Jupiter inflows slow as assets rise to £37bn

MoneyJupiter Asset Management has seen a slowing of its net inflows, with jsut £5m of net inflows in the past quarter.

The asset manager saw £600m of inflows for the six months ended 30 June, compared to £1.4bn in the same six months last year. Of those inflows £400m were to retail mutual funds.

In the second quarter alone net inflows were just £5m to mutual funds, compared to £443m in the previous quarter, highlighting the Brexit effect on flows.

Investment trusts saw net outflows in the second quarter, with £11m of net outflows, compared to £6m of inflows in the previous quarter. However, positive market moves saw the total investment trust assets rise to £1bn.

The asset manager says “progress in the second quarter was held back by uncertainty ahead of the EU referendum”.

However, the asset manager has still increased its assets, from £34.3bn at the end of June 2015, to £37bn at the end of June this year.

The asset manager has not seen severe outflows as a result of Brexit, with chief executive Maarten Slendebroek saying that since the end of June the manager has continued to see net flows to products.

Slendebroek says: Jupiter has continued to deliver strong investment outperformance after all fees in the first half of the year.

“Net flows were positive despite the market backdrop and we made further targeted investments to support our strategy of diversification by product, client type and geography which continues to deliver on behalf of our clients and shareholders.”

Speaking about Brexit uncertainty, Slendebroek says the manager is prepared for a “period of potentially heightened volatility”.

He added that while the outcome of the Brexit is uncertain, “a full Brexit without an EU trade deal and without mutual passporting arrangements would trigger a limited amount of legal restructuring for Jupiter’s operations in continental Europe, but no movement of staff”.