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Shares in British fund manager Jupiter plunged 3.1 per cent today after it revealed that it has suffered a hit of £1.3bn in net outflows in the first quarter.
The firm’s assets under management fell 6.6 per cent at the end of the quarter, Jupiter said in a trading statement.
Chief executive Maarten Slendebroek told media: ” We have seen a period of market turbulence together with subdued demand, resulting in net outflows of £1.3bn in the first quarter.”
“As indicated in our financial results presentation on 27 February 2018, this change in the flows trend is not unexpected. The growth of assets sourced from international distribution partners has changed Jupiter’s flow profile to being less predictable in the short term. As a result, in future we expect to see continued growth but with higher quarterly differentiation.”
“The continuation of our strategy of diversification by product, client type and geography and our approach to active asset management leave us well placed, both internationally and within the UK across a broad range of strategies,” Slendebroek added.
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