Asset manager Jupiter profit slumps as outflows accelerate

British asset manager Jupiter Fund Management reported a fall in its half-yearly profit on Friday, due to an increase in outflows as key global markets are buckling under rising geopolitical tensions and inflationary concerns. Global fund managers, who saw their assets under management (AUM) reach record levels during the pandemic, are now witnessing an increase in their outflows, with investors cautious as Britain's inflation scaled a four-decade high.

British asset manager Jupiter Fund Management reported a fall in its half-yearly profit on Friday, due to an increase in outflows as key global markets are buckling under rising geopolitical tensions and inflationary concerns.

Global fund managers, who saw their assets under management (AUM) reach record levels during the pandemic, are now witnessing an increase in their outflows, with investors cautious as Britain's inflation scaled a four-decade high. Jupiter saw its net outflows rise to 3.6 billion pounds ($4.39 billion) in the six-month period ended June 30, compared with 2.3 billion last year.

The company reported AUM of 48.8 billion pounds, down from 55.3 billion pounds, as at March 31. "Our overall AUM and net outflow position is disappointing," said Chief Executive Officer Andrew Formica.

Jupiter, the second-largest provider of retail funds in Britain after the acquisition of Merian Global Investors, saw a 67% plunge in its half-yearly profit before tax to 18.8 million pounds.