Jupiter Fund Management has reported its fifth consecutive net outflow as the London-listed company took a hit from falling markets and weak investor sentiment.
The FTSE 250 company said it expected total net outflows of around £3.5bn in 2022, although it noted that there was a turnround in the second half of the year.
Net outflows and market declines pushed assets under management down 17 per cent over the period to £50.2bn. Pre-tax profits fell 68 per cent to £58 million.
Chief executive Matthew Beesley said: “The past year has been particularly difficult, with macroeconomic events significantly affecting investor sentiment and asset valuations.
“While challenging market conditions continue in 2022, Jupiter had a stronger second half, recording positive net flows in the last six months of the year and the first since 2017.”
The company also announced that Chris Parkin, a representative of TA Associates, one of Jupiter’s largest shareholders, will not be re-elected as a board director at the upcoming annual meeting.
Parkin joined the board after Jupiter acquired smaller rival Merian, in which TA Associates has a stake, in 2020. Jupiter said TA, which already holds more than 10 percent, will not replace Parkin on the board.
TA is subject to a lock-in period until last summer. Since then he can sell his shares.