information and therefore involves a degree of estimation relating to the valuation of underlying AUM.
Contract assets represent deferred acquisition and commission costs paid upfront to distributors where performance obligations
have not been fully satisfied at the end of the reporting period. The costs are recognised over the expected lives of the contracts,
which are estimated to be up to six years, on a straight-line basis.
2025 2024
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2025 2024
Current \u00a3m \u00a3m
Trade receivables
62.1
83.4
Prepayments
9.8
10.0
Accrued income
142.7
51.1
Contract assets
2.3
1.4
216.9
145.9
Trade receivables are non-interest bearing and the majority are collected within four working days. An analysis of the ageing profile
of trade receivables is disclosed in Note 27. Within trade and other receivables, the amount receivable from contracts with customers
is \u00a3196.6m (2024: \u00a3126.3m).
The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset
balance at the beginning of the period was \u00a31.4m (2024: \u00a30.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "17. Trade and other receivables Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual cash flows, which are solely payments of principal and interest, and are therefore subsequently measured at amortised cost using the effective interest method, less loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs, based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers a trade receivable to be impaired when one or more detrimental credit events have occurred. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2024: \u00a3nil) (see Note 27). Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest available information and therefore involves a degree of estimation relating to the valuation of underlying AUM. Contract assets represent deferred acquisition and commission costs paid upfront to distributors where performance obligations have not been fully satisfied at the end of the reporting period. The costs are recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis.
2025 2024
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2025 2024
Current \u00a3m \u00a3m
Trade receivables
62.1
83.4
Prepayments
9.8
10.0
Accrued income
142.7
51.1
Contract assets
2.3
1.4
216.9
145.9
Trade receivables are non-interest bearing and the majority are collected within four working days. An analysis of the ageing profile of trade receivables is disclosed in Note 27. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3196.6m (2024: \u00a3126.3m). The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset balance at the beginning of the period was \u00a31.4m (2024: \u00a30.4m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
18. Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
120.8
113.4
Cash equivalents
145.2
147.1
Cash held by the EBT and seed investment subsidiaries
52.7
0.6
318.7
261.1
Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing
daily bank rates. Cash equivalents are used for cash management purposes and comprise units in short-term money market funds
that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value.
Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "18. Cash and cash equivalents
2025 2024
\u00a3m \u00a3m
Cash at bank and in hand
120.8
113.4
Cash equivalents
145.2
147.1
Cash held by the EBT and seed investment subsidiaries
52.7
0.6
318.7
261.1
Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash equivalents are used for cash management purposes and comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value. Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "19. Loans and borrowings The Group\u2019s \u00a350.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025. The notes bore interest at a rate of 8.875% per annum and their fair value at 31 December 2024 was \u00a350.4m.
2025 2024
\u00a3m \u00a3m
Subordinated debt
\u2013
49.9
The Group\u2019s RCF enables it to borrow up to \u00a3100.0m (2024: \u00a340.0m). The current facility was agreed in December 2025 and expires in December 2027, with an option for the Group to extend the facility by up to a further three years. The Group\u2019s RCFs were undrawn throughout 2025 and 2024. Interest on the RCF is payable on drawn amounts at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin of 0.95%. A commitment fee is payable on the RCF at a rate of 0.2% per annum on the undrawn balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "19. Loans and borrowings The Group\u2019s \u00a350.0m Tier 2 subordinated debt notes were redeemed on 28 April 2025. The notes bore interest at a rate of 8.875% per annum and their fair value at 31 December 2024 was \u00a350.4m.
2025 2024
\u00a3m \u00a3m
Subordinated debt
\u2013
49.9
The Group\u2019s RCF enables it to borrow up to \u00a3100.0m (2024: \u00a340.0m). The current facility was agreed in December 2025 and expires in December 2027, with an option for the Group to extend the facility by up to a further three years. The Group\u2019s RCFs were undrawn throughout 2025 and 2024. Interest on the RCF is payable on drawn amounts at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin of 0.95%. A commitment fee is payable on the RCF at a rate of 0.2% per annum on the undrawn balance.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
20. Trade and other payables
Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective
interest rate method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on
settlement.
The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group
recognises accrued expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest
on the Group\u2019s subordinated debt (see Note 19) is included as an accrued expense.
2025 2024
Non-current \u00a3m \u00a3m
Lease liabilities
34.1
36.7
Accrued expenses
20.7
19.5
Social security and other taxes
8.3
5.3
63.1
61.5
2025 2024
Current \u00a3m \u00a3m
Accrued expenses
131.2
104.1
Trade payables
55.1
75.3
Social security and other taxes
20.9
13.9
Other payables
3.4
3.6
Lease liabilities
4.6
4.2
215.2
201.1
Accrued expenses of \u00a320.7m (2024: \u00a319.5m) included within non-current trade and other payables and \u00a326.1m (2024: \u00a313.7m) included
within current trade and other payables relate to deferred bonus awards whose settlement amounts will be based on the cash value
or the value of units in the Group\u2019s funds (see Note 6).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "20. Trade and other payables Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group recognises accrued expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest on the Group\u2019s subordinated debt (see Note 19) is included as an accrued expense.
2025 2024
Non-current \u00a3m \u00a3m
Lease liabilities
34.1
36.7
Accrued expenses
20.7
19.5
Social security and other taxes
8.3
5.3
63.1
61.5
2025 2024
Current \u00a3m \u00a3m
Accrued expenses
131.2
104.1
Trade payables
55.1
75.3
Social security and other taxes
20.9
13.9
Other payables
3.4
3.6
Lease liabilities
4.6
4.2
215.2
201.1
Accrued expenses of \u00a320.7m (2024: \u00a319.5m) included within non-current trade and other payables and \u00a326.1m (2024: \u00a313.7m) included within current trade and other payables relate to deferred bonus awards whose settlement amounts will be based on the cash value or the value of units in the Group\u2019s funds (see Note 6).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "
21. Provisions and contingent assets
(i) Provisions
Provisions are liabilities of uncertain timing or amount arising from claims or regulatory action against the Group in connection with
its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a
payment will be required and the quantum and timing of that payment. Where a potential claim exists, it may either be recognised
as a liability or disclosed if, in our judgement, a possible obligation exists.
Provisions for liabilities are recognised when, in the Group\u2019s judgement, it has a present legal or constructive obligation arising from a
past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when a reliable
estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within \u201cAdministrative
expenses\u201d and are based on the Group\u2019s best estimates of the expenditure required to settle the obligation. Differences between
estimated amounts and final settlement amounts are recognised in the income statement.
2025
\u00a3m
At 1 January
5.1
Charge for the year
0.6
Provisions utilised
(1.7)
Provisions released
(3.4)
At 31 December
0.6
Settlement of provisions is expected to occur within one year. The provisions relate to various obligations arising from the Group\u2019s
ongoing operating activities.
(ii) Contingent assets
On an ongoing basis, the Group assesses the impact of regulatory, tax and other legislative changes which may affect prior periods.
In certain circumstances, these may lead to the recovery of previously incurred costs. An asset is recognised only where recovery is
virtually certain. Where the timing and amount of any recovery are uncertain, no asset is recognised in the Group\u2019s financial
statements. The financial effect of a contingent asset is disclosed where it is practicable to do so. The Group considers recovery to be
probable in certain cases, and the financial effect of such potential recoveries at the year end date is estimated to be between
\u00a34.0m and \u00a36.0m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "21. Provisions and contingent assets (i) Provisions Provisions are liabilities of uncertain timing or amount arising from claims or regulatory action against the Group in connection with its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing of that payment. Where a potential claim exists, it may either be recognised as a liability or disclosed if, in our judgement, a possible obligation exists. Provisions for liabilities are recognised when, in the Group\u2019s judgement, it has a present legal or constructive obligation arising from a past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when a reliable estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within \u201cAdministrative expenses\u201d and are based on the Group\u2019s best estimates of the expenditure required to settle the obligation. Differences between estimated amounts and final settlement amounts are recognised in the income statement.
2025
\u00a3m
At 1 January
5.1
Charge for the year
0.6
Provisions utilised
(1.7)
Provisions released
(3.4)
At 31 December
0.6
Settlement of provisions is expected to occur within one year. The provisions relate to various obligations arising from the Group\u2019s ongoing operating activities. (ii) Contingent assets On an ongoing basis, the Group assesses the impact of regulatory, tax and other legislative changes which may affect prior periods. In certain circumstances, these may lead to the recovery of previously incurred costs. An asset is recognised only where recovery is virtually certain. Where the timing and amount of any recovery are uncertain, no asset is recognised in the Group\u2019s financial statements. The financial effect of a contingent asset is disclosed where it is practicable to do so. The Group considers recovery to be probable in certain cases, and the financial effect of such potential recoveries at the year end date is estimated to be between \u00a34.0m and \u00a36.0m.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
22. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or equity options
are shown in equity as a deduction, net of tax, from the proceeds.
Number of shares
Par value
2025 2024 2025 2024
Authorised, issued, allotted, called-up and fully paid m m \u00a3m \u00a3m
Share capital
Ordinary shares of 2p each
545.0
545.0
10.9
10.9
545.0
545.0
10.9
10.9
23. Reserves
(i) Own share reserve
The Group holds its own shares in an EBT and in treasury. These holdings are included as a deduction from equity.
The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust,
which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group.
