Jupiter Fund Management has reported its fifth consecutive year of net outflows as the London-listed company took a hit from falling markets and weak investor sentiment.
The FTSE 250 company said total net outflows amounted to £3.5bn in 2022, although it noted that there had been a turnround in the second half of the year.
The net outflows and market declines pushed assets under management down 17 per cent over the period to £50.2bn. Profit before tax dropped 68 per cent to £58mn.
Chief executive Matthew Beesley said: “The past year has clearly been difficult, with macroeconomic events significantly impacting investor sentiment and asset valuations.
“While challenging market conditions persisted throughout 2022, Jupiter had a stronger second half, recording positive net flows for the last six months of the year and for the first time since 2017.”
The company also announced that Chris Parkin, a representative of TA Associates, one of Jupiter’s largest shareholders, will not seek re-election as a board director at the upcoming annual meeting.
Parkin joined the board after Jupiter acquired smaller rival Merian, in which TA Associates had a stake, in 2020. Jupiter said TA, which has a holding of more than 10 per cent, will not replace Parkin on the board.
TA was subject to a lock-up period until last summer. Since then it has been able to sell down its stake.