Jupiter, the FTSE 250-listed fund administration group, suffered £1.6bn of outflows throughout the first quarter with its retail and institutional enterprise equally affected by consumer redemptions.
A buying and selling replace launched by the London-headquartered group on 23 April confirmed £800m was pulled by institutional purchasers throughout the three month interval, an quantity equally matched by these throughout its retail, wholesale and funding trusts enterprise.
The outflows proceed a interval of investor redemptions for Jupiter. Final yr buyers pulled a web £2.2bn from its enterprise.
Market returns helped to buoy Jupiter’s belongings beneath administration throughout the first quarter to £52.6bn, up from £52.4bn on the finish of December. In comparison with the identical three month interval final yr, belongings beneath administration have grown from £50.8bn.
The primary quarter buying and selling replace comes after Jupiter recorded a £48m drop in pre-tax revenue in 2023. Underlying revenue earlier than tax for final yr — an alternate efficiency measure that strips out prices just like the affect of strategic investments and restructuring — was up 36% to £105.2m.
Whitmore fallout
It stays unclear how Jupiter shall be impacted by the departure of considered one of its best-known fund managers, Ben Whitmore.
Whitmore, who has labored at Jupiter since 2006, is ready to exit in July. He manages billions of kilos throughout a number of the asset supervisor’s largest funds, together with Jupiter UK Particular Conditions and Jupiter Earnings belief.
Dermot Murphy, one other fund supervisor at Jupiter, can also be leaving to affix Whitmore’s new enterprise, as is product strategist Claudia Ripley.
Former JO Hambo Capital Administration fund supervisor Alex Savvides has joined Jupiter to take over Whitmore’s Particular Conditions fund. In the meantime, Adrian Gosden and Chris Morrison — two hires Jupiter comprised of GAM — will oversee the Jupiter Earnings belief.
Chief government Matthew Beesley advised Monetary Information in January that regardless of the departure of such a high-profile supervisor, Jupiter was nonetheless capable of appeal to and retain key employees.
“We’re changing nice funding expertise with nice funding expertise. That claims one thing to me in regards to the capability of Jupiter to draw expertise,” Beesley mentioned on the time.
