Jupiter Fund Management PLC (LSE:JUP) said worsening geopolitical events and inflationary concerns weighed upon client demand throughout the quarter, particularly in the retail & wholesale channel.
Assets under management at the end of March stood at £55.3bn, down £5.2bn from the preceding quarter, of which £1.6bn was due to net outflows with the rest down to negative market returns.
The asset management firm saw total net outflows of £1.9bn in the retail & wholesale channel in the first quarter. There was continued lower demand for UK and European-focused equity products and inflationary concerns led to redemptions from its unconstrained fixed income strategies, Jupiter said.
Shares in Jupiter were down 4.9% at 185.3p in mid-morning trading.