Market movements helped Jupiter's assets under management rise 7% in the first three months of the year despite net outflows from its funds caused by withdrawals from undisclosed institutional clients.
The firm saw net outflows of £102 million (€124 million) from its segregated mandates and outflows of £66 million from private clients, though there were £55 million of net inflows into mutual funds, hinting at an improvement in the UK retail market.
Jupiter warned of a further £570 million segregated mandate loss that will be registered in the second quarter. This is due to wealth manager St James's Place closing a cautiously managed mandate with Jupiter and moving the money to a multi-asset mandate with Pimco.
Jupiter's assets under management at the end of the first quarter were £24.2 billion, slightly less than in the corresponding period last year, but up £1.4 billion compared with the previous quarter.
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