SHARES in asset manager Jupiter Fund Management hit a 16 month high yesterday after it reported £579m of net new money over the past quarter.
The investment house, which runs 79 per cent of its assets in equities, saw £795m of new money invested into its mutual funds despite the current trend for retail investors to avoid equities.
A £170m fall in segregated mandates and £46m less from private clients led to total net inflows of £579m. Market movements of £1bn helped increase assets by £1.6bn, boosting total assets managed to £23.4bn. Shares in the firm closed up three per cent yesterday at 272p – their highest since mid-June 2011.
Jupiter chief executive Edward Bonham Carter said: “During the difficult flow environment in the first half of the year, we continued to position the business for growth.
It was therefore pleasing to see an acceleration in mutual fund inflows.”
Data from the Investment Management Association shows retail flows into equities were negative in August.