Jupiter Fund Management sees bigger than expected outflows

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Jupiter Fund Management PLC (LON:JUP) saw assets under management edge higher by GBP61mln to GBP58.8bn in the first quarter of 2021.


The increase came despite net outflows of GBP776mln in the period.


Unit trusts saw total net outflows of GBP848mln, driven by continued lower client demand for UK and European-focused equity strategies, Jupiter said. This was partially offset by positive flows into Dynamic and Strategic Bond and the Gold & Silver strategy, as well as a return to positive flows for the Global Equity Absolute Return fund.


Investment Trusts generated total net inflows of GBP221mln, led by a capital raise by the Chrysalis Investment Trust. In segregated mandates, NZS Capital also continued to see strong client demand, generating more than GBP250mln of net inflows. This was offset by redemptions in other strategies, primarily UK equities, resulting in total net outflows of GBP149mln.


It was another quarter of outflows for Jupiter, Peel Hunt noted, with the leakage higher than expected.


“Total AuM was little changed at GBP58.8bn, a touch below consensus of GBP59.1bn. Although positive investment performance added GBP0.8bn, net outflows in the quarter were GBP776mln (consensus was expecting outflows of GBP0.4bn),” the broker said.


Shares in Jupiter were down 0.9% at 275.6p.


— adds broker comment and updates share price —

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