These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting
of share-based awards.
The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards
and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date
(see Note 31).
On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company
commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares. This buyback programme
completed on 19 August 2025 at a total cost of \u00a313.7m.
Shares held in EBT
Treasury shares
Total own shares
Nominal value Nominal value Nominal value
Number of shares of shares Number of shares of shares Number of shares of shares
m \u00a3m m \u00a3m m \u00a3m
At 1 January 2024
33.9
0.7
\u2013
\u2013
33.9
0.7
Purchases
1.4
\u2013
\u2013
\u2013
1.4
\u2013
Disposals
(12.9)
(0.2)
\u2013
\u2013
(12.9)
(0.2)
At 31 December 2024
22.4
0.5
\u2013
\u2013
22.4
0.5
Purchases
17.7
0.4
16.3
0.3
34.0
0.7
Disposals
(13.4)
(0.3)
\u2013
\u2013
(13.4)
(0.3)
At 31 December 2025
26.7
0.6
16.3
0.3
43.0
0.9
(ii) Other reserves
Other reserves of \u00a3239.0m (2024: \u00a3244.6m) comprise the merger relief reserve of \u00a3230.8m (2024: \u00a3236.4m) formed on the acquisition
of Merian in 2020, \u00a38.0m (2024: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010, and a capital redemption
reserve of \u00a30.2m (2024: \u00a30.2m), representing transfers from share capital on the cancellation of shares repurchased. The movement
of \u00a35.6m in the reserve in the year related to the partial realisation of the merger relief reserve (see the footnote on page 168
and Note 33).
(iii) Foreign currency translation reserve
The foreign currency translation reserve of \u00a30.7m (2024: \u00a30.7m) is used to record exchange differences arising from the translation
of the financial statements of foreign subsidiaries.
(iv) Retained earnings
Retained earnings of \u00a3656.4m (2024: \u00a3578.3m) are the amount of earnings that are retained within the Group after dividend
payments and other transactions with owners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "22. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or equity options are shown in equity as a deduction, net of tax, from the proceeds.
Number of shares
Par value
2025 2024 2025 2024
Authorised, issued, allotted, called-up and fully paid m m \u00a3m \u00a3m
Share capital
Ordinary shares of 2p each
545.0
545.0
10.9
10.9
545.0
545.0
10.9
10.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "23. Reserves (i) Own share reserve The Group holds its own shares in an EBT and in treasury. These holdings are included as a deduction from equity. The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards. The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date (see Note 31). On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares. This buyback programme completed on 19 August 2025 at a total cost of \u00a313.7m.
Shares held in EBT
Treasury shares
Total own shares
Nominal value Nominal value Nominal value
Number of shares of shares Number of shares of shares Number of shares of shares
m \u00a3m m \u00a3m m \u00a3m
At 1 January 2024
33.9
0.7
\u2013
\u2013
33.9
0.7
Purchases
1.4
\u2013
\u2013
\u2013
1.4
\u2013
Disposals
(12.9)
(0.2)
\u2013
\u2013
(12.9)
(0.2)
At 31 December 2024
22.4
0.5
\u2013
\u2013
22.4
0.5
Purchases
17.7
0.4
16.3
0.3
34.0
0.7
Disposals
(13.4)
(0.3)
\u2013
\u2013
(13.4)
(0.3)
At 31 December 2025
26.7
0.6
16.3
0.3
43.0
0.9
(ii) Other reserves Other reserves of \u00a3239.0m (2024: \u00a3244.6m) comprise the merger relief reserve of \u00a3230.8m (2024: \u00a3236.4m) formed on the acquisition of Merian in 2020, \u00a38.0m (2024: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010, and a capital redemption reserve of \u00a30.2m (2024: \u00a30.2m), representing transfers from share capital on the cancellation of shares repurchased. The movement of \u00a35.6m in the reserve in the year related to the partial realisation of the merger relief reserve (see the footnote on page 168 and Note 33). (iii) Foreign currency translation reserve The foreign currency translation reserve of \u00a30.7m (2024: \u00a30.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. (iv) Retained earnings Retained earnings of \u00a3656.4m (2024: \u00a3578.3m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "(i) Own share reserve The Group holds its own shares in an EBT and in treasury. These holdings are included as a deduction from equity. The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares and are used to settle obligations that arise from the vesting of share-based awards. The Company holds its own shares in treasury in order to provide additional hedging capabilities against share-based awards and to give the Group the option of reducing its issued share capital through the cancellation of such shares at a future date (see Note 31). On 9 May 2024, shareholder approval was given for the Company to purchase up to 3% of its issued share capital, and the Company commenced a buyback programme on 3 March 2025 for the full 3%, amounting to 16,349,385 shares. This buyback programme completed on 19 August 2025 at a total cost of \u00a313.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "
24. Dividends
Dividend distributions to the Company\u2019s shareholders are recognised in the accounting period in which the dividends are paid.
2025 2024
\u00a3m \u00a3m
Prior year final dividend (2.2p per ordinary share) (2024: 3.4p per ordinary share)
11.5
17.6
Current year interim dividend (2.1p per ordinary share) (2024: 3.2p per ordinary share)
10.8
16.6
22.3
34.2
Final dividends and special dividends are paid out of profits recognised in the year prior to the year in which the dividends are
proposed, declared and reported.
The EBT has waived its right to receive future dividends on shares held in the trust. Dividends waived on shares held in the EBT in 2025
were \u00a30.7m (2024: \u00a31.8m).
A final dividend for 2025 of 2.3p per share (2024: 2.2p) and a special dividend of 5.7p per share (2024: nil) have been proposed by the
Directors. These dividends amount to \u00a312.2m and \u00a330.1m respectively before adjusting for any dividends waived on shares held in the
EBT and will be accounted for in 2026. Including the interim dividend for 2025 of 2.1p per share (2024: 3.2p), this gives a total dividend
per share of 10.1p (2024: 5.4p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "0.023", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-367": { "value": "0.022", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-368": { "value": "12200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-369": { "value": "30100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "
25. Cash flows from operating activities
2025 2024
Notes \u00a3m \u00a3m
Operating profit
128.1
86.4
Adjustments for:
Amortisation of intangible assets
12
2.8
11.4
Depreciation of property, plant and equipment
13
6.3
5.0
Net gains on fund unit hedges
4
(6.9)
(2.4)
Other net gains
(8.3)
0.2
Share-based payments
5
23.5
17.2
Increase in trade and other receivables
(70.3)
(7.7)
Increase/(decrease) in trade and other payables
13.2
(14.6)
Cash generated from operations
88.4
95.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "26. Changes in liabilities arising from financing activities
2025
2024
Financial Financial
liabilities at Loans and liabilities at Loans and
FVTPL
borrowings
1
Leases
2
Total FVTPL
borrowings
1
Leases
2
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Brought forward at 1 January
100.1
49.9
40.9
190.9
80.2
49.7
44.1
174.0
New leases
\u2013
\u2013
0.8
0.8
\u2013
\u2013
0.6
0.6
Changes from financing cash flows
27.9
3
\u2013
(5.7)
22.2
147.3
3
\u2013
(5.6)
141.7
Changes arising from obtaining or losing
control of consolidated funds
(113.0)
\u2013
\u2013
(113.0)
(160.9)
\u2013
\u2013
(160.9)
Changes in fair value
27.0
\u2013
\u2013
27.0
33.5
\u2013
\u2013
33.5
Interest expense
\u2013
0.1
1.3
1.4
\u2013
0.2
1.4
1.6
Lease reassignment and modifications
\u2013
\u2013
1.4
1.4
\u2013
\u2013
0.4
0.4
Repayment of loans and borrowings
\u2013
(50.0)
\u2013
(50.0)
\u2013
\u2013
\u2013
\u2013
Liabilities arising from financing activities
carried forward at 31 December
42.0
\u2013
38.7
80.7
100.1
49.9
40.9
190.9
Notes
16
19
20
16
19
20
1. Accrued interest on loans and borrowings is recorded within \u201cTrade and other payables\u201d (Note 20) and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount that has been applied in calculating the amortised cost of the Group\u2019s subordinated debt. 2. Leases are recorded within current and non-current trade and other payables in the Balance sheet. 3. Comprises cash flows from third-party subscriptions into consolidated funds, net of redemptions (see Cash flow statement).", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "27. Financial risk management Financial instruments by category The carrying value of the financial instruments of the Group at 31 December is shown below:
Financial
Financial assets held at Financial Financial
assets amortised cost liabilities liabilities at Non-financial
at FVTPL and other at FVTPL amortised cost instruments Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
11.7
11.7
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
31.2
31.2
Investment in associates
1
\u2013
1.7
\u2013
\u2013
\u2013
1.7
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
31.0
31.0
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
117.9
16.9
\u2013
\u2013
\u2013
134.8
Current trade and other receivables
2
\u2013
204.8
\u2013
\u2013
12.1
216.9
Cash and cash equivalents
\u2013
318.7
\u2013
\u2013
\u2013
318.7
Current tax asset
2
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Non-current trade and other payables
2
\u2013
\u2013
\u2013
(54.8)
(8.3)
(63.1)
Financial liabilities at FVTPL
\u2013
\u2013
(42.0)
\u2013
\u2013
(42.0)
Current trade and other payables
2
\u2013
\u2013
\u2013
(194.3)
(20.9)
(215.2)
Provisions
\u2013
\u2013
\u2013
(0.6)
\u2013
(0.6)
Current tax liability
2
\u2013
\u2013
\u2013
\u2013
(15.6)
(15.6)
Total
117.9
542.5
(42.0)
(249.7)
537.4
906.1
Financial
Financial assets held at Financial Financial
assets amortised cost liabilities liabilities at Non-financial
at FVTPL and other at FVTPL amortised cost instruments Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
12.3
12.3
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
34.8
34.8
Investment in associates
1
\u2013
1.8
\u2013
\u2013
\u2013
1.8
