Jupiter Fund Management PLC on Tuesday said year-to-date overall flows have been in line with expectations, despite tricky market conditions hurting on investor demand.

The company reported a decline in assets under management in the third-quarter of 2023.

Shares in Jupiter Fund were down 9.6% at 78.95 pence each in London on Tuesday morning.

The fund management group, with equity and bond investments, said assets under management totalled £50.8 billion at September 30, down from £51.4 billion at June 30. Net outflows for the third quarter of 2023 totalled £1.0 billion.

Jupiter Fund’s AUM for retail, wholesale & investment trust clients was £41.0 billion at September 30, down from £42.1 billion at the end of June, while those from institutional clients increased to £9.8 billion from £9.3 billion. Retail made up the whole of the aforementioned £1.0 billion net outflow.

Jupiter Fund said that macroeconomic uncertainty continued to impact investor demand for risk assets through the quarter, especially with retail clients, but that overall flows remain in line with expectations. Outflows, it added, were ‘broadly consistent with both the first half of 2023 and wider market trends.’

Jupiter Fund continued: ‘Despite the challenging macroeconomic backdrop and ongoing market uncertainty, we remain confident in our previously stated expectations of ’modest outflows’ for the full year.’

The firm also said it has restructured its client-facing teams to increase scale in key growth areas, and is investing in its ‘crucial’ technology infrastructure and automation capabilities. Consequently, Jupiter Fund said it ‘is evolving to become a more attractive place for clients to form deep, long-term relationships and to share in economies of scale.’

Jupiter Fund intends to build on existing momentum ‘in key areas of strategic importance’ and focus on growing the business to deliver long-term value.

‘Despite the challenging market environment, we expect our financial performance for the current year to be in line with expectations,’ commented Chief Executive Officer Matthew Beesley.

He added: ‘Whilst progress will not be linear, the growth of our institutional and international businesses are encouraging indications of our ability to increase scale and grow our appeal to a broader range of clients.’

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