Jupiter Fund’s Clients Pull £3.5 Billion in Fifth Year of Outflows

Jupiter Fund Management Plc shares surged the most in almost three years as it surprised analysts with client inflows in the last six months of 2022.

(Bloomberg) — Jupiter Fund Management Plc shares surged the most in almost three years as it surprised analysts with client inflows in the last six months of 2022.

The London-based asset manager said that while flows last year were a negative £3.5 billion overall there was a marked improvement in the second half with £100 million of inflows, according to a statement Friday. Analysts were expecting annual outflows to be £4.9 billion, according to a consensus poll by Bloomberg. 

“Jupiter had a stronger second half, recording positive net flows for the last six months of the year and for the first time since 2017,” said Matthew Beesley, who became the firm’s chief executive officer in October.

Jupiter rose as much as 13% in early London trading and was up 10.3% at 8:27 am. 

Beesley, who was previously the firm’s chief investment officer, has been restructuring operations, cutting costs and shaking up the firm’s fund range since he took over. His job has been made harder by volatile markets that have put further pressure on Jupiter’s investments, also hitting some of the firm’s biggest funds.

The outflows coupled with negative investment performance dragged assets under management down 17% to £50.2 billion at the end of 2022.

“The past year has clearly been difficult, with macro-economic events significantly impacting investor sentiment and asset valuations,” Beesley said in the statement. 

Of 10 analysts followed by Bloomberg, only one had a “buy” recommendation on Jupiter before the results.

–With assistance from Steven Arons.

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