Jupiter saw profits fall by 7 per cent in 2018, as the first full year of absorbing the cost of research and not benefiting from box profits hit the asset manager.
The firm still posted £179m in pre-tax profits, as net management fees crept up from £395.7m to £392.4m.
This was despite assets under management dropping 15 per cent, from £50.2bn to £42.7bn.
Net ouflows were £4.6bn, with Jupiter highlighting tough market conditions as a driver of its results, but noting its own outperformance remained.
Chief executive Maarten Slendebroek says: “With market volatility continuing during the year, it was encouraging to see that our strategy of diversification underpinned solid business performance for the period. Most pleasing is that we delivered strong fund performance for our clients during the year with 77 per cent of our mutual fund assets under management outperforming the median over three years.
“As reported throughout the year we saw net outflows, primarily in our
fixed income strategy which impacted closing AUM. Gross sales remained strong as we saw client demand for active asset management continue.”