Shareholder revolt at Jupiter over pay The shareholder group also raised concerns about what it saw as a "a sizeable 'golden hello' in the form of a cash bonus (£1.17m) and options under various schemes (£2.17m) " paid to one member of staff. However, Tom Powdrill, PIRC spokesman, cautioned against declaring the vote the start of a second 'Shareholder Spring'. "In an ordinary AGM season this would be a pretty big result but after last year it's a bit too early to tell," he said. It's a large protest vote but after last year not extraordinary. This is the latest blow in a tough week for Jupiter, which floated on the London Stock Exchange three years ago. On Wednesday it was revealed that rival Schroders had poached star fund manager Philip Matthews. The following day Jupiter said in a trading statement ahead of the AGM that new regulations banning commission-based selling to consumers under the Retail Distribution Review had caused a "hiatus" in inflows from independent financial advisers. However, the same statement added that first quarter fund inflows were £209m, taking assets under management to £29.1bn. A spokesman for Jupiter said: "Our remuneration policy has remained consistent. We believe a business like ours needs lower fixed costs, and variable pay aligned with delivering long-term outperformance for clients and shareholders. Individual employees" bonuses are determined by profits and individual performance. In conjunction with the cap on salaries, our overall compensation costs relative to profits are within the boundaries indicated to shareholders, with whom we will continue to closely consult.