Jupiter Asset Management has seen a drop in assets under management to £33.5bn despite net inflows as it lost £884m on its investments, according to third quarter results.
The asset manager saw £196m of net inflows to mutual funds in Q3, with European equity strategies and the Dynamic Bond fund driving inflows. However, it lost £719m in investment returns, which the manager said was “strong relative investment performance”.
Assets in the manager’s investment trusts rose, after £23m of net inflows and £21m of investment gains.
Over the nine months to end of September the asset manager’s mutual fund AUM has risen by £1.7bn, through a combination of net inflows and strong investment performance in Q1 of this year.
Jupiter is also changing the pricing on its Sicav funds, moving to a flat-rate fee rather than a variable fee. “This will replace the current arrangement where our Sicav investors are subject to variable operating expenses and, as a result, the group will take on associated costs which are currently borne by the Sicav funds,” the manager says.
The move is awaiting regulator approval, after which more details will be provided.
“I’m pleased that our mutual fund franchise again delivered positive net flows this quarter despite a difficult market backdrop, benefiting from the continued delivery of our strategy to diversify by product, client type and geography,” says Maarten Slendebroek, chief executive.