Assets shrink and profits collapse at Jupiter as investor sentiment bites

Underlying profit down 64%

Negative investor sentiment and tough market conditions have taken a heavy toll at Jupiter Fund Management, which has reported a painful knock to its profits.

Underlying profit before tax collapsed 64% year-on-year, down to £77.6m from last year's figure of £216.7m, while assets under management fell by £10.3bn with both market performance and net outflows contributing to the 17% decline. Baillie Gifford and abrdn join Jupiter in delivering worst UK equity maximum drawdowns in 2023 Despite gross inflows of £15.1bn, the firm still recorded net outflows of £3.5bn, with the retail and wholesale channels experiencing the heaviest sentiment shift, marking the fifth consecutive year of outflows. Across the retail, wholesale and investment trus...