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Jupiter suffers net outflows as bond managers hit by mixed fortunes

Jupiter has taken a hit on outflows as bond managers continue to suffer mixed fortunes.

Jupiter saw net outflows of more than £800m in the three months to the end of September.

Mutual funds saw the greatest outflows at £773m – £600m of which came from the firm’s fixed income strategy – with segregated mandates down £62m. Investment trusts saw slight net inflows at £2m.

Total assets under management ticked down to £47.7bn.

However, Liontrust, which also released a trading update this morning, has pointed to “strong client demand” for the launch of funds by its new global fixed income team, which has amassed £300m across strategic bond, high yield bond and absolute return bond funds in its first five months.

Overall net inflows for the three months to the end of September were £403m, and overall AUM was £12.bn, up 15 per cent over the past six months.

However, the firm notes that “we are beginning to see a long-anticipated increase in volatility in global bond markets”.

Other managers to release results this morning include Polar Capital, which has seen AUM grow to £14.7bn from £12bn in the past six months.

Polar says it could be in line to pocket £27m in performance fees for the six months to September. It received a total of £15.3m in the year to March.

Meet the Polar managers: ‘When people are scared, you don’t need to buy the scary things’

The trading update reads: “There is no certainty that the fees will be sustained over the next quarter, as performance fee receipts are extremely volatile, but nevertheless the quantum of potential net performance fee receipts is a marked improvement on the position of 2017, which itself was a record year in terms of such performance fee profitability.”

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