First half pre-tax profits at fund manager Jupiter have more than halved to £29.7m (2021 H1: £78.2m).

Jupiter CEO Andrew Formica is to retire as CEO in October and return to his native Australia after three years with the fund manager.

Investment manager Jupiter has reported £1.9bn of net outflows from retail investors in the first quarter of the year.

Fund manager Jupiter has reported a return to better financial health after the pandemic with pre-tax profits up 21% to £217m.