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
15.6
15.6
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
271.9
16.7
\u2013
\u2013
\u2013
288.6
Current trade and other receivables
2
\u2013
134.5
\u2013
\u2013
11.4
145.9
Cash and cash equivalents
\u2013
261.1
\u2013
\u2013
\u2013
261.1
Current tax asset
2
\u2013
\u2013
\u2013
\u2013
1.6
1.6
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.9)
\u2013
(49.9)
Non-current trade and other payables
2
\u2013
\u2013
\u2013
(56.2)
(5.3)
(61.5)
Financial liabilities at FVTPL
\u2013
\u2013
(100.5)
\u2013
\u2013
(100.5)
Current trade and other payables
2
\u2013
\u2013
\u2013
(187.2)
(13.9)
(201.1)
Provisions
\u2013
\u2013
\u2013
(5.1)
\u2013
(5.1)
Current tax liability
2
\u2013
\u2013
\u2013
\u2013
(4.4)
(4.4)
Total
271.9
414.5
(100.5)
(298.4)
546.5
834.0
1. Investments in associates are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group\u2019s share of the investee\u2019s net assets. 2. Prepayments, contract assets, contract liabilities, current tax asset and liability and social security and other taxes do not meet the definition of financial instruments. At 31 December 2025, the fair value of financial assets held at amortised cost was \u00a3542.5m (2024: \u00a3414.5m). Gains and losses recognised in the income statement by category are shown below:
2025
2024
Financial
Financial assets Other income assets Other income
at FVTPL
1
and expense Total
at FVTPL
1
and expense Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
465.7
465.7
\u2013
402.5
402.5
Fee and commission expenses
\u2013
(34.7)
(34.7)
\u2013
(38.4)
(38.4)
Administrative expenses
6.9
(313.6)
(306.7)
2.4
(275.6)
(273.2)
Other gains
6.6
\u2013
6.6
6.9
\u2013
6.9
Amortisation of intangible assets
\u2013
(2.8)
(2.8)
\u2013
(11.4)
(11.4)
Finance income
\u2013
7.2
7.2
\u2013
8.0
8.0
Finance costs
\u2013
(3.4)
(3.4)
\u2013
(6.1)
(6.1)
Income tax expense
\u2013
(31.5)
(31.5)
\u2013
(23.1)
(23.1)
Profit for the year
13.5
86.9
100.4
9.3
55.9
65.2
1. See Notes 4 and 7 for further details. The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. \u2022 Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at 31 December 2025, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2025 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
99.8
16.6
\u2013
116.4
Financial assets \u2013 derivatives
\u2013
1.5
\u2013
1.5
Financial liabilities \u2013 non-controlling interests in consolidated funds
(42.0)
\u2013
\u2013
(42.0)
57.8
18.1
\u2013
75.9
As at 31 December 2024, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets \u2013 investments in funds
271.0
\u2013
\u2013
271.0
Financial assets \u2013 derivatives
\u2013
0.9
\u2013
0.9
Financial liabilities \u2013 non-controlling interests in consolidated funds
(100.1)
\u2013
\u2013
(100.1)
Financial liabilities \u2013 derivatives
\u2013
(0.4)
\u2013
(0.4)
170.9
0.5
\u2013
171.4
Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets. Level 1 financial instruments The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Investments in funds These relate to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. Non-controlling interests in consolidated funds These relate to non-controlling interests in funds consolidated by the Group as subsidiaries.
Level 2 financial instruments
Investments in funds
These relate to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments, principally
comprising daily priced corporate and government bonds where the pricing source may use a valuation including an adjustment to
market data.
Derivative financial instruments
These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging.
The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. The fair value is determined by
reference to valuations provided by the Group\u2019s banking counterparties. Movements in the fair value are recorded in the income
statement.
The Group enters into swap arrangements, futures contracts and foreign exchange forward contracts to provide an economic
hedge of certain of its seed investments. Gains and losses arising from fair value movements in the contracts are recognised in
the consolidated income statement within other gains and are settled periodically, in accordance with the terms of the contract.
Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled on
expiration of the contract, are recorded within current assets or current liabilities as trade receivables or other payables, as
appropriate. The fair value of futures and foreign exchange contracts is recorded within financial assets or liabilities at FVTPL,
as appropriate.
At 31 December 2025, the notional values of the futures, swaps and foreign exchange forward contracts were \u00a350.0m (2024: \u00a322.1m),
\u00a36.0m (2024: \u00a360.7m) and \u00a365.2m (2024: \u00a375.6m) respectively. The settlement amount of the swaps at 31 December 2025 was a
receivable of \u00a3nil (2024: \u00a31.9m). The fair value of the futures and foreign exchange forward contracts is included within Financial
assets \u2013 derivatives (\u00a31.5m (2024: \u00a30.9m)) and Financial liabilities \u2013 derivatives (\u00a3nil (2024: \u00a30.4m)).
Financial risk management objectives and policies
The Group is subject to a number of financial risks throughout its business, the principal risks being market risk (including price, foreign
exchange and interest rate risk), credit risk and liquidity risk. The Board is accountable for risk and is responsible for oversight of the
risk management process. The Board has ultimate responsibility for the risk strategy of the Group, and for determining an appropriate
risk appetite and tolerance levels within which the Group must operate. By defining these, the Board demonstrates that it is aware
of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group.
The Board has ultimate responsibility for oversight of the risks of the Group and for determining the risk appetite limits within which
the Group must operate. It delegates day-to-day responsibility for risk management and control activities to the Chief Executive
Officer, who delegates the responsibility to the Chief Financial and Operating Officer who is supported by the enterprise risk function,
and the Risk and Compliance Committee, with oversight from the Audit and Risk Committee. Jupiter embeds risk management within
the business, with independent oversight and challenge being provided by the Risk and Compliance functions.
Price risk
Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Group. Management has identified
price risk as the exposure to unfavourable movements in the value of financial assets held by the Group which would result in a loss
recognised in the consolidated income statement. In addition, due to the nature of the business, the Group\u2019s exposure extends to
the impacts on revenue that are determined on the basis of a percentage of AUM, and are therefore impacted by the financial
instrument risk exposure of our clients \u2013 the secondary exposure. This price risk analysis deals only with our primary exposure of
the risks from the Group\u2019s direct holdings. The Group is not exposed to commodity price risk.
The Group holds listed equity investments in its seed investments portfolio which are exposed to the risk of changes in equity markets.
At 31 December 2025, the fair value, and therefore maximum exposure, was \u00a373.2m (2024: \u00a3126.5m).
The Group\u2019s policy is to hedge the equity market and currency exposure of its seed investments depending on the fund mandate
and whether available transactions are cost effective. As at 31 December 2025 and 31 December 2024, the Group held swap
instruments and futures contracts to act as hedges against risk exposures arising from certain holdings in seed fund investments.
The Group also holds units or shares in funds managed by the Group as part of its strategy to hedge against pricing risk inherent in
fund-based awards (see Note 6).
Price risk sensitivity analysis on financial assets
The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in
equity markets would have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses
on the Group\u2019s listed investments at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no
further impact on the Group\u2019s equity.
2025 2024
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
1.7
4.4
-10%
(1.7)
(4.4)
The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements.
Foreign exchange risk
Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group
predominantly operates in the UK, but has operations in a number of overseas locations and transacts in foreign currencies, thereby
creating exposure to non-Sterling income and expenses. The Group\u2019s policy is to hold the minimum amount of foreign currency
required to cover operational needs and to convert foreign currency on receipt. Direct exposures are limited to operational cash
held in overseas subsidiaries, short-term outstanding foreign currency fee debtors and accrued expenses, the Group\u2019s investment
in associates, and investments in the seed portfolio denominated in a foreign currency. The Group does not normally hedge these
exposures, other than in the case of certain seed investments, which are hedged using futures and foreign exchange forward
contracts. These contracts are measured at fair value at the balance sheet date. Foreign currency risk is monitored closely and
managed by the finance function.
Foreign exchange rate sensitivity analysis
The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table
demonstrates the sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s
profit before tax. This reflects estimated gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the
balance sheet date and not any likely impact on the Group\u2019s revenue or costs. The exposure to foreign exchange risk arises principally
through operational cash balances held in foreign currencies and seed investments held in non-Sterling share classes. There is no
further impact on the Group\u2019s equity.
2025
2024
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(6.2)
7.6
(7.9)
9.6
Sterling against US Dollar
(2.8)
3.5
(6.6)
8.1
Sterling against Singaporean Dollar
(1.2)
1.5
(0.5)
0.7
Sterling against Hong Kong Dollar
(0.5)
0.6
(1.3)
1.5
Sterling against Swiss Franc
(0.3)
0.3
(0.4)
0.5
The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against
such exposures.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates.
