Jupiter’s assets inch closer to £50bn in Q3

Jupiter Fund Management’s assets under management closed the three months to 30 September 2017 at £48.4bn, growing 19% year-to-date.

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Within the period, inflows of £3.8bn outweighed outflows of £2.5bn, culminating in net flows of £1.3bn.

Its mutual fund business drew in £1.2bn over the period, accounting for the majority of the group’s net flows.

The asset manager’s European growth, UK value, absolute return and global emerging markets strategies were the biggest contributors of positive flows, with its fixed income strategy delivering “significant inflows.”

However, these gains were partially offset by outflows from its fund of funds business, which includes John Chatfeild-Roberts mega multi-manager Merlin range.

On Tuesday, Portfolio Adviser broke the news that the Merlin team had decided to pull £300m from Neil Woodford‘s flagship equity income fund.

Its investment trust business was the only segment to report outflows during the third quarter, suffering £13m worth of redemptions, a step backwards from the £75m inflows recorded the quarter before.

Markets were receptive to Jupiter’s latest update, sending shares in the FTSE 250 firm up 1.5% to £5.62p per share.

Chief executive Maarten Slenderbroek (pictured) hailed the group’s performance which delivered “another quarter of healthy flows following on from a strong first half”.

“Looking towards the end of this year and onward into 2018, we aim to build on the momentum we have seen to date,” he said.

Jupiter will release its final results on 27 February 2018.

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