Long-serving Jupiter fund manager Ben Whitmore, who looks after around £10bn, is leaving the firm to start his own boutique fund management business.

 Jupiter Fund Management said assets under management (AUM) increased £600m in the first quarter of the year to £50.8bn, largely due to positive market movement of £1.5bn.

Full-year profits at fund manager Jupiter slumped more than two-thirds in 2022, falling 68% to £58m.

Jupiter saw a net fund outflow of £2.3bn in Q1 as investors shifted money elsewhere.