Jupiter AuM up 2% on the back of fund of funds

market_index_410Jupiter Asset Management saw a 2% increase in assets under management (AuM) on the back of flows into its fund of funds range and its convertibles and total return products.

But the inflows were offset by outflows from segregated mandates.

In an interim report, the firm said its AuM jumped from £24.1bn (€27.2bn) in December 2010 to £24.5bn at the end of the first quarter of this year.

The firm said that the £397m of net inflow into mutual funds was driven by its fund of funds range and continued growth of its international channels, namely the Jupiter Global Convertibles and Jupiter Strategic Total Return Sicav products.

The £397m of net inflows into mutual funds and £7m from private clients were, in part, offset by £71m in outflows from segregated mandates. Jupiter said that the outflows were a result of a single client redeeming part of their portfolio.  "This decision was taken on fund reconstruction rather than performance grounds," the firm said.

Edward Bonham Carter, chief executive said: "Against a backdrop of volatile markets and falling UK consumer disposable income, Jupiter has had a steady start to 2011 with net inflows in the first quarter of £333m."

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