Jupiter Fund Management has reported net outflows of £776m in the three months ending 31 March as investors turned away from UK and European-focused equity strategies.

The takeover of rival Merian helped bolster Jupiter’s annual results for 2020, the company reported today.

Fund manager Jupiter has renamed most of the Merian funds it has acquired to bring them in line with Jupiter’s fund range.

Interim figures from Jupiter today underlined the impact of the Coronavirus pandemic as pre-tax profits plunged by 50% to £40.8m and Assets Under Management declined from £45.9bn June 2019 to £39.2bn in June 2020.