Jupiter Fund Management saw assets under management fall by £1bn to £44.3bn in the first quarter as high retail outflows continued to bite.

Group net outflows for Q1 were £0.5bn, driven by outflows of over £1.5bn from retail clients during the first quarter of 2025.

The fund manager blamed the high retail outflows on a worsening macro environment and investor sentiment towards risk assets.

The high retail outflows were partially offset by £1bn of inflows into the fund manager’s institutional channel.

Jupiter also reported negative market movements of £0.5bn during the quarter.

The fund manager reported net outflows during every quarter last year, putting the latest outflows in a more positive light. Last quarter (Q4 2024) the fund manager reported net outflows of £5.3bn due to lower gross inflows of £2.7bn combined with higher gross outflows of £8bn.

Assets under management dropped in every quarter last year with assets under management in the first quarter of 2024 closing at £52.6bn.

Jupiter will be issuing interim results for six months ended 30 June on 25 July.

In 2024 the struggling fund manager saw underlying profits fall 7% to £97.5m in 2024, down from £105.2m the previous year, as net outflows soared to £10.3bn, up from £2.2bn.

The company was hit during the year by star manager Ben Whitmore leaving its Value equity team to set up a boutique firm. He had been with Jupiter since 2006 after joining the firm from Schroders and looked after around £10bn. His departure led to £6.2bn of outflows, the company said.