Jupiter has reported a 70 per cent fall in net flows in the first quarter of 2013, which it blames on a “hiatus” in the IFA market post-RDR.
The firm’s net flows fell from $688m in the fourth quarter of 2012 to £209m in Q1.
Jupiter says the predicted hiatus resulted in a slow start to the year with the majority of its flows coming from its international and wealth manager channels.
Some £247m of fund inflows were offset by the loss of £56m of assets through a segregated mandate. The group also saw £9m of net flows from both its private client and investment trust businesses in the first quarter.
Jupiter chief executive Edward Bonham-Carter says: “Our increasingly diverse distribution presence enabled us to deliver net mutual fund inflows of £247m despite a hiatus in the UK IFA market following the implementation of RDR at the start of 2013.”
Jupiter’s total assets under management rose 11 per cent in the first quarter from £26.3bn to £29.1bn.
Meanwhile, Jupiter is also set to recieve £16.5m after selling its stake in Cofunds to Legal & General. The assets are likely to be received in the second quarter and will go towards reducing the group’s gross debt.