Despite the improvement, net revenue fell from £181m to £173.7m and there were total net outflows of £3.4bn.

The company blamed the outflows on changes in its Value equity team - with star manager Ben Whitmore leaving - and the management of Chrysalis Investment Trust.

It said without these factors net outflows would be only £0.2bn.

The company called the first six months of its financial year: “A solid first half with reasons for cautious optimism.”

The firm has suffered a chequered recent history with disappointing fund performance and outflows.

The firm said its latest results were “in line with our expectations” and it sees a gradual improvement in UK client sentiment with interest rates expected to fall.

The company continues to strive to keep costs under control with total operating costs down by 2% to £129.1m (H1 2023: £132.2m)

There was increase in gross flows from retail clients, with total gross flows of £7.5bn (H2 2023: £5.5bn).

Jupiter chief executive Matthew Beesley said: ”Jupiter delivered a solid financial performance during the first half of the year consistent with our expectations despite experiencing outflows, which were nearly all associated with changes in the Value team and to the management of the Chrysalis Investment Trust.

“Our underlying profit before tax increased by 3%, supported by a continuous focus on cost management which saw total operating costs continue to fall. I believe we have a business and a structure which positions us well for success given our work to date to right-size our business, invest in strategic growth drivers and bring in highly regarded investment talent.

“There are reasons to be cautiously optimistic. Our underlying outflows were small at just £0.2bn and we saw an increase in gross flows to £7.5bn, driven by an improvement in demand from retail clients. These positive flows were spread across a number of our capabilities, including Systematic equities and Asian & Emerging Market equities.”

“As we look forward, like other market participants, we are beginning to see early signs of client sentiment shifting more favourably in the UK where we have deep client relationships and leading investment capabilities. Markets have responded positively to the increased political stability in the UK that comes with the incoming Government and if this improvement in sentiment is sustained, Jupiter is likely to be a strong beneficiary."