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Jupiter hit by £1.3bn outflows

Jupiter Fund Management has seen a total £1.3bn of net outflows in the first three months of this year, according to its trading update this morning.

The group attributes the majority of outflows to its fixed income strategies, which saw £1.1bn leaving the funds.

However, in its yearly results published in February, the asset manager said fixed income was the largest contributor to net inflows, which offset outflows from the firm’s fund of funds strategy.

For the first quarter of 2018, the European Growth and Multi-Asset strategies were the best performers in terms of inflows, while regionally, continental Europe and Asia suffered the highest outflows.

The drop in fund flows led to a drop in assets under management of £3.3bn over the quarter to £46.9bn.

Jupiter Fund Management chief executive Maarten Slendebroek says the start of the year has proved “challenging” for the firm which lead to the expected change in the flows.

He says: “The growth of assets sourced from international distribution partners has changed Jupiter’s flow profile to being less predictable in the short term.

“As a result, in future we expect to see continued growth but with higher quarterly differentiation. The continuation of our strategy of diversification by product, client type and geography and our approach to active asset management leave us well placed, both internationally and within the UK across a broad range of strategies.”

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