The Group\u2019s exposure to interest rate risk relates primarily to the Group\u2019s holdings in cash and cash equivalents (Note 18). The Group
puts cash on deposit at fixed rates of interest for periods of up to three months. Investments in money market funds are exposed to
interest rate risk via the underlying holdings of the funds, which include instruments that earn interest at variable rates. The Group
manages interest rate risk via the finance function monitoring of interest rate cash flow risks and returns.
Interest rate sensitivity analysis
The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest
rate risk. The following table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant,
on the Group\u2019s profit before tax (mainly through the impact on floating rate cash deposits). There is no further impact on the
Group\u2019s equity.
2025 2024
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
3.2
2.6
-100 bps
(3.2)
(2.6)
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to
a financial loss in the Group\u2019s operating activities.
The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions and
investments in money market funds, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL.
Trade receivables are monitored regularly. The Group manages its credit (and concentration) risk exposure by setting individual
counterparty limits based on credit ratings. Historically, default levels on both treasury activities and trade receivables have
been insignificant.
Financial assets at FVTPL expose the Group to credit risk where seed investments in funds are consolidated and those funds hold
investments in debt instruments or derivative positions with a positive fair value.
The Group\u2019s maximum exposure to credit risk is \u00a3413.0m (2024: \u00a3361.2m), represented by the carrying value of its non-equity financial
assets at FVTPL (\u00a315.3m (2024: \u00a3nil)), other financial assets held at amortised cost (\u00a379.0m (2024: \u00a3100.1m)) and cash and cash
equivalents (\u00a3318.7m (2024: \u00a3261.1m)).
With regard to credit risk related to financial instruments, the Group\u2019s policy is to place deposits only with financial institutions
which satisfy minimum counterparty ratings and other criteria. Investments of surplus funds are made only with approved
counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks
and thereby mitigate the possibility of financial loss through counterparty failure. The Group monitors any decrease in the
creditworthiness of its counterparties.
The table below contains an ageing analysis of current and overdue trade receivables:
2025 2024
\u00a3m \u00a3m
Neither past due nor impaired
60.7
82.0
Days past due:
< 30
1.0
0.3
30-60
0.2
0.9
61-90
0.1
\u2013
> 90
0.1
0.2
62.1
83.4
None of the receivables past due were considered to be impaired (2024: \u00a3nil).
The table below contains an analysis of financial assets held by the Group for which credit ratings are available:
2025
2024
Other financial
Financial assets held at Financial Other financial
assets Cash and cash amortised assets Cash and cash assets held at
at FVTPL equivalents cost\u00b9 Total at FVTPL equivalents amortised cost\u00b9 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
3.2
132.7
\u2013
135.9
\u2013
\u2013
\u2013
\u2013
AA
5.1
\u2013
20.3
25.4
\u2013
\u2013
20.2
20.2
A
3.5
137.6
0.1
141.2
\u2013
198.6
\u2013
198.6
BBB
2.6
48.4
\u2013
51.0
\u2013
62.5
\u2013
62.5
BB
0.9
\u2013
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
Not rated
102.6
\u2013
58.6
161.2
271.9
\u2013
79.9
351.8
Total
117.9
318.7
79.0
515.6
271.9
261.1
100.1
633.1
1. Comprises trade receivables (see Note 17) and financial assets at amortised cost (see Note 16).
Financial assets at FVTPL which are not rated comprise equity investments and derivative instruments.
Trade receivables which are not rated principally comprise cancellations of units in unit trusts and sales of units in unit trusts, title to
which is not transferred until settlement is received.
Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet its payment obligations as they fall due or only at a significantly
higher cost. The Group produces cash flow forecasts to assist in the efficient management of liquid assets and payment of liabilities.
The Group\u2019s objectives in respect of liquidity are:
\u2022 to ensure that both the Group as a whole and individual entities within the Group have access to sufficient liquid funds to trade
solvently, maintain surplus positions against internal and external liquidity requirements, and meet trading liabilities as they fall due;
\u2022 to generate sufficient liquidity to enable the Group to make strategic investments in areas targeted for growth and continue
investing in seed and provide catalyst funding; and
\u2022 to provide the Group with appropriate flexibility over the transferability of its cash balances to ensure the timely payment of
dividends and distributions to shareholders.
Surplus cash held by the operating entities over and above the balances required for working capital management is held in
interest-bearing accounts. Regulated companies ensure that sufficient capital is maintained to meet regulatory requirements. The
Group has access to an RCF of \u00a3100.0m (2024: \u00a340.0m) (see Note 19).
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 and 31 December 2024 based
on contractual undiscounted payments:
2025
2024
Within 1 year Within 1 year
or repayable or repayable
on demand 1-5 years > 5 years Total on demand 1-5 years > 5 years Total
Financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings\u00b9
\u2013
\u2013
\u2013
\u2013
54.4
\u2013
\u2013
54.4
Lease liabilities
5.7
19.8
19.0
44.5
5.6
19.3
23.1
48.0
Trade and other
payables
189.8
20.8
\u2013
210.6
180.0
19.4
\u2013
199.4
Provisions
0.6
\u2013
\u2013
0.6
5.1
\u2013
\u2013
5.1
Financial liabilities at
FVTPL
42.0
\u2013
\u2013
42.0
100.5
\u2013
\u2013
100.5
Total
238.1
40.6
19.0
297.7
345.6
38.7
23.1
407.4
1. Includes contractual payments of interest.
Capital management
The Group\u2019s objectives when managing its capital and funding structure are to safeguard the Group\u2019s ability to continue as a going
concern, maintain appropriate financial resources, invest to maximise shareholder value, maintain an optimal capital structure to
reduce the cost of capital and to meet working capital requirements. The Group defines its capital as being equal to its share capital
and reserves.
2025 2024
\u00a3m \u00a3m
Equity\u00b9
249.0
255.0
Retained earnings, foreign currency translation reserve
657.1
579.0
Total equity
906.1
834.0
1. Share capital, own share reserve and other reserves.
Regulatory capital requirements and financial resources
The Group\u2019s financial resources for regulatory purposes comprise its share capital and reserves, less inadmissible assets and
foreseeable distributions, primarily dividends. At 31 December 2025, the Group held financial resources of \u00a3292.6m (2024: \u00a3283.4m)
against an own funds threshold requirement of \u00a361.5m (2024: \u00a363.2m). The subsidiaries within the Group which are regulated are
required to maintain capital resources to comply with the regulatory capital requirements of the FCA and certain overseas financial
regulators. Headroom over regulatory capital is discussed by the Strategy and Management Committee and the Board.
In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash and liquid asset resources
to meet its liabilities as and when they fall due, based on regularly produced cash forecasts, modelling both normal and stressed
conditions. Liquidity risk is mitigated by the availability of the RCF and the high level of cash and cash equivalents in the business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Financial risk management objectives and policies The Group is subject to a number of financial risks throughout its business, the principal risks being market risk (including price, foreign exchange and interest rate risk), credit risk and liquidity risk. The Board is accountable for risk and is responsible for oversight of the risk management process. The Board has ultimate responsibility for the risk strategy of the Group, and for determining an appropriate risk appetite and tolerance levels within which the Group must operate. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group. The Board has ultimate responsibility for oversight of the risks of the Group and for determining the risk appetite limits within which the Group must operate. It delegates day-to-day responsibility for risk management and control activities to the Chief Executive Officer, who delegates the responsibility to the Chief Financial and Operating Officer who is supported by the enterprise risk function, and the Risk and Compliance Committee, with oversight from the Audit and Risk Committee. Jupiter embeds risk management within the business, with independent oversight and challenge being provided by the Risk and Compliance functions. Capital management The Group\u2019s objectives when managing its capital and funding structure are to safeguard the Group\u2019s ability to continue as a going concern, maintain appropriate financial resources, invest to maximise shareholder value, maintain an optimal capital structure to reduce the cost of capital and to meet working capital requirements. The Group defines its capital as being equal to its share capital and reserves.
2025 2024
\u00a3m \u00a3m
Equity\u00b9
249.0
255.0
Retained earnings, foreign currency translation reserve
657.1
579.0
Total equity
906.1
834.0
1. Share capital, own share reserve and other reserves. Regulatory capital requirements and financial resources The Group\u2019s financial resources for regulatory purposes comprise its share capital and reserves, less inadmissible assets and foreseeable distributions, primarily dividends. At 31 December 2025, the Group held financial resources of \u00a3292.6m (2024: \u00a3283.4m) against an own funds threshold requirement of \u00a361.5m (2024: \u00a363.2m). The subsidiaries within the Group which are regulated are required to maintain capital resources to comply with the regulatory capital requirements of the FCA and certain overseas financial regulators. Headroom over regulatory capital is discussed by the Strategy and Management Committee and the Board. In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash and liquid asset resources to meet its liabilities as and when they fall due, based on regularly produced cash forecasts, modelling both normal and stressed conditions. Liquidity risk is mitigated by the availability of the RCF and the high level of cash and cash equivalents in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Price risk Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Group. Management has identified price risk as the exposure to unfavourable movements in the value of financial assets held by the Group which would result in a loss recognised in the consolidated income statement. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impacts on revenue that are determined on the basis of a percentage of AUM, and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This price risk analysis deals only with our primary exposure of the risks from the Group\u2019s direct holdings. The Group is not exposed to commodity price risk. The Group holds listed equity investments in its seed investments portfolio which are exposed to the risk of changes in equity markets. At 31 December 2025, the fair value, and therefore maximum exposure, was \u00a373.2m (2024: \u00a3126.5m). The Group\u2019s policy is to hedge the equity market and currency exposure of its seed investments depending on the fund mandate and whether available transactions are cost effective. As at 31 December 2025 and 31 December 2024, the Group held swap instruments and futures contracts to act as hedges against risk exposures arising from certain holdings in seed fund investments. The Group also holds units or shares in funds managed by the Group as part of its strategy to hedge against pricing risk inherent in fund-based awards (see Note 6). Price risk sensitivity analysis on financial assets The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in equity markets would have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses on the Group\u2019s listed investments at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no further impact on the Group\u2019s equity.
