As groups report on their progress last year, Investment Week looks at the trading updates for asset managers and investment platforms for the 12-month period ending 31 December 2020.
Tatton Asset Management Profits have fallen almost a third at Tatton Asset Management over the past 12 months, although assets under management (AUM) have risen by a similar amount over the same period. At 31 March 2021, profit before tax was recorded at £7.3m, down from £10.3m on 31 March 2020, while AUM had risen 35% to £9bn, up from £6.7bn 12 months earlier. The increased AUM was a result of both strong net inflows as well as market performance, as £755m entered the business and recovering markets buoyed investment returns 23.8%. Adjusted earnings per share were up across both basic and diluted measures, with the former up 23% to 16.14p per share and the latter also up 23%, to 14.74p per share. The firm has also increased its liquidity over the past year, with 91% of assets now sellable within six months, compared with 86% the year prior. Non-current assets with a maturity of one to five years has fallen 26% over the past 12 months. Charles Stanley Charles Stanley saw record funds under management and administration (FuMA) at 31 March 2021 of £25.6bn, up 26.7% on 2020 year-end as it proposes a final dividend of 9p. The wealth management group reported a slight decrease in revenue for the year at £171.2m, down from the £173m reported in 2020, as the pandemic caused a 68.8% reduction in interest income. Underlying profit before tax was also down to £17.2m from £19.3m in 2020 and the reported profit before tax was £13.4m, less than the £17.3m reported in the previous year. Charles Stanley said it had made good progress in delivering its strategy, despite the challenges of the pandemic. Paul Abberley, chief executive officer, said: “Revenues and profits were inevitably impacted by market conditions but the results highlight the resilience of the business. This is a strong performance given the prevailing economic circumstances. “Our transformation and restructuring programme has resulted in continued operational efficiencies and productivity so we are coming out of the pandemic strategically and operationally stronger. “As we move through the new financial year, we will be continuing with our growth and efficiency initiatives. In particular the creation of a new division, Central Financial Services, to address client needs not currently met in the marketplace is important.” A final dividend of 9p has been proposed, increasing the total dividend by 33.3% to 12p per share. Liontrust Liontrust has announced that it expects “revenues to be ahead” and adjusted profit before tax to be “significantly ahead of market expectations” for the year ended 31 March 2021. In an announcement to the stock exchange, the asset manager said adjusted profit before tax will be not less than £63m, driven primarily by stronger than expected performance fee revenues during the period of £13.7m. The announcement follows a growth year for the fund house as it recently announced it was targeting £150m for a high-conviction investment trust for the sustainable team. Last year, it completed its acquisition of the Architas UK Investment Business from French insurance house Axa, to create an enlarged multi-asset boutique. It also bought rival Neptune for £40m in 2019 and Alliance Trust Investments at the end of 2016. Liontrust’s share price was up roughly 4% in response to the announcement. Ninety One Ninety One’s assets under management increased by 27% to £130.9bn in the financial year ending 31 of March 2021, with net outflows of 200m. In its results announcement, the asset manager revealed that profits before tax increased 3% to £204.1m, with adjusted operating profit rising 9% to £206.2m. Hendrik du Toit, founder and chief executive officer, said: We congratulate our people for their sterling efforts in challenging conditions. Their hard work and the support of our clients have allowedus to report record AUM and profits. “Without the support of our broad stakeholder base and our shareholders in particular, this would not have been possible.” The firm’s said in its outlook that it plans to continue its “well-established” organic growth path, highlighting that “it is not about size, it is about the pursuit of excellence”. The board has declared an final dividend of 6.7p per share, of which 4.4p per share represents 50% of profit after tax and 2.3p per share represents after-tax earnings “after ensuring we have sufficient capital to meet current or expected changes in the regulatory capital requirements and investment needs”. This brings the full year dividend to 12.6 pence per share. Staff shareholding increased to 23% and average AUM rose by 1% to £119.9bn. Tavistock Investments Tavistock Investments has achieved a “strong close to the financial year” ending 31 March 2021, according to the firm, with gross revenues from its advisory business in line with the last financial year at £24m. Some 80% of this is annualised recurring revenues, the board added. Tavistock is unable to release a comprehensive set of figures from the last financial year due to being deemed in an offer period following an “unwelcome approach” from AIM-listed asset management firm TEAM last