January 12, 2017 / 7:48 AM / 3 years ago

Jupiter says hit by fourth quarter outflows

LONDON (Reuters) - Jupiter Fund Management (JUP.L) said on Thursday clients pulled 373 million pounds from its funds during the fourth quarter, with withdrawals largely by institutional investors exiting its European and multi-manager strategies.

Over the 12 months to end-December, though, net mutual fund inflows were 859 million pounds, it added, taking year-end assets under management to 40.5 billion pounds, from 35.7 billion pounds at the end of 2015.

Jupiter said the effects of wider market uncertainty on the firm’s performance during the year had been muted, although it expected global political and economic uncertainty to continue to affect investor sentiment in 2017.

Jupiter said market gains during the fourth-quarter, with global stock markets at or near record highs, had marginally offset the impact of client withdrawals.

Jupiter also said it managed to attract fresh money into its absolute return, fixed income and emerging markets strategies during the period.

Reporting by Simon Jessop; Editing by Rachel Armstrong

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