Despite this, AUM at the end of the period was down around 8% compared to the £55.3bn AUM at the end of March 2022.

In a trading update published today it said that there had been £100m in net flows from institutional clients in the three months to the end of March.

That steady increase in its institutional business helped offset £1bn in outflows from retail, wholesale and investment trusts, it said.

Jupiter said the £1bn in net outflows was down to “the ‘risk off’ environment we saw through 2022 continued into the first quarter of 2023.”

It added that: “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 fund manager has now seen outflows from its retail, wholesale and investment trusts divisions across the last five quarters, despite market returns picking up over the last two quarters.

At March 2022 AUM across the divisions was £50.2bn, but that fell to £43.5bn by March this year.

Meanwhile, institutional clients have returned net positive inflows or flat flows in the last five quarters.

Institutional clients have slowly become a larger part of the business and now account for 14.4% - £7.3bn - of the firm's £50.8bn AUM.

That compares to 9.2% - £5.1bn - of Jupiter’s £55.3bn AUM in the first quarter of 2022.

Jupiter said the positive momentum in the institutional channel “was primarily driven by mandates funding into global equity strategies managed by NZS Capital.

“Our pipeline of late stage opportunities remains strong and we look forward to increasing scale in this channel over the medium term.”

Jupiter will be issuing interim results for the period to 30 June on 27 July.