Jupiter warns on higher than expected outflows as retail investors turn negative

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

UK asset manager Jupiter said investors pulled more than feared from its funds last year as the group announced the exit of one of its highest-profile fund managers.

The London-listed company said on Tuesday that £2.2bn was withdrawn from its funds last year, as sentiment among retail investors soured in the fourth quarter. The outcome was “incrementally more negative” than it had expected, Jupiter added.

Chief executive Matthew Beesley, who has led Jupiter since October 2022 succeeding Andrew Formica, has embarked on a cost-cutting programme and revamped its range of funds in a bid to revive the group’s performance.

The company on Tuesday also announced the departure of Ben Whitmore, who is leaving to set up his own firm. Whitmore, whose funds include the £2.1bn Jupiter UK Special Situations Fund and the £1.6bn Jupiter Income Trust, will stay with the company until at least the end of July.

The UK Special Situations Fund will be managed by Alex Savvides, who will join from J O Hambro Capital Management, Jupiter said.

“Alex’s recruitment means that we have an excellent succession plan in place for the UK Special Situations strategy and our clients,” Beesley said in a statement.

Shares in Jupiter dropped 12 per cent at the start of trading in London on Tuesday.