2025 2024
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
1.7
4.4
-10%
(1.7)
(4.4)
The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements. Foreign exchange risk Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group predominantly operates in the UK, but has operations in a number of overseas locations and transacts in foreign currencies, thereby creating exposure to non-Sterling income and expenses. The Group\u2019s policy is to hold the minimum amount of foreign currency required to cover operational needs and to convert foreign currency on receipt. Direct exposures are limited to operational cash held in overseas subsidiaries, short-term outstanding foreign currency fee debtors and accrued expenses, the Group\u2019s investment in associates, and investments in the seed portfolio denominated in a foreign currency. The Group does not normally hedge these exposures, other than in the case of certain seed investments, which are hedged using futures and foreign exchange forward contracts. These contracts are measured at fair value at the balance sheet date. Foreign currency risk is monitored closely and managed by the finance function. Foreign exchange rate sensitivity analysis The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table demonstrates the sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s profit before tax. This reflects estimated gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. The exposure to foreign exchange risk arises principally through operational cash balances held in foreign currencies and seed investments held in non-Sterling share classes. There is no further impact on the Group\u2019s equity.
2025
2024
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(6.2)
7.6
(7.9)
9.6
Sterling against US Dollar
(2.8)
3.5
(6.6)
8.1
Sterling against Singaporean Dollar
(1.2)
1.5
(0.5)
0.7
Sterling against Hong Kong Dollar
(0.5)
0.6
(1.3)
1.5
Sterling against Swiss Franc
(0.3)
0.3
(0.4)
0.5
The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such exposures. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to interest rate risk relates primarily to the Group\u2019s holdings in cash and cash equivalents (Note 18). The Group puts cash on deposit at fixed rates of interest for periods of up to three months. Investments in money market funds are exposed to interest rate risk via the underlying holdings of the funds, which include instruments that earn interest at variable rates. The Group manages interest rate risk via the finance function monitoring of interest rate cash flow risks and returns. Interest rate sensitivity analysis The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest rate risk. The following table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax (mainly through the impact on floating rate cash deposits). There is no further impact on the Group\u2019s equity.
2025 2024
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
3.2
2.6
-100 bps
(3.2)
(2.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "Price risk sensitivity analysis on financial assets The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in equity markets would have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses on the Group\u2019s listed investments at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no further impact on the Group\u2019s equity.
2025 2024
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
1.7
4.4
-10%
(1.7)
(4.4)
The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements. Foreign exchange rate sensitivity analysis The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table demonstrates the sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s profit before tax. This reflects estimated gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. The exposure to foreign exchange risk arises principally through operational cash balances held in foreign currencies and seed investments held in non-Sterling share classes. There is no further impact on the Group\u2019s equity.
2025
2024
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(6.2)
7.6
(7.9)
9.6
Sterling against US Dollar
(2.8)
3.5
(6.6)
8.1
Sterling against Singaporean Dollar
(1.2)
1.5
(0.5)
0.7
Sterling against Hong Kong Dollar
(0.5)
0.6
(1.3)
1.5
Sterling against Swiss Franc
(0.3)
0.3
(0.4)
0.5
The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such exposures. Interest rate sensitivity analysis The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest rate risk. The following table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax (mainly through the impact on floating rate cash deposits). There is no further impact on the Group\u2019s equity.
2025 2024
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
3.2
2.6
-100 bps
(3.2)
(2.6)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss in the Group\u2019s operating activities. The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions and investments in money market funds, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored regularly. The Group manages its credit (and concentration) risk exposure by setting individual counterparty limits based on credit ratings. Historically, default levels on both treasury activities and trade receivables have been insignificant. Financial assets at FVTPL expose the Group to credit risk where seed investments in funds are consolidated and those funds hold investments in debt instruments or derivative positions with a positive fair value. The Group\u2019s maximum exposure to credit risk is \u00a3413.0m (2024: \u00a3361.2m), represented by the carrying value of its non-equity financial assets at FVTPL (\u00a315.3m (2024: \u00a3nil)), other financial assets held at amortised cost (\u00a379.0m (2024: \u00a3100.1m)) and cash and cash equivalents (\u00a3318.7m (2024: \u00a3261.1m)). With regard to credit risk related to financial instruments, the Group\u2019s policy is to place deposits only with financial institutions which satisfy minimum counterparty ratings and other criteria. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and thereby mitigate the possibility of financial loss through counterparty failure. The Group monitors any decrease in the creditworthiness of its counterparties. The table below contains an ageing analysis of current and overdue trade receivables:
2025 2024
\u00a3m \u00a3m
Neither past due nor impaired
60.7
82.0
Days past due:
< 30
1.0
0.3
30-60
0.2
0.9
61-90
0.1
\u2013
> 90
0.1
0.2
62.1
83.4
None of the receivables past due were considered to be impaired (2024: \u00a3nil). The table below contains an analysis of financial assets held by the Group for which credit ratings are available:
2025
2024
Other financial
Financial assets held at Financial Other financial
assets Cash and cash amortised assets Cash and cash assets held at
at FVTPL equivalents cost\u00b9 Total at FVTPL equivalents amortised cost\u00b9 Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
3.2
132.7
\u2013
135.9
\u2013
\u2013
\u2013
\u2013
AA
5.1
\u2013
20.3
25.4
\u2013
\u2013
20.2
20.2
A
3.5
137.6
0.1
141.2
\u2013
198.6
\u2013
198.6
BBB
2.6
48.4
\u2013
51.0
\u2013
62.5
\u2013
62.5
BB
0.9
\u2013
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
Not rated
102.6
\u2013
58.6
161.2
271.9
\u2013
79.9
351.8
Total
117.9
318.7
79.0
515.6
271.9
261.1
100.1
633.1
1. Comprises trade receivables (see Note 17) and financial assets at amortised cost (see Note 16). Financial assets at FVTPL which are not rated comprise equity investments and derivative instruments. Trade receivables which are not rated principally comprise cancellations of units in unit trusts and sales of units in unit trusts, title to which is not transferred until settlement is received. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its payment obligations as they fall due or only at a significantly higher cost. The Group produces cash flow forecasts to assist in the efficient management of liquid assets and payment of liabilities. The Group\u2019s objectives in respect of liquidity are: \u2022 to ensure that both the Group as a whole and individual entities within the Group have access to sufficient liquid funds to trade solvently, maintain surplus positions against internal and external liquidity requirements, and meet trading liabilities as they fall due; \u2022 to generate sufficient liquidity to enable the Group to make strategic investments in areas targeted for growth and continue investing in seed and provide catalyst funding; and \u2022 to provide the Group with appropriate flexibility over the transferability of its cash balances to ensure the timely payment of dividends and distributions to shareholders. Surplus cash held by the operating entities over and above the balances required for working capital management is held in interest-bearing accounts. Regulated companies ensure that sufficient capital is maintained to meet regulatory requirements. The Group has access to an RCF of \u00a3100.0m (2024: \u00a340.0m) (see Note 19). The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2025 and 31 December 2024 based on contractual undiscounted payments:
2025
2024
Within 1 year Within 1 year
or repayable or repayable
on demand 1-5 years > 5 years Total on demand 1-5 years > 5 years Total
Financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings\u00b9
\u2013
\u2013
\u2013
\u2013
54.4
\u2013
\u2013
54.4
Lease liabilities
5.7
19.8
19.0
44.5
5.6
19.3
23.1
48.0
Trade and other
payables
189.8
20.8
\u2013
210.6
180.0
19.4
\u2013
199.4
Provisions
0.6
\u2013
\u2013
0.6
5.1
\u2013
\u2013
5.1
Financial liabilities at
FVTPL
42.0
\u2013
\u2013
42.0
100.5
\u2013
\u2013
100.5
Total
238.1
40.6
19.0
297.7
345.6
38.7
23.1
407.4
1. Includes contractual payments of interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
28. Interests in structured entities
IFRS 12 requires certain disclosures in respect of interests in subsidiaries, joint arrangements, associates and unconsolidated
structured entities.
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities
are directed by means of contractual arrangements. The Group has assessed whether the funds it manages are structured entities
and concluded that mutual funds and investment trusts managed by the Group are structured entities unless substantive removal
or liquidation rights exist.
The Group has interests in these funds through the receipt of management and other fees and, in certain funds, seed investment
through ownership of fund units or shares. The Group\u2019s investments in these funds are subject to the terms and conditions of the
respective funds\u2019 offering documentation and are susceptible to market price risk. The Group has not provided any guarantees
or commitments in respect of these funds. The investments are included in financial assets at FVTPL in the balance sheet.
