With financial markets remaining challenging, the UK-based asset manager reported a rise in AuM for the first quarter of 2023 versus a year earlier.

Assets under management at UK-based Jupiter, one of the more prominent investment houses in the country, rose to £50.8 billion from £50.2 billion ($63 billion) at the end of December last year but down from £55.3 billion a year earlier. 

Jupiter Fund Management, to give the London-listed firm’s full name, said it logged £900 million in net outflows in the quarter, contrasting with net inflows of £700 million in the final three months of 2022.

On the retail side, AuM stood at £43.5 billion at the end of March this year, down from £50.2 billion a year earlier, the firm said in a statement yesterday. 

“Client demand for UK and European equities remained muted, although this was partially offset by continued positive net inflows into global equity strategies. Outflows from fixed income continued to slow, but market uncertainty remains,” the firm said. 

Shares in Jupiter were down by approximately 1 per cent, at 130.7 pence per share yesterday, at around 15:00 GMT.