Jupiter Fund Management PLC on Thursday said it suffered a drop in managed assets over the quarter period due to negative market movements and net outflows.

Shares were up 6.1% at 93.60 pence each on Thursday morning in London.

For the three months ended on September 30, the London-based investment manager said assets under management amounted to £47.4 billion, driven by £600 million in net outflows and £800 million in negative market movements. This is down 2.9% from £48.8 billion at June 30 and 22% lower than £60.74 billion at September 30, 2021.

In Retail & Wholesale, AuM amounted to £41.9 billion as at September 30, down 3.7% from £43.5 billion on June 30.

It said net outflows slowed in the period to £600 million from £2.0 billion in the second quarter.

Chief Executive Officer Matthew Beesley said: ‘I am encouraged by the improved flow picture in the third quarter, despite continued market volatility. This flow momentum has continued into the fourth quarter with the funding of further Institutional mandates in excess of £500 million in the first week of October alone.

‘While we saw net outflows overall, retail outflows have slowed as we continue to focus on delivering a differentiated product set, which both meets our clients’ increasingly complex needs and demonstrates the value of high-conviction, active investment management.’

Jupiter Fund said it was pleased with a ‘much improved flow picture’ with net outflows of £600,000. It added that it continued to attract strong levels of gross flows, with £3.8 billion for the quarter and £10.7 billion year-to-date.

Looking ahead, Jupiter Fund said it is well-placed for a return to sustainable growth.

Copyright 2022 Alliance News Limited. All Rights Reserved.