Where the Group has no equity holding in a fund it manages, the investment risk is borne by the external investors and therefore
the Group\u2019s maximum exposure to loss relates to future management fees and any uncollected fees at the balance sheet date.
Where the Group does have an equity holding, the maximum exposure to loss constitutes the future and uncollected management
fees plus the fair value of the Group\u2019s investment in that fund.
Direct holdings in unconsolidated structured entities
Direct investments in unconsolidated structured entities comprise seed investments and hedges of awards in fund units or shares in
mutual funds and investment trusts, details of which are given below:
Financial Management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2025
58
36.9
42.3
261.3
19.2
As at 31 December 2024
60
32.4
60.3
271.8
39.9
Of the financial assets at FVTPL, \u00a30.1m (2024: \u00a30.3m) is invested in a fund not managed by the Group. In addition, the Group invests
in unconsolidated structured entities through holding units in money market funds managed by third parties. These amounts are
reported as cash equivalents in Note 18. The carrying value of both the financial assets at FVTPL (\u00a342.3m; 2024: \u00a360.3m) and the
money market fund units (\u00a3145.2m; 2024: \u00a3147.1m) represents the Group\u2019s maximum exposure to loss from its interests in
unconsolidated structured entities.
The Group provides financial support to funds under its management through seed investment in order to support their growth,
ensure an effective launch and to accelerate the process of raising assets over critical size thresholds. During the year, the Group
purchased units or shares in unconsolidated funds for these purposes at a cost of \u00a333.3m (2024: \u00a344.2m), of which \u00a333.2m
(2024: \u00a333.7m) resulted in the consolidation of those funds.
Subsidiaries and associates
Information about seed investments judged to be subsidiaries and associates at 31 December 2025 is given below:
Investment Date of the end
Financial in Percentage of the fund\u2019s
Country of Principal assets at associates of total AUM reporting
Name
Category
incorporation activities FVTPL \u00a3m \u00a3m
held
Share class held by the Group
period
Jupiter GEARx Fund
Subsidiary
Cayman
Hedge
23.4
\u2013
38%
F Class USD Shares
31-Mar
Limited Islands Fund F Class EUR Hedged Shares
F Class GBP Hedged Shares
F Class CHF Hedged Shares
F Class HKD Hedged Shares
F Class SGD Hedged Shares
F Class SEK Hedged Shares
F Class NOK Hedged Shares
A Class USD Shares
M Class USD Shares
M Class GBP Hedged Shares
I Class USD Shares
A Class EUR Hedged Shares
F Class USD
Jupiter Global
Subsidiary
Ireland
Exchange
15.4
\u2013
92%
USD Acc
31-Mar
Government Bond Traded CHF Acc Hedged
Active UCITS ETF Fund GBP Acc Hedged
EUR Acc Hedged
Jupiter Merlin
Subsidiary
England &
Unit Trust
6.1
\u2013
97%
I Acc
31-May
Moderate Select Wales I Inc
J Acc
and
J Inc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.6
\u2013
97%
I USD Acc
31-Dec
Consumer Trends sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.3
\u2013
98%
I USD Acc
31-Dec
Demographic sub-fund I EUR Acc
Opportunities Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.6
\u2013
97%
I USD Acc
31-Dec
Disruptive sub-fund I EUR Acc
Technology Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.0
\u2013
88%
I USD Acc
31-Dec
Healthcare sub-fund I EUR Acc
Innovation Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.4
\u2013
91%
I USD Acc
31-Dec
Physical World sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Related undertakings other than subsidiaries and associates
Entities in which the Group holds more than 20% of the shares in any single share class, but over which the Group has neither control
nor significant influence, are summarised below:
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
Jupiter Asset Management Series Plc: B AUD
Emerging Market Debt Income Fund
Hedged Inc (F)
Ireland
ICVC sub-fund
\u2013
90%
0%
31-Dec
Jupiter Asset Management Series Plc: B ZAR
Emerging Market Debt Income Fund
Hedged Inc (F)
Ireland
ICVC sub-fund
\u2013
38%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
B USD Inc (F)
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
I USD Q Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L EUR Acc HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD M Inc
Asia Pacific Income Fund (IRL)
Dist HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L USD Inc (F)
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Asia Pacific Income Fund (IRL)
L USD Q Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Global Emerging Markets Focus Fund
N USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Global Fixed Income Fund
L USD M Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L HKD Income
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L HKD M Inc
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD Income
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter L SGD M Inc
Global Fixed Income Fund
HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
I GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
I USD Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
L USD Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Merian World Equity Fund
U1 GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
Strategic Absolute Return Bond Fund
U2 USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Jupiter Asset Management Series Plc: Jupiter
UK Specialist Equity Fund
X GBP Acc
Ireland
ICVC sub-fund
0.2
22%
2%
31-Dec
England &
Jupiter European Fund
U4 GBP Inc Dist
Wales
Unit Trust
\u2013
100%
0%
30-Jun
D SGD Acc
Jupiter Global Fund SICAV: Dynamic Bond
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V HKD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V SGD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
V USD M Inc
Jupiter Global Fund SICAV: Dynamic Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
Jupiter Global Fund SICAV: Jupiter European
Select
U3 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U3 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 GBP Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 GBP Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 USD Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U3 USD Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U4 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European
Select
U4 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 GBP Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 GBP Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 USD Acc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter European U4 USD Q Inc
Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
31-Dec
Jupiter Global Fund SICAV: Jupiter Global High G GBP Acc
Yield Bond
HSC
Luxembourg SICAV sub-fund
\u2013
62%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High G USD Q Inc
Yield Bond
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High I GBP Acc
Yield Bond
HSC
Luxembourg SICAV sub-fund
0.4
41%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High L EUR Q Inc
Yield Bond
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High L SGD M Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High N USD Q Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U3 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U4 EUR Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High
Yield Bond
U4 EUR Q Inc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Global High V SGD M Inc
Yield Bond
IRD HSC
Luxembourg SICAV sub-fund
\u2013
38%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter India Select
U4 USD Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
D GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
PHSC
Luxembourg SICAV sub-fund
1.0
100%
0%
30-Sep
U4 EUR S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Jupiter Japan Select
U4 GBP Acc
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 GBP Acc
Jupiter Global Fund SICAV: Jupiter Japan Select
PHSC
Luxembourg SICAV sub-fund
\u2013
46%
0%
30-Sep
U4 GBP S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Date of
Percentage the end
of share of the
Financial class held Percentage fund\u2019s
Share class held Country of assets at by the of total reporting
Name by the Group
Incorporation
Principal Activities
FVTPL \u00a3m Group shares held period
U4 GBP S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist HSC
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 JPY S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
U4 USD S Inc
Jupiter Global Fund SICAV: Jupiter Japan Select
Dist
Luxembourg SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Investment Management Series I: England &
Jupiter UK Multi Cap Income Fund
U1 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Jul
Jupiter Investment Management Series I: England &
Jupiter UK Multi Cap Income Fund
U1 GBP Inc
Wales
Unit Trust
\u2013
100%
0%
31-Jul
Jupiter Investment Management Series II: England &
Jupiter Merian Global Equity Fund
U2 GBP Acc
Wales
OEIC sub-fund
3.0
24%
0%
31-Oct
England &
Jupiter Japan Income Fund
U3 Acc
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter Japan Income Fund
U3 Inc Dist
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter Japan Income Fund
U4 Acc
Wales
Unit Trust
\u2013
100%
0%
30-Sep
England &
Jupiter UK Income Fund
U2 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Dec
U2 GBP Inc England &
Jupiter UK Income Fund Dist
Wales
Unit Trust
\u2013
100%
0%
31-Dec
England &
Jupiter UK Income Fund
U3 GBP Acc
Wales
Unit Trust
\u2013
100%
0%
31-Dec
U3 GBP Inc England &
Jupiter UK Income Fund Dist
Wales
Unit Trust
\u2013
100%
0%
31-Dec
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutInterestsInStructuredEntityExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Direct holdings in unconsolidated structured entities Direct investments in unconsolidated structured entities comprise seed investments and hedges of awards in fund units or shares in mutual funds and investment trusts, details of which are given below:
Financial Management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2025
58
36.9
42.3
261.3
19.2
As at 31 December 2024
60
32.4
60.3
271.8
39.9
Of the financial assets at FVTPL, \u00a30.1m (2024: \u00a30.3m) is invested in a fund not managed by the Group. In addition, the Group invests in unconsolidated structured entities through holding units in money market funds managed by third parties. These amounts are reported as cash equivalents in Note 18. The carrying value of both the financial assets at FVTPL (\u00a342.3m; 2024: \u00a360.3m) and the money market fund units (\u00a3145.2m; 2024: \u00a3147.1m) represents the Group\u2019s maximum exposure to loss from its interests in unconsolidated structured entities. The Group provides financial support to funds under its management through seed investment in order to support their growth, ensure an effective launch and to accelerate the process of raising assets over critical size thresholds. During the year, the Group purchased units or shares in unconsolidated funds for these purposes at a cost of \u00a333.3m (2024: \u00a344.2m), of which \u00a333.2m (2024: \u00a333.7m) resulted in the consolidation of those funds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2025 is given below:
Investment Date of the end
Financial in Percentage of the fund\u2019s
Country of Principal assets at associates of total AUM reporting
Name
Category
incorporation activities FVTPL \u00a3m \u00a3m
held
Share class held by the Group
period
Jupiter GEARx Fund
Subsidiary
Cayman
Hedge
23.4
\u2013
38%
F Class USD Shares
31-Mar
Limited Islands Fund F Class EUR Hedged Shares
F Class GBP Hedged Shares
F Class CHF Hedged Shares
F Class HKD Hedged Shares
F Class SGD Hedged Shares
F Class SEK Hedged Shares
F Class NOK Hedged Shares
A Class USD Shares
M Class USD Shares
M Class GBP Hedged Shares
I Class USD Shares
A Class EUR Hedged Shares
F Class USD
Jupiter Global
Subsidiary
Ireland
Exchange
15.4
\u2013
92%
USD Acc
31-Mar
Government Bond Traded CHF Acc Hedged
Active UCITS ETF Fund GBP Acc Hedged
EUR Acc Hedged
Jupiter Merlin
Subsidiary
England &
Unit Trust
6.1
\u2013
97%
I Acc
31-May
Moderate Select Wales I Inc
J Acc
and
J Inc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.6
\u2013
97%
I USD Acc
31-Dec
Consumer Trends sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.3
\u2013
98%
I USD Acc
31-Dec
Demographic sub-fund I EUR Acc
Opportunities Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.6
\u2013
97%
I USD Acc
31-Dec
Disruptive sub-fund I EUR Acc
Technology Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
6.0
\u2013
88%
I USD Acc
31-Dec
Healthcare sub-fund I EUR Acc
Innovation Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
Jupiter Systematic
Subsidiary
Ireland
ICVC
7.4
\u2013
91%
I USD Acc
31-Dec
Physical World sub-fund I EUR Acc
Fund I GBP Acc
L USD Acc
L EUR Acc
F USD Acc
F GBP Acc
F EUR Acc
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
29. Related parties
The Group manages investment trusts, unit trusts, OEICs, SICAVs, ICVCs, ETFs, segregated mandates, Delaware LPs (closed 2024) and a
hedge fund and receives management and, in some instances, registration (Aggregate Operating Fee) and performance fees for
providing this service. The fee arrangements are disclosed within the financial statements of each investment management
subsidiary of the Group or within other publicly available information. By virtue of the investment management agreements in place
between the Group and the collective investment vehicles it manages, such funds may be considered to be related parties.
