Jupiter Fund Management PLC (LSE:JUP) saw £900mln in net outflows in the first three months of 2023 as consumer confidence appeared to remain subdued.
Fund withdrawals were driven by the firm’s retail, wholesale and investment trusts which experienced £1bn in net outflows in the first quarter.
The fund management company blamed outflows on the "'risk off' environment we saw through 2022 continuing into the first quarter of 2023”.
In the group's trading update, Jupiter said: “Client demand for UK and European equities remains muted, although this was partially offset by continued positive net inflows into global equity strategies.”
Conversely, institutional channels gained £100mln in net inflows during the period, "primarily driven by mandates funding into global equity strategies managed by NZS Capital".
Assets under management (AUM) rose by £600mln quarter on quarter to reach £50.8bn in 2023, comprising £43.5bn AUM in its retail, wholesale, and investment trusts and £7.3bln in institutional channels.
Jupiter's current AUM is almost £10bln less than the £60.5bln reported in the same period in 2022.
Total market returns reached £1.5bn in the first three months of 2023, dropping 28% from 2022’s fourth-quarter earnings of £2.1bn.
However, this represented two straight quarters of positive market returns after the first three in 2022 provided losses totalling £8.9bln.
Jupiter is trading 0.5% lower on Wednesday after opening at around 132p.