Jupiter sheds £900m of assets despite positive institutional flows

AUM climbed to £50.8bn in first three months of 2023

Matthew Beesley chief executive Jupiter Asset Management
Matthew Beesley


Jupiter Fund Management’s positive end to 2022 did not carry over into the first quarter of 2023 as investors pulled a net £900m from the firm’s strategies.

The asset manager’s retail, wholesale and investment trust channels continued to suffer from outflows with £1bn retrieved by investors in the three months to 31 March.

In a somewhat split picture for fund flows, the firm’s institutional strategies attracted £100m net in the quarter. However, this represents a drop from the £1.3bn net institutional inflows added in Q4 2022.

On a brighter note, Jupiter’s assets under management (AUM) grew for the second quarter in a row, rising £600m to close out the quarter at £50.8bn. This was mainly driven by £1.5bn positive market movements.

Last year, the firm’s AUM dropped to £50.2bn from £60.5bn.

The asset manager has undergone a series of changes over the six months following the departure of chief executive Andrew Formica in early October 2022 and appointment of his successor, Matthew Beesley (pictured), who has wasted no time putting in place plans to make Jupiter a leaner company.

In December, Beesley replaced the CIO role with a head of fixed income and head of equities. The new roles were filled by Kiran Nandra-Koehrer and Matthew Morgan respectively.

A month later, Jupiter outlined a range of fund closures, mergers, and changes in investment objective as part of a 12-point plan to overhaul the firm’s offerings.

See also: Jupiter snubs unquoteds as it ditches Starling



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