Jupiter falls to earth after funds withdraw £15 million a day
Fund manager Jupiter saw £15 million walk out the door every day on average last quarter after an exodus of money from bond funds.
The retail-focused money manager today said £1.25 billion was withdrawn, most of it from bond products dominated by the £10 billion Dynamic Bond and £5 billion Strategic Bond funds.
An unnamed institutional customer also pulled £400 million from a fund.
Combined with a £2 billion negative performance swing, assets under management dropped to £46.9 billion at the end of March from £50.1 billion on December 31.
Chief executive Maarten Slendebroek said: “It has been a challenging start to 2018. We have seen a period of market turbulence together with subdued demand”.
Shares were off 24.1p, or 5.2%, at 441.9p. Numis said the results were “slightly worse than expected”.
