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.

This is the third consecutive quarter of outflows for the fund manager.

Mutual funds saw total net outflows of £846m driven by lower client demand for UK and European equities. These outflows were partially offset by positive flows into its bonds and commodities strategies.

Investment Trusts generated total net inflows of £221, led by a capital raise by the Chrysalis Investment Trust.

In segregated mandates, NZS Capital generated more than £250m of net inflows. However, this was offset by redemptions in other strategies, primarily UK equities, resulting in total net outflows of £149m.

Assets under management rose by £0.1bn to £58.8bn.

Jupiter acquired rival fund manager Merian Global Investors in 2020, adding £16.6bn in assets under management. Earlier this year, Jupiter announced it would cut up to 90 jobs as part of a restructure as it beds in Merian. 

Jupiter will be releasing its interim results for the period ending 30 June on 30 July.