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

The FTSE 250-listed firm was hit by stock market volatility during the year.

It said: “Macro-economic events impacted our financial results.”

It posted its fifth consecutive year of net outflows, with assets under management shrinking 17% during the year to £50.2bn, with total net outflows of £3.5bn.

Chief executive Matthew Beesley said: “The past year has clearly been difficult, with macro-economic events significantly impacting investor sentiment and asset valuations.”

However he reported that there had been some positivity in the second half of the year.

Mr Beesley said: “While challenging market conditions persisted throughout 2022, Jupiter had a stronger second half, recording positive net flows for the last six months of the year and for the first time since 2017.”

He said gross flows held up well despite the market backdrop, and were only slightly down on the previous year, at £15.1bn.

“We have seen notable success and momentum in the institutional channel over the year, with net positive flows at record levels of £2bn, as our investment in this area has begun to deliver results.”

Underlying profit before tax was £77.6m, down from £216.7m in 2021.

Total dividend for the year was 8.4p per share, less than half 2021’s 17.1p per share payout.

The company has also extended by up to £16m its share buyback programme bringing, once complete, the total amount of shares repurchased to £26m.

Mr Beesley became chief executive in October after joining the firm as chief investment officer in January 2022.

He said: “Since I was appointed as CEO, we have taken decisive action to simplify the business, deliver efficiencies and create capacity to build scale in strategically important areas.

"Our strategy to return Jupiter to growth is underway; focused on increasing scale, decreasing undue complexity, broadening appeal to clients, and deepening relationships with stakeholders."

The company also announced that Chris Parkin, a representative of TA Associates, one of Jupiter’s largest shareholders, will not seek re-election as a board director at the upcoming annual meeting.

Mr Parkin joined the board after Jupiter acquired smaller rival Merian, in which TA Associates had a stake, in 2020. TA, which has a holding of more than 10% in Jupter, will not replace Mr Parkin on the board.

• Editor's Note: Mr Beesley's previous job title was incorrectly stated in our earlier report as chief information officer. His correct title, chief investment officer, is reported above. Apologies for the error.