month. However, it was also able to reveal that Tavistock’s assets under management remained “similar” to last year at £1.1bn. The board said the company has benefitted from the UK Government’s furlough scheme, and also received support via a £2.1m CBILS (Coronavirus Business Interruption Loan). However, it argues this was taken out as a “precautionary measure” and that any funds they have received so far remain unutilised. It added that it will repay the loan “as soon as circumstances properly permit”. Tavistock’s board also argued that, while the furlough scheme will “clearly not be available in future years”, the firm’s creation of a captive cell insurance facility will “more than compensate for the absence of ongoing furlough support”. “This captive cell insurance facility enables the company to provide a proportion of its professional indemnity insurance requirement through an in-house insurer and thereby to save approximately £250,000 per annum compared to the cost of obtaining the same level of insurance cover as last year,” it said. In addition to government-backed support, Tavistock’s Q1 performance was enhanced by voluntary salary sacrifices made by employees over the period. The board repaid its employees in full during its fourth financial quarter, according to the firm. Meanwhile, Tavistock embarked on re-organisation and cost-cutting projects in November 2020 and February 2021 respectively. The former led to the appointment of new chief investment officer John Leiper, following a performance review which led to the departure of Christopher Peel in July last year. Since then, the firm said the performance of its funds has improved “significantly”, with all six of its ACUMEN multi-asset funds achieving top-quartile returns over the period relative to the average peer in their sectors. In terms of cost-cutting, the board said the business is now more “streamlined” as a result, and that the launch of its new investment platform – Tavistock Platform – in December last year is “already attracting many new clients”. Offer from TEAM However, the aforementioned approach from TEAM has proved an “unwelcome distraction”, according to Tavistock’s board. It said the “opportunistic approach” has been supported by a “small grouping of former employees and disaffected shareholders”, and that TEAM’s potential bid for the company is “significantly below the value of the company’s assets”. According to a release from TEAM last week, some 14% of Tavistock shareholders have now “publicly expressed their desire for the board of Tavistock to engage with TEAM”. Mark Clubb, executive chair of TEAM, said he believes there is “appetite among shareholders for change” and that the firm is “deeply experienced”, contrary to concerns from Tavistock. However, Tavistock said TEAM is “only offering illiquid shares as the consideration” contrary to its recent transaction multiples. “By contrast, the board has been exploring ways in which the inherent value of the company’s assets can be used to fund the company’s further development and to deliver significant value for shareholders,” it added. Gresham House Gresham House has increased its assets under management (AUM) by 42% during 2020 to finish the year at £4bn, as a focus on sustainable investment strategies helped the business prosper despite the pandemic. The managers, which focuses on real and alternative assets, has also seen net core income rise 29% to £40.8m and adjusted operating profit grow by 17% to £12.1m compared to the previous year. Much of its success was driven by strong fundraising for its sustainability-focused strategies, including in areas such as housing, forestry, sustainable infrastructure and new energy, which are all key to the UK government’s post-pandemic green recovery plan. The year also saw Gresham House hire Rebecca Craddock-Taylor as sustainable investment director and expand its range of sustainability focused investment strategies into areas such as carbon credit and affordable housing investment platforms. Notable fundraises in 2020 include the Gresham House Energy Storage fund (GRID) raising £150m, Gresham House Forest fund I LP raising £108m, the British Strategic Investment fund (BSIF) securing additional commitments of £100m, as well as net inflows into its strategic equity funds and the Baronsmead VCTs. Tony Dalwood: How Gresham House kept momentum despite Covid-19 In 2021, the firm is planning to expand its offering further with the launch of the Gresham House Residential Secure Income LP and a follow-on fund for the BSIF. In addition, it is planning a new forestry fund, including an international theme, and products investing in renewables and battery technology. Commenting on the results, CEO Tony Dalwood said: “The growth within each of the asset classes at Gresham House reflects the quality of our investment teams and client demand for these specialist areas. “We start the second year of the GH25 plan with positive momentum despite the ongoing macroeconomic and social challenges, and we continue to invest alongside our growth ambitions in order to deliver client targets and generate shareholder value from AUM growth.” As a reflection of its strong year, the board intends to increase its final dividend for 2020 to 6p, a 33% rise from the 4.5p