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Fund manager Jupiter hit by net outflows of £800 million

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By Maiya Keidan

LONDON (Reuters) – Fund manager Jupiter <JUP.L> was hit by net outflows of 800 million pounds in its third quarter, partially offset by positive performance of 300 million pounds.

The firm’s assets under management fell to 47.7 billion pounds from the half year, with outflows of 600 million pounds in the fixed income strategy, mainly in continental Europe.

Market sentiment took a knock in the third quarter amid rising global political and trade tensions, with European investors once again concerned about the outlook for debt-laden Italy.

Jupiter’s European opportunities and funds of funds strategies also suffered outflows, it said in the trading statement on Thursday, which covered the three months to the end of September.

However, it saw positive flows into its European growth, value equities and absolute return strategies.

As part of the firm’s continued efforts to diversify its offerings, it launched several new funds in its fund of funds, European opportunities and multi asset strategies.

(Reporting by Maiya Keidan, editing by Sinead Cruise)

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