Fitch downgrades Jupiter to 'Negative' rating as outflows persist

Jupiter now 'materially smaller'

Fitch Ratings has demoted its outlook on Jupiter Fund Management from ‘Stable’ to ‘Negative’ over concerns that it is “increasingly sensitive to net fund outflows” and further “market valuations adjustments”.

The ratings agency also downgraded the rating on the Jupiter's long-term issuer default rating (IDR) to BBB- down from a BBB. Jupiter has been struggling to capture investors' interests and loyalty amidst the market volatility this year, as its half-yearly results revealed the AUM had fallen 19% to £49bn with net outflows of £3.6bn. These were characterised by the group's CEO as "disappointing" at the time, and this downgrade only adds more pressure to the group. Fitch also noted that Jupiter was now "materially smaller and more concentrated than higher-rated peers", despite the me...