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 £61mln to £58.8bn in the first quarter of 2021.

The increase came despite net outflows of £776mln in the period.

Unit trusts saw total net outflows of £848mln, 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 £221mln, 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 £250mln of net inflows. This was offset by redemptions in other strategies, primarily UK equities, resulting in total net outflows of £149mln.

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

“Total AuM was little changed at £58.8bn, a touch below consensus of £59.1bn. Although positive investment performance added £0.8bn, net outflows in the quarter were £776mln (consensus was expecting outflows of £0.4bn),” the broker said.

Shares in Jupiter were down 0.9% at 275.6p.

— adds broker comment and updates share price —

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