11th Oct 2018 09:40
LONDON (Alliance News) - Jupiter Fund Management PLC said Thursday its assets under management decreased in the third quarter on negative net flows.
For the three months ending September, Jupiter's closing assets under management decreased to GBP47.72 billion from opening assets of GBP48.24 billion.
The FTSE 250-listed fund's net outflows decreased to GBP833 million from GBP1.02 billion in the second quarter. In the third quarter of 2017, Jupiter Fund posted positive flows of GBP1.34 billion.
Jupiter Fund's gross inflows in the third quarter partially offset the "poor performance" but still decreased to GBP2.76 billion from GBP3.15 billion in the second quarter.
The fund's gross outflows in the period decreased to GBP3.59 billion from GBP4.17 billion.
Foreign exchange and market movement costs decreased to GBP319 million in the period from GBP2.40 billion.
The fund said the majority of its net outflows, about GBP600 million, were from its Fixed Income strategy. Particularly, the losses came from continental Europe. Jupiter also saw negative flows from its European Opportunities and Fund of Funds strategies.
To combat this, the fund launched the Merlin Real Return, Eurozone Equity and Flexible Income funds in the quarter, hoping for "continued diversification".
Jupiter Fund launched the US Equity Long Short fund in October to aid its Alternatives strategy.
The FTSE 250-listed fund manager will release its full-year results on March 1.
Shares in Jupiter Fund were down 5.1% Thursday at 358.00 pence each.
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