Jupiter Fund Management Plc reported client outflows in the quarter, dragging down assets under management.
Clients pulled £1 billion ($1.2 billion) from its funds in the three months through September, according to a statement Tuesday. Positive performance of £400 million was not enough to offset the redemptions and assets dropped to £50.8 billion.
“Despite the challenging market environment, we expect our financial performance for the current year to be in line with expectations” said Chief Executive Officer Matthew Beesley, who took over at the firm a year ago.
London-based Jupiter had a brief respite from a prolonged period of outflows. Beesley, formerly the firm’s chief investment officer, has taken several steps to restructure operations and the fund’s range in an attempt to stem the bleeding.
The firm said the outflows were from retail and wholesale clients whereas institutional investors had been adding money for several quarters.
