UK's Jupiter rebounds with net inflows in second quarter
The company posted net inflows of 300 million pounds ($404.55 million) in the second quarter on Friday, compared to the 500 million pounds of outflows recorded in first quarter.
Jupiter's recent months have been challenging, with nervous clients pulling cash and adjusting portfolios amid volatile markets and the departure of one of its star fund managers, Ben Whitmore.
However, a majority of British fund managers remain upbeat on long-term prospects in the sector, terming the burgeoning outflows as a near-term hurdle.
"Momentum in the institutional channel is strong and we have seen a month-by-month improvement in retail demand over the time period," said CEO Matthew Beesley.
Jupiter reported a 36% drop in underlying pre‑tax profit to 30.4 million pounds for the six months ended June 30 from 47.9 million pounds last year.
($1 = 0.7416 pounds)
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