Jupiter boosted by international clients

Jupiter Fund Management saw clients add £333m of new money in its first quarter, driven by demand for its fund of fund range and growth in inflows from international investors.

The asset manager said on Monday assets rose to £24.5bn in the quarter to 31 March, boosted by inflows into its mutual funds and its Global Convertibles and Strategic Total Return fund products.

Jupiter pulled in £772m of new money in the previous quarter and £509m in the corresponding quarter a year ago.

Analysts at Peel Hunt had forecast assets would rise to £24.4bn.

The inflows offset a withdrawal of £71m in the segregated mandate product after a single client redeemed in order to reconstruct its portfolio.

"The business continues to develop in line with management expectations," Jupiter said in the trading update.