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Jupiter hit by £1.3bn of outflows as Darwall departs

Assets were down £0.8bn over the three months to September and £2.6bn down over 12 months

Jupiter Fund Management PLC -

Jupiter Fund Management PLC’s (LON:JUP) assets under management (AuM) shrank in the past quarter after a net £1.3bn flowed out of its funds as star manager Alexander Darwall prepared to exit.

Darwall said in July that he was stepping down from running the European and European Growth funds, after 18 and 12 years respectively, and it has been confirmed that he will leave in mid-November to launch a rival boutique investment firm.

A new manager, Mark Nichols from Columbia Threadneedle, took over the management of both the funds on 1 October.

During the three months to 30 September, Jupiter saw £1bn of net mutual fund outflows, of which £1.1bn was from the European Growth strategy.

AuM ended the quarter at £45.1bn, down £0.8bn over the three months and £2.6bn down over 12 months.

Quick facts: Jupiter Fund Management PLC

Price: 386.2 GBX

LSE:JUP
Market: LSE
Market Cap: £1.77 billion
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