Shares in Jupiter Fund Management were down on the FTSE 250 in morning trading, despite the group saying it had more than tripled its pre-tax profit in the full year ended 31 December 2010.

EBITDA rose from £91.2 million in 2009 to £124.6 million, while pre-tax profit jumped from £7.2 million to £42.4 million.

The group said that assets under management increased from £19.5 billion to £24.1 billion and added that it would be reinstating a final dividend of 4.7 pence per share.

Net debt at the end of the period was reported as being £62.7 million.

Edward Bonham Carter, Chief Executive of Jupiter Fund Management, said, "2010 was another successful year for Jupiter with a strong performance for both clients and shareholders. More than 50 per cent. of our mutual funds by AUM were ranked in the first quartile in terms of three year investment performance. Strong net sales of £2.3bn in the year combined with improving market levels to increase AUM from £19.5bn to £24.1bn. These strong sales and AUM numbers form a healthy backdrop to our increase in full year EBITDA to £124.6m from £91.2m.

"Our Listing on the London Stock Exchange in June 2010 was an important step in the Group's development. It strengthened our ability to retain and attract talented employees, provided shareholders with liquidity and transparency and enabled us to reduce our debt substantially, thus positioning the business for further growth.

"While volatility is set to remain a key feature for the markets in 2011, we are confident that our targeted approach to developing our distribution channels and product set, together with investment outperformance, sees us well positioned to deliver further growth for clients and generate value for our shareholders."

By 09:20 shares in Jupiter Fund Management were down 3.08 per cent on the FTSE 250 to 308.50 pence per share.