Jupiter Fund Management PLC (LON:JUP) reported a 7% decline in 2018 pre-tax profit after assets under management slumped on market volatility.
The asset manager said pre-tax profit in the year to the end of December was £179.2mln and assets sank 15% to £42.7bn on the back of net outflows of £4.6bn.
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The group cut its dividend by 13% to 28.5p each.
Chief executive Maarten Slenderbroek, who is stepping down in May, said it was a “tough year” for asset managers as market sentiment was hit by tighter regulation, the prospect of rising interest rates and the uncertainty surrounding Brexit.
“In the first nine months of the year, higher interest rates also had an impact on investor sentiment towards fixed income products,” he said.
To prepare for Brexit and ensure it can continue operating in the EU after the UK leaves the bloc, Jupiter has set up a Luxembourg-based management company, which will manage the activities of Jupiter's European offices.