dividend in 2019. In addition, the firm has announced that Richard Chadwick, chairman of the audit committee and senior independent director, will be retiring at the conclusion of next year’s annual general meeting (AGM) after more than 13 years on the board. The firm will look for his replacement over the course of the year, in an effort to “facilitate an orderly handover of his responsibilities”. Quilter Investors Steven Levin, current CEO of investment platforms, has been appointed CEO of Quilter Investors in an attempt to bring theses businesses closer together and focus on Quilter’s “affluent and mass affluent clients”. The move marks the end of Bambos Hambi’s short tenure as CEO, who only took on the role himself in November 2020, but he will remain CIO of the firm, which will enable him to “focus his expertise on helping to shape investment propositions that are aligned with the needs of affluent customers”. These changes were announced in Quilter’s annual results, which saw net inflows at Quilter Investors tumble 40% on the prior year, largely driven by a decrease in flows from its financial planning arm “as the pandemic environment presented advisers with less opportunity to attract new business”. Despite this, the asset manager recorded an increase in its assets under management and administration, up to £23.2bn from £21.6bn, a rise of 7% on the year. Across the group as a whole, profits fell for the year, with adjusted profit before tax down 7.7% to £168m, while revenue margin dropped to 51 basis points from 55 the previous year. This has led to a reduction in the total dividend for Quilter in 2020, down from 5.2p per share in 2019 to 4.6p per share last year, a fall of more than 10%. Group CEO Paul Feeney said: “For all of us, 2020 was a year of extraordinary challenges, both personal and professional. At Quilter, I am pleased that we have not only come through the year well but also strategically and operationally stronger. “Now with significant progress made on our transformation, we are wholly focussed on driving growth and efficiency through even better customer outcomes.” As of 9 March, Tazim Essani joined Quilter as an independent non-executive and member of the board remuneration committee. She brings more than 30 years’ strategy and M&A experience to the firm, with a career spanning roles at Close Brothers, Santander UK and GE Capital. M&G M&G’s share price rose by around 5% in early trading this morning (9 March) in response to a final dividend increase of 2.6% to 12.23p, despite the group posting a 31.4% decline in pre-tax profits to £788m. With a full-year total dividend of 18.23p, M&G saw assets under management and administration grow to £367.2bn in 2020, up from £351.5bn at the end of 2019. Chief executive John Foley said that despite the decline for the year, pre-tax profits represented “a good outcome given that, as an independent company, we incurred head office and debt interest costs for the first full year”. Within its savings and asset management business, M&G saw net client outflows of £6.6bn, which follows net outflows of £1.3bn in 2019. This was driven by a “difficult year” for retail flows, with institiutional clients adding net inflows of £5.1bn in 2020. Total AUMA on behalf of external institutional clients grew 11% to £85.5bn. Outflows from retail clients was pinned on “weak investment performance of some of our larger funds”, particularly in the first half of the year. Foley said the firm’s first year as an independent company represented a “strong and resilient performance in one of the most challenging operating environments ever”, adding that the firm “laid the foundations” for a return to business growth. This includes “actions to fix” its retail asset management business and the creation of M&G Wealth following the acquisition of Ascentric. IFRS profits after tax rose to £1.1bn, while the firm’s balance sheet remained robust, with capital generation of £995m for the year. The firm has a three-year target of £2.2bn total capital generation to the end of 2022. Elsewhere, Foley said M&G is “pivoting the entire company to sustainability”, a shift that will “benefit customers, clients and shareholders, as well as wider society and the planet”. M&G highlighted the launch of a new sustainable private assets capability, and a “strong pipeline of new propositions”, including PruFund Planet, a sustainable version of the PruFund. Commenting on M&G’s results, equity analyst at Hargreaves Lansdown Nicholas Hyett said: “The retail fund management business continues to struggle with outflows, not helped by some lacklustre investment results. “Management will hope better investment results in the second half of the year, a focus on sustainable investment going forwards and an improved retail platform following the acquisition of Royal London’s Ascentric can turn things around, but the proof will be in the pudding on that front. “Despite running £367.2bn in client money, the asset management business is small and arguably sub-scale in an industry which is increasingly defined by the need to get big.” Standard Life Aberdeen The UK’s third largest asset manager reported a decline in adjusted pre-tax profits of 16.6% to £487m as fee-based revenue also fell “largely reflecting the impact of 