Jupiter Fund Management draws in new assets despite difficult market conditions

James Nickerson
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The FTSE 100 lost almost seven per cent during the summer (Source: Getty)

Jupiter Fund Management reported that its assets under management (AUM) were up five per cent in the last nine months, despite AUM falling by over £800m during the previous quarter.

The FTSE 250-listed financial services sector firm saw net inflows slow from £498m in the second quarter to £77m in the third, combining with a “difficult market backdrop” to result in a two per cent decline in AUM over the third quarter.

The FTSE 100 lost close to seven per cent during the third quarter, and falling markets meant that while the London based fund manager attracted £77m in net new client money, negative market movements cost £884m, leaving AUM at £33.5bn at 30 September, compared to £34.3bn at the end of June.

Read more: Stronger markets and customer inflows drive Jupiter funds higher

Despite the sharp declines, net mutual fund inflows were particular positive, drawing in £196m, but were also badly hit by the market, causing a loss of £719m.

Commenting on the results, chief executive Maarten Slendebroek said: "I'm pleased that our mutual fund franchise again delivered positive net flows this quarter despite a difficult market backdrop, benefiting from the continued delivery of our strategy to diversify by product, client type and geography.

“This has led to cumulative net mutual fund flows of £1.6bn over the first nine months of 2015, resulting in AUM increasing by five per cent this year to £33.5bn despite recent market falls."

Read more: FTSE 100 poised for longest losing streak since 2011

Jupiter’s segregated funds, which offer investment options for individual clients, saw withdrawals of £142m over the quarter, as customers were “top-slicing” profits from funds “where significant outperformance has been delivered to clients”.

The company said that 2015 has continued strong delivery across key metrics, with the company stating they believe “our growth strategy and chosen markets have further room for expansion over time”.

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