18th Apr 2018 09:56
LONDON (Alliance News) - Jupiter Fund Management PLC shares slipped on Wednesday as the company reported a drop in first quarter assets under management.
Shares were down 5.3% at 441.60 pence each.
Jupiter posted net outflows totalling GBP1.25 billion in the period, as well as a GBP2.08 billion negative market return.
Assets under management at March-end totaled GBP46.85 billion, down from GBP50.18 billion at the end of 2017.
Net outflows totalled GBP929.9 million from mutual funds, GBP306.0 million from segregated mandates, and GBP15.0 million from investment trusts.
Jupiter said this challenging start to 2018 has come after a strong 2017, and it will continue to diversify its products, client types, and geographic spread to grow.
Chief Executive Maarten Slendebroek said: "It has been a challenging start to 2018. We have seen a period of market turbulence together with subdued demand, resulting in net outflows of GBP1.3 billion in the first quarter."
"As indicated in our financial results presentation on February 27, this change in the flows trend is not unexpected. The growth of assets sourced from international distribution partners has changed Jupiter's flow profile to being less predictable in the short term. As a result, in future we expect to see continued growth but with higher quarterly differentiation."
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