2019 outflows”. Net outflows were reduced to £3.1bn excluding LBG tranche withdrawals, driven by an improvement in institutional and wholesale net flows. Assets under management and administration at the end of 2020 fell by £10bn to £534.6bn, it said. Fee-based revenue for the year fell to £1.43bn from £1.63bn for 2019. The asset manager announced its strategy to deliver growth over the medium term as it simplifies the business through the exits from Nordics real estate and Indonesia, and the proposed sale of Parmenion. Still, the board declared a final dividend of 7.3 pence a share, bringing the full-year payout to 14.6 pence compared with 21.6 pence a year earlier. Stephen Bird, chief executive officer of Standard Life Aberdeen, said: “We remain on track to deliver targeted synergies and have identified more that we can deliver. We have exited some non-core businesses and made an acquisition that has extended our capabilities in private markets. “We have simplified and clarified leadership structures across the business and placed a refreshed focus on Asia. “We have a clear vision; we will focus on the future to enable our clients to be better investors. To do this we will pursue efficient, sustainable growth by ensuring that our product capabilities, technology and performance are first class. “Our pursuit of client-led growth, combined with focus on efficiency and careful deployment of capital, will enable us to generate sustainable value for our shareholders.” Bird added: “We have three growth vectors – investments, adviser and personal. Thanks to our strong capital position, we have strategic flexibility around how we grow these businesses and we have set out clear ambitions.” Rathbones Total funds under management and administration (FUMA) reached £54.7bn at the end of 2020, up 8.5% from £50.4bn a year ago, Rathbones has reported. Net inflows across the group increased substantially, up to £2.1bn from £600m the previous year, boosting FUMA in the investment management business 4.4% to £44.9bn, while the funds business saw a 32.4% increase to £9.8bn. Pre-tax profit came in at £43.8m, up from £39.7m in 2019. Underlying profit before tax increased by 4.3% to £92.5m, delivering an underlying operating margin of 25.3% Paul Stockton, chief executive, said: “Rathbones delivered a resilient performance in an immensely challenging year. “We continued to deliver a high-quality service to clients, whilst prioritising the safety and wellbeing of our employees, advancing our strategy and keeping a close eye on operating costs.” The board is recommending a final 2020 dividend of 47p per share, which brings the total dividend to 72p per share – an increase of 2.9% over 2019. “This reflects confidence in the outlook for the business and its strong capital position,” the company said of its dividend, adding that 2020 marks the 11th consecutive year in which it has increased the total annual dividend. Schroders Schroders’ assets under management reached a record high despite profits before tax falling 2.3% in 2020, the asset manager revealed in its annual results. AUM rose 15% to £574.4bn after strong demand in its private assets and solutions divisions pushed net inflows to £42.5bn. The firm made a pretax profit of £610.5m last year, down from £624.6m for 2019. The board declared a final dividend of 79 pence a share, bringing the full-year payment to 114 pence, same as 2019 and 2018. Peter Harrison, group chief executive, said Schroders had delivered a “strong financial performance in 2020 despite the challenging environment”. The company’s US business also reached the milestone of more than $100bn of assets for the first time by the end of last year, which represents growth of 40.8%. Mutual funds saw £3.1bn of net outflows driven by a risk-off environment in the first half of the year with limited demand from retail investors. Schroders wealth management division – which includes Cazenove, Benchmark and SPW – saw total assets under management rise to £72bn, up from £66.7bn in 2019. “The group is increasingly balanced towards the higher growth areas of private assets & alternatives, solutions and wealth management. We believe the macroeconomic environment will accelerate demand for these areas going forward,” the firm said. Private assets and alternatives AUM grew 4.3% to £46.1bn and Solutions AUM grew 34.7% to £192.3bn. Royal London Asset Management Royal London Asset Management (RLAM) grew its assets under management (AUM) 7% over the course of 2020, despite net inflows falling by more than 60% on the previous year, according to its annual results. By 31 December 2020, AUM had grown to £148.4bn, driven primarily by positive market movements of £4.9bn, supported by £3.9bn of net inflows and the acquisition of Police Mutual, which added a further £700m. The firm attributed this growth to the “fast-growing ethical and sustainable investment sector”, which it described as a “key source of success”, along with continued strong investment performance, as 95% of actively managed funds outperformed their benchmark over three years. However, net inflows at the firm tumbled from the previous year’s £9.9bn, which was caused internally by a reduction in new pension business as fewer people moved employer, and externally by net outflows