Jupiter Fund Management PLC sees bigger than expected outflows
Positive net inflows from fixed income strategies were offset by continuing lower client demand for UK and European equity strategies.
() saw assets under management edge higher by £61mln to £58.8bn in the first quarter of 2021.
The increase came despite net outflows of £776mln in the period.
Unit trusts saw total net outflows of £848mln, driven by continued lower client demand for UK and European-focused equity strategies, Jupiter said. This was partially offset by positive flows into Dynamic and Strategic Bond and the Gold & Silver strategy, as well as a return to positive flows for the Global Equity Absolute Return fund.
Investment Trusts generated total net inflows of £221mln, led by a capital raise by the Chrysalis Investment Trust. In segregated mandates, NZS Capital also continued to see strong client demand, generating more than £250mln of net inflows. This was offset by redemptions in other strategies, primarily UK equities, resulting in total net outflows of £149mln.
It was another quarter of outflows for Jupiter, Peel Hunt noted, with the leakage higher than expected.
“Total AuM was little changed at £58.8bn, a touch below consensus of £59.1bn. Although positive investment performance added £0.8bn, net outflows in the quarter were £776mln (consensus was expecting outflows of £0.4bn),” the broker said.
Shares in Jupiter were down 0.9% at 275.6p.
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