|
Jupiter Fund Management PLC on Tuesday reported assets under management growth despite reporting net outflows from its retail, wholesale & investment trust division in the first quarter. Jupiter said a ‘risk off’ mood continued during the first three months of 2023. However, it reported positive net flows from its institutional clients. Assets under management climbed 1.2% quarter-on-quarter to £50.8 billion from £50.2 billion at the end of 2022. The rise was largely driven by ‘positive market movements’ of £1.5 billion. Net flows from institutional clients amounted to £100 million. Progress was offset slightly by £1.0 billion of net outflows from the retail, wholesale & investment segment. ‘Client demand for UK and European equities remained muted, although this was partially offset by continued positive net inflows into global equity strategies. Outflows from Fixed Income continued to slow, but market uncertainty remains,’ Jupiter Fund said. ‘Positive momentum was maintained in the institutional channel as we again generated net positive flows. This was primarily driven by mandates funding into global equity strategies managed by NZS Capital. Our pipeline of late stage opportunities remains strong and we look forward to increasing scale in this channel over the medium term.’ Jupiter Fund Management reports results for the first-half ended June 30 on July 27. The stock was down 0.8% at 131.00 pence early Tuesday in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