from institutional investors, partly owing to a decline in defined benefit pension funds. The fund house also pointed to “the trend towards global credit products” as a headwind, explaining that while it has expanded into the global credit market, it has yet to establish the three-year track record necessary to attract the institutional investors who have shifted from sterling-based credit products. Profits fell harshly at the group, with operating profit before tax tumbling 75% to £41m from 2019’s year-end figure of £165m and profit before tax down 68% to £131m, although operating profits on AUM businesses rose 21% to £80m. Barry O’Dwyer, group chief executive, said: “Our asset management business successfully navigated volatile financial markets in 2020. Assets under management increased to £148bn and we saw strong inflows into our sustainable funds. “As a mutual we are able to take a long-term approach despite short-term uncertainties. Our robust capital position has allowed us to continue our investment in systems and service to benefit our customers. Eligible customers will also benefit from a ProfitShare of £146m, a unique feature of mutuality which enhances the value of their savings.” Kevin Parry, chair, added: “The dedication shown by colleagues across the business as they support our customers has been exemplary and a testament to our values as a mutual organisation. “In 2020 we demonstrated the wider role that we play in society by working with people who we all depend on and people who need our support. In common with society as a whole, we look forward to a brighter and healthier future as the vaccinations programme progresses.” Aviva Investors Aviva Investors’ operating profits fell by 11% from £96m to £85m over the course of 2020 due to “lower fee income” over the year, according to the firm. In its annual results statement, the firm also revealed its revenue decreased by 5% from £542m to £515m, which it said was the result of both lower contribution from securities lending and clients de-risking – with lower demand for alternative strategies generally – and their asset allocation decisions leading to lower margins. This is despite the fact inflows into funds were positive at £208m, with £59.2bn of total inflows relative to £59bn of outflows. Some £1.7bn of inflows came from outside of the business, while there was £8.3bn net inflows into liquidity funds and cash, and a further £11.4bn from positive market and FX movements. Assets under management at the end of the year stood at £405bn, with externally managed AUM increasing from £36bn to £40bn over the course of the year. Real asset and credit products proved most popular, seeing respective inflows of £1.8bn and £3.2bn. Overall, assets under management increased by £19.7bn over 2020. Products were “not immune from market turbulence” according to the firm, however, with 55% of Aviva Investors’ funds ending 2020 ahead of benchmark over one year. Controllable costs decreased by 3% from £446m to £430m from cost management actions to mitigate the decrease in revenue. The firm said: “Our strategy is to support Aviva becoming the UK’s leading insurer and the go-to customer brand. By combining our insurance heritage and DNA with our skills and experience in asset allocation, portfolio construction and risk management, we provide a range of asset management solutions to our institutional, wholesale and retail clients. We have a highly diversified range of capabilities, with expertise in real assets, solutions, multi-assets, equities and credit. It added that its ongoing focus on ESG creates “easy ways for customers to do good”, and thereby plays “an active role in the fight against climate change, creating a stronger economy and society as well as generating enhanced shareholder value over the long term”. “Concerns over the economic disruption caused by Covid-19 led to significant volatility in financial markets and elevated levels of investor activity throughout 2020,” Aviva Investors continued. “Notwithstanding the challenging market conditions, we had positive momentum in our Aviva client and external client businesses throughout 2020.” Man Group Man Group’s funds under management (FUM) reached a record high $123.6bn (£89bn) in 2020 driven by positive investment performance of $3.3bn (£23.8bn), in particular from alternative strategies. The firm’s full-year results published today (2 March) showed the group recorded overall net inflows of $1.8bn (£1.3bn), compared to net outflows in 2019 of $1.3bn (£936.5m), helped by AHL TargetRisk, which the group said has performed strongly in rising markets and protected capital during the sell-off. It also attributed net inflows to the “strength of client relationships” during the year and reported that 71% of FUM at 31 December 2020 related to clients invested in two or more products, and 42% to clients invested in four or more products. Man Group’s pre-tax profits fell by 26% to $284m (£204.6m) in 2020, reflecting a decline from a strong performance fee outcome in the previous year, while statutory pre-tax profit also declined, down by 42% to $179m (£128.9m) compared to 2019. Man Group announced that absolute performance across product categories was up 3%, with alternative strategies up 2%, due largely to the performance