This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Jupiter is hit by volatile markets as assets plunge

  • Print
  • Comment

Jupiter has seen its assets under management shrink by £2.8bn in the three months to September 30.

Assets dropped from £24.8bn in the second quarter to £22.3bn in the third quarter as a result of volatility in equity markets.

But the company saw net inflows of £295m in the third quarter, dominated by flows into segregated mandates. Mutual funds had net outflows of £36m during the quarter. Flows during the nine months of 2011 give Jupiter cumulative net inflows of £971m.

Chief executive Edward Bonham Carter says: “Jupiter continued to make progress in the third quarter, recording net inflows of £295m despite one of the worst quarters for equity markets in the last decade and reduced risk appetite from retail investors, particularly in Europe. Our balance sheet position also continues to strengthen, allowing us to announce a substantial debt repayment.”

The firm announced a £60m reduction in its bank debt, reducing the outstanding amount to £143m.

Chelsea Financial Services managing director Darius McDermott says: “Fund managers’ business is building the asset base rather than losing it. If the market is down by 20 per cent, there is not much managers can do about assets they own going down. It has been a difficult quarter for everyone in the fund management business. Net inflows is good news in the current climate.”

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


Do you see the value in adviser trade bodies?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments