Jupiter assets drop despite new client money

 
City A.M. Reporter
Jupiter Fund Management bucked the trend of clients exiting high-risk funds to attract around £300m of new money last quarter, though assets still tumbled £2.5bn after slumping stock markets hurt its core equity range.

Jupiter, which invests the bulk of its money in equities, said assets under management fell to £22.3bn at September, down from £24.8bn at the end of June.

The new money, helped by continuing inflows from its core UK customers, went into segregated mandates including a specialist equity mandate and a Indian fund launched into Taiwan.

They offset £85m of outflows from exiting its private equity business and helped the company to beat estimates by Numis analysts who had forecast assets would drop to £21.9bn over the period.

The group suffered 36 million pounds of outflows in its continental European business during the quarter, however.

"Volatile markets continue to impact on investor confidence and flows across the asset management sector, particularly in Europe," Jupiter said.

Jupiter returned to the London Stock Exchange in June last year,