Fitch downgrades Jupiter credit rating amid persistent outflows

'Stable' outlook

Fitch Ratings has downgraded Jupiter’s long-term issuer default rating (IDR) due to persistent outflows and pressure on profits.

The ratings agency said on Wednesday (5 September) that Jupiter's IDR would be demoted to BBB- from a BBB, which it said reflected a trend of net outflows registered over the past give years, included in the first half of this year.  Jupiter reported total outflows of £3.4bn in the first half of 2024,  which led to a 2% drop in assets under management to £51.3bn at the end of the period, down from £52.2bn at the end of 2023. "While net outflows were partly related to certain one-off factors, Fitch views that Jupiter's still comparatively concentrated franchise and business profile hav...