Investment management and performance fees are disclosed in Note 1.
The Group acts as investment manager for 28 (2024: 29) authorised unit trusts and 9 (2024: 9) OEICs. Each unit trust is jointly
administered with the trustees, Northern Trust Global Services SE. The aggregate total value of transactions for the year was \u00a31,797m
(2024: \u00a32,395m) for unit trust creations and \u00a34,489m (2024: \u00a35,830m) for unit trust liquidations. The actual aggregate amount due to
the trustees at the end of the accounting year in respect of transactions awaiting settlement was \u00a36.4m (2024: \u00a37.8m) for unit trusts.
The Group also acts as the management company for the Jupiter Global Fund and Jupiter Investment Fund SICAVs, made up of 9
sub-funds (2024: 13), as well as the Jupiter Investment Management Series I/II and the Jupiter Asset Management Series Plc, made up
of 9 (2024: 8) and 21 (2024: 22) sub-funds respectively. The administrator is Citibank Europe plc.
The amounts received in respect of gross management, registration and performance fee charges split by investment vehicle were
\u00a3204.5m (2024: \u00a3225.4m) for unit trusts, \u00a345.4m (2024: \u00a342.9m) for OEICs, \u00a370.2m (2024: \u00a390.5m) for SICAVs, \u00a3157.3m (2024: \u00a358.4m) for
ICVCs, \u00a30.8m (2024: \u00a31.5m) for investment trusts and \u00a342.8m (2024: \u00a334.2m) for segregated mandates. At the end of the year, there
was \u00a325.3m (2024: \u00a321.0m) accrued for annual management fees, \u00a30.9m (2024: \u00a31.2m) in respect of registration fees and \u00a3115.7m
(2024: \u00a328.0m) in respect of performance fees.
Included within financial instruments (see Note 16) are seed investments, hedges of awards in fund units in mutual funds and
investment trusts, all managed, but not controlled, by the Group. At 31 December 2025, the Group had a total net investment in such
funds of \u00a348.0m (2024: \u00a391.8m) and received distributions of \u00a31.0m (2024: \u00a30.9m). During 2025, it invested \u00a333.3m (2024: \u00a344.2m) in
these funds and made disposals of \u00a385.4m (2024: \u00a355.6m).
Key management compensation
Transactions with key management personnel also constitute related party transactions. Key management personnel are defined
as the Directors, together with other members of the Strategy and Management Committee. The aggregate compensation paid or
payable to key management for employee services is shown below:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
4.8
5.4
Share-based payments
2.4
3.3
Other long-term employee benefits
1.9
1.6
9.1
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "29. Related parties The Group manages investment trusts, unit trusts, OEICs, SICAVs, ICVCs, ETFs, segregated mandates, Delaware LPs (closed 2024) and a hedge fund and receives management and, in some instances, registration (Aggregate Operating Fee) and performance fees for providing this service. The fee arrangements are disclosed within the financial statements of each investment management subsidiary of the Group or within other publicly available information. By virtue of the investment management agreements in place between the Group and the collective investment vehicles it manages, such funds may be considered to be related parties. Investment management and performance fees are disclosed in Note 1. The Group acts as investment manager for 28 (2024: 29) authorised unit trusts and 9 (2024: 9) OEICs. Each unit trust is jointly administered with the trustees, Northern Trust Global Services SE. The aggregate total value of transactions for the year was \u00a31,797m (2024: \u00a32,395m) for unit trust creations and \u00a34,489m (2024: \u00a35,830m) for unit trust liquidations. The actual aggregate amount due to the trustees at the end of the accounting year in respect of transactions awaiting settlement was \u00a36.4m (2024: \u00a37.8m) for unit trusts. The Group also acts as the management company for the Jupiter Global Fund and Jupiter Investment Fund SICAVs, made up of 9 sub-funds (2024: 13), as well as the Jupiter Investment Management Series I/II and the Jupiter Asset Management Series Plc, made up of 9 (2024: 8) and 21 (2024: 22) sub-funds respectively. The administrator is Citibank Europe plc. The amounts received in respect of gross management, registration and performance fee charges split by investment vehicle were \u00a3204.5m (2024: \u00a3225.4m) for unit trusts, \u00a345.4m (2024: \u00a342.9m) for OEICs, \u00a370.2m (2024: \u00a390.5m) for SICAVs, \u00a3157.3m (2024: \u00a358.4m) for ICVCs, \u00a30.8m (2024: \u00a31.5m) for investment trusts and \u00a342.8m (2024: \u00a334.2m) for segregated mandates. At the end of the year, there was \u00a325.3m (2024: \u00a321.0m) accrued for annual management fees, \u00a30.9m (2024: \u00a31.2m) in respect of registration fees and \u00a3115.7m (2024: \u00a328.0m) in respect of performance fees. Included within financial instruments (see Note 16) are seed investments, hedges of awards in fund units in mutual funds and investment trusts, all managed, but not controlled, by the Group. At 31 December 2025, the Group had a total net investment in such funds of \u00a348.0m (2024: \u00a391.8m) and received distributions of \u00a31.0m (2024: \u00a30.9m). During 2025, it invested \u00a333.3m (2024: \u00a344.2m) in these funds and made disposals of \u00a385.4m (2024: \u00a355.6m). Key management compensation Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together with other members of the Strategy and Management Committee. The aggregate compensation paid or payable to key management for employee services is shown below:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
4.8
5.4
Share-based payments
2.4
3.3
Other long-term employee benefits
1.9
1.6
9.1
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "Key management compensation Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together with other members of the Strategy and Management Committee. The aggregate compensation paid or payable to key management for employee services is shown below:
2025 2024
\u00a3m \u00a3m
Short-term employee benefits
4.8
5.4
Share-based payments
2.4
3.3
Other long-term employee benefits
1.9
1.6
9.1
10.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "
30. Basis of preparation and other accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards
(IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The financial statements have been prepared on a going concern basis. After reviewing the Group\u2019s current plans and forecasts and
financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate
resources to continue operating for a period of at least 12 months from the date of signing of these financial statements.
In preparing the financial statements, we have considered the impact of climate change, particularly in the context of impairment
testing and the fair valuation of financial assets. There has not been a material impact on the financial reporting judgements and
estimates arising from our considerations.
Basis of accounting
The consolidated financial statements for the year ended 31 December 2025 include the consolidated financial information of
the Company and its subsidiaries. The accounting policies set out those policies that have been applied consistently in preparing
the Group financial statements. The preparation of financial statements in conformity with IAS requires the use of accounting
estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant
to the consolidated financial statements, are disclosed later in this note within the section Significant accounting estimates,
judgements and assumptions.
Business combinations
The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary
is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued
by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration
arrangements.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their
fair values at the acquisition date.
Basis of consolidation
Subsidiaries
Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following:
\u2022 power over the investee;
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which
are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Where we own 100%
of an operating or holding company, our judgement is that the above elements of control are immediately satisfied and that the
companies are therefore subsidiaries of the Group.
Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for
using the equity method.
Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the
Group and on the level of influence and control that the Group is judged to have (see Note 16 for further information).