of AHL Alpha (+7.9%) and AHL TargetRisk (+5.7%). Man Group FUM jumps 4% on inflows to alternative funds On average, its long-only strategies were up 4.3%, having benefitted from the rebound in equity markets in the latter part of the year. The firm reported “particularly strong” performance in GLG Continental European Growth of 24.7% and Numeric Global Core of 13%, while its value-biased strategies were “weaker” in performance terms, namely GLG Japan CoreAlpha (-15.9%) and GLG Undervalued Assets (-16%). Luke Ellis, CEO of Man Group, said: “I am proud of how the Man Group team pulled together and am delighted to deliver a strong set of financial results in a challenging environment, which demonstrate both growth and resilience. “We have increased our management fee profits and our dividend to shareholders, and grown client assets to end the year at a new record high for funds under management.” The group has introduced a progressive dividend policy, taking into account growth in overall earnings with a recommended final dividend of 5.7 cents per share, which brings the total dividend for 2020 to 10.6 cents per share, an increase of 8%. Man Group recently reported that $43bn of FUM integrate ESG factors into their decision-making process, based on the Global Sustainable Investment Alliance’s definitions and classification. In its results, the group said it was seeing “growing demand for responsible investment funds in particular, with a focus on ESG factors”. Jupiter Fund Management Jupiter Fund Management saw its second consecutive year of net outflows in 2020, but the acquisition of Merian Global Investors in July helped push total AUM to a record high of £58.7bn. The firm’s full-year results, published today (26 February), shows that £16.6bn of Merian assets offset net outflows of £4bn for year as “market volatility weighed heavily on investor sentiment”, following net outflows of £4.5bn in the previous year. Jupiter’s profit before tax increased by 10% to £179m in the 12 months to 31 December, as statutory profits before tax decreased by 12% to £132.6m as a result of “exceptional costs mainly relating to the acquisition”. The firm’s report said the “transformational deal” had “exceeded our expectations” financially, “delivering greater than expected synergies and already making a significant contribution to group profits”. “While more time is needed to stabilise flows from certain products, these near-term challenges were well-anticipated and factored into the terms of the deal, giving substantial protection to our shareholders,” it added. Underlying earnings per share fell marginally to 28.7p, while statutory earnings per share was down from 27.5p pence per share in the previous year to 21.3p per share. The firm also reported that 70% of mutual fund AUM outperformed the median over three years to the end of December 2020, collecting performance fees of £74m for the year. Jupiter’s board proposed an unchanged full-year ordinary dividend for the year of 9.2p per share, resulting in an unchanged total ordinary dividend for the year of 17.1p pence and representing an ordinary dividend pay-out ratio of 60% of underlying EPS. A special dividend of 3p per share was also proposed. In accordance with our policy of a progressive dividend in line with the trend in profitability, the Board has proposed an unchanged full-year ordinary dividend for the year of 9.2 pence per share. The total dividend for the year was 20.1 pence per share, representing 70% of underlying EPS and an 18% increase on the previous year. Jupiter’s operating margin before exceptional items fell marginally from 43% to 41%. Its share price was down roughly 26% for 2020 after suffering a heavy fall in the worst of the coronavirus-related volatility of Q1. Chief executive Andrew Formica said: “This is a year where we made significant progress against our strategic objectives and laid strong foundations for future growth, despite the disruptive impact on financial markets and businesses brought by Covid-19. “For clients we delivered strong investment performance with 70% of our mutual fund AUM outperforming the median over three years to 31 December 2020.” He added that while Jupiter saw net outflows overall, the firm said “robust” gross inflows of £16.5bn, while Jupiter branded strategies recorded “three consecutive quarters of positive net flows”. “Against a backdrop of strengthening investor sentiment and improved momentum as we turn the corner in the battle against Covid-19, I am confident that Jupiter is strongly positioned for future growth,” he said. Tonkinson named Jupiter distribution MD after Merian acquisition Elsewhere, the firm confirmed that senior independent director Jonathon Bond will not seek re-election at the company’s 2021 AGM, and will retire from the board at the conclusion of the meeting. Roger Yates, a non-executive director and chairman of the remuneration committee, will be appointed senior independent director with effect from the same date. Jupiter chair Nichola Pease said Bond “has made a significant contribution to the company and I have greatly appreciated his support and counsel since my appointment”. “On behalf of the Board and all of our stakeholders I would like to extend our thanks and very best wishes,” she added.