Jupiter Asset Management lost £1bn in assets under management in the first quarter before declines more than doubled to £2.3bn in the first three weeks of April.
Its fall in the first quarter was equally driven by net outflows (£500m) and poor fund performance (£500m), but these were exacerbated in early April as Donald Trump’s tariff measures threw markets into turmoil.
Retail, wholesale and investment trust investors were the most bearish in the first three months of the year, removing £1.5bn from Jupiter’s funds. Assets held on behalf of these clients fell 15.3% year-on-year from £43.1bn to £36.5bn.
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Yet institutional investors were more confident in the first quarter, contributing £1bn to Jupiter’s funds. This was largely driven by “the funding of a large mandate into our systematic equities capability and flows through the Jupiter Origin team”, it said.
But despite their bullishness in early 2025, money invested by institutional investors is down 17.9% over the past year, falling £1.7bn since the same period last year to £7.8bn.
Including April’s outflows, Jupiter’s overall assets under management are down 18.3% since the first quarter of last year from £52.6bn to £43bn.
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Jupiter said: “Since the period end, we have seen significant moves across many global markets. We have remained focused on what we can control and have stayed close to our clients through this period.
“Our investment strategies are performing as we would expect in this environment and our clients’ positioning has remained disciplined and consistent with long-term investing.”
Only 22 of the firm’s 56 funds have generated a positive return since the start of the year, with Jupiter Gold And Silver making the greatest gain of 32.8%, followed by Jupiter China at 5.4%.
The worst performance came from Jupiter Merian North American Equity which fell 14.9% since the start of the year, followed by Jupiter Merian World Equity which dropped 10.3%.