A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 34, which also identifies
those subsidiaries that are exempt from audit under section 479A of the Companies Act 2006. Consistent accounting policies are
applied across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The
transactions and balances of subsidiaries are consolidated in these financial statements from the date that control commences until
the date that control ceases. Where external investors hold shares in funds controlled by the Group, the portion of profit or loss and
net assets held by these non-controlling interests is included within other gains/losses in the consolidated income statement and as
liabilities at FVTPL in the consolidated balance sheet respectively.
Employee Benefit Trust
The Group operates an employee benefit trust to facilitate the administration of its share-based payment plans. Although the trust is
a separate legal entity with independent trustees, the Group is exposed to the variable returns of the trust and has the ability to direct
its relevant activities. Accordingly, the trust is treated as a subsidiary in the consolidated financial statements. Shares held by the trust
to satisfy employee share-based payment awards are presented as a deduction within equity, and all transactions and balances
between the Group and the trust are eliminated on consolidation.
Foreign currency (i) Functional and presentational currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement within administrative expenses. Translation differences on non-monetary financial assets and liabilities, such as equities held at FVTPL, are recognised in the consolidated income statement as part of other gains/losses. (iii) Group companies The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated at the closing rate at the balance sheet date, with income and expenses translated at average monthly exchange rates. Resulting exchange differences are recognised as a separate component of other comprehensive income and are recycled to the income statement on disposal or liquidation of the relevant branch or subsidiary. New standards and interpretations The International Accounting Standards Board and IFRS Interpretations Committee (IFRS IC) have issued a number of new accounting standards, interpretations, and amendments to existing standards and interpretations. Of those standards, interpretations and amendments that became effective during 2025, none have had a material impact on the Group\u2019s financial statements. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations which are in issue but are not yet effective that are expected to have a material impact on the Group. The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements. IFRS 18 introduces new presentational requirements within the income statement, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its \u201cOperating profit\u201d. Significant accounting estimates, judgements and assumptions The preparation of the financial information requires management to make judgements, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If such estimates and assumptions, which are based on management\u2019s best judgement at the date of preparation of the financial information, deviate from actual circumstances, the original estimates and assumptions are modified as appropriate in the period in which the circumstances change. Areas where judgements are significant to the Group financial statements are discussed in the following notes: 11. Goodwill; 13. Calculation of lease assets and liabilities; 16. Consolidation of seed investments; and 21. Provisions. Areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, are discussed in the following notes: 5. Share-based payments; 6. Cash and fund-based deferred compensation awards; 11. Goodwill; 13. Calculation of lease assets and liabilities; and 21. Provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on a going concern basis. After reviewing the Group\u2019s current plans and forecasts and financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate resources to continue operating for a period of at least 12 months from the date of signing of these financial statements. In preparing the financial statements, we have considered the impact of climate change, particularly in the context of impairment testing and the fair valuation of financial assets. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. Basis of accounting The consolidated financial statements for the year ended 31 December 2025 include the consolidated financial information of the Company and its subsidiaries. The accounting policies set out those policies that have been applied consistently in preparing the Group financial statements. The preparation of financial statements in conformity with IAS requires the use of accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed later in this note within the section Significant accounting estimates, judgements and assumptions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "The financial statements have been prepared on a going concern basis. After reviewing the Group\u2019s current plans and forecasts and financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate resources to continue operating for a period of at least 12 months from the date of signing of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Basis of consolidation Subsidiaries Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Where we own 100% of an operating or holding company, our judgement is that the above elements of control are immediately satisfied and that the companies are therefore subsidiaries of the Group. Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for using the equity method. Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the Group and on the level of influence and control that the Group is judged to have (see Note 16 for further information). A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 34, which also identifies those subsidiaries that are exempt from audit under section 479A of the Companies Act 2006. Consistent accounting policies are applied across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The transactions and balances of subsidiaries are consolidated in these financial statements from the date that control commences until the date that control ceases. Where external investors hold shares in funds controlled by the Group, the portion of profit or loss and net assets held by these non-controlling interests is included within other gains/losses in the consolidated income statement and as liabilities at FVTPL in the consolidated balance sheet respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "Subsidiaries Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Where we own 100% of an operating or holding company, our judgement is that the above elements of control are immediately satisfied and that the companies are therefore subsidiaries of the Group. Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for using the equity method. Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the Group and on the level of influence and control that the Group is judged to have (see Note 16 for further information). A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 34, which also identifies those subsidiaries that are exempt from audit under section 479A of the Companies Act 2006. Consistent accounting policies are applied across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The transactions and balances of subsidiaries are consolidated in these financial statements from the date that control commences until the date that control ceases. Where external investors hold shares in funds controlled by the Group, the portion of profit or loss and net assets held by these non-controlling interests is included within other gains/losses in the consolidated income statement and as liabilities at FVTPL in the consolidated balance sheet respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Employee Benefit Trust The Group operates an employee benefit trust to facilitate the administration of its share-based payment plans. Although the trust is a separate legal entity with independent trustees, the Group is exposed to the variable returns of the trust and has the ability to direct its relevant activities. Accordingly, the trust is treated as a subsidiary in the consolidated financial statements. Shares held by the trust to satisfy employee share-based payment awards are presented as a deduction within equity, and all transactions and balances between the Group and the trust are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "
Foreign currency
(i) Functional and presentational currency
Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling,
which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s
revenue streams, assets and liabilities are denominated.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated
income statement within administrative expenses. Translation differences on non-monetary financial assets and liabilities, such as
equities held at FVTPL, are recognised in the consolidated income statement as part of other gains/losses.
(iii) Group companies
The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated
at the closing rate at the balance sheet date, with income and expenses translated at average monthly exchange rates. Resulting
exchange differences are recognised as a separate component of other comprehensive income and are recycled to the income
statement on disposal or liquidation of the relevant branch or subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "(i) Functional and presentational currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "
New standards and interpretations
The International Accounting Standards Board and IFRS Interpretations Committee (IFRS IC) have issued a number of new accounting
standards, interpretations, and amendments to existing standards and interpretations. Of those standards, interpretations and
amendments that became effective during 2025, none have had a material impact on the Group\u2019s financial statements. Other than
IFRS 18, there are no IFRSs or IFRS IC interpretations which are in issue but are not yet effective that are expected to have a material
impact on the Group.
The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods
beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements,
and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements.
IFRS 18 introduces new presentational requirements within the income statement, including specified totals and subtotals. It also
requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation
of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new
requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement,
the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its \u201cOperating profit\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "New standards and interpretations The International Accounting Standards Board and IFRS Interpretations Committee (IFRS IC) have issued a number of new accounting standards, interpretations, and amendments to existing standards and interpretations. Of those standards, interpretations and amendments that became effective during 2025, none have had a material impact on the Group\u2019s financial statements. Other than IFRS 18, there are no IFRSs or IFRS IC interpretations which are in issue but are not yet effective that are expected to have a material impact on the Group. The IASB issued IFRS 18 Presentation and Disclosure in Financial Statements on 9 April 2024. The standard, which is effective for periods beginning on or after 1 January 2027, aims to improve comparability and transparency of communication in financial statements, and replaces IAS 1 Presentation of Financial Statements. The Group has not applied IFRS 18 in these financial statements. IFRS 18 introduces new presentational requirements within the income statement, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and requirements for aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes to the accounts. The new requirements are expected to impact the presentation, but not the recognition or measurement, of items in the income statement, the cash flow statement and relevant notes to the accounts, including what the Group currently reports as its \u201cOperating profit\u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "
31. Events after the balance sheet date
The following events occurred after the reporting date and are considered non-adjusting events for the purposes of IAS 10 Events
after the Reporting Period. Accordingly, no adjustments have been made to the amounts recognised in these financial statements:
On 2 February 2026, the Group acquired 100% of the issued share capital of CCLA Investment Management Limited (CCLA), an
investment management company registered in England. The total consideration payable is estimated to be approximately \u00a3100m,
satisfied in cash from existing reserves, of which \u00a376.4m was paid on 2 February 2026, with the balance expected to be paid in the
second quarter of 2026, subject to the delivery and agreement of final post-closing adjustments.
Given that completion occurred shortly before the date of these financial statements, the determination of the fair values of the
identifiable assets and liabilities acquired is provisional. The fair value of the net tangible assets acquired is provisionally assessed as
being in the region of \u00a330m, and the fair value assigned to goodwill and other intangible assets as \u00a370m. Further information on the
acquisition, including updated fair value assessments and its impact on the Group\u2019s financial position, will be provided in the Group\u2019s
interim financial statements for 2026.
The goodwill and intangible assets recognised represent the value of acquired client relationships, brand, workforce, and anticipated
operational synergies.
On 25 February 2026, the Board approved the cancellation of 16.3m shares held in treasury. The cancellation will reduce issued share
capital when effected.
On the same date, the Board approved the utilisation of the authority granted by shareholders at the 2025 AGM to purchase up to 3%
of the Company\u2019s issued share capital. The buyback programme is subject to a maximum aggregate consideration of \u00a330m and a
limit of 3% of the Company\u2019s issued share capital, and is expected to commence in April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "The Zig Zag Building 70 Victoria Street London SW1E 6SQ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "The Zig Zag Building 70 Victoria Street London SW1E 6SQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }