(Bloomberg) -- Jupiter Fund Management Plc reported £3.4 billion ($4.4 billion) of net outflows in the first half of the year as it grapples with the departure of one of its star managers.
The asset manager said £3.2 billion of the net outflows were driven by changes to the Value equity team and the management of the Chrysalis Investment Trust, according to a statement Friday. Assets dropped to £51.3 billion from £52.2 billion at the end of 2023.
Jupiter has been battling the general woes plaguing the asset management industry and has faced a long run of client redemptions over the past few years.
Now, the imminent exit of manager Ben Whitmore, who runs several of the firm’s value strategies and about a fifth of its assets, has put it under bigger pressure. He is leaving later in the year to set up his own firm. At the end of last year, two money managers that ran the £800 million Chrysalis investment trust left, taking the fund with them.
Chief Executive Officer Matthew Beesley, who’s been seeking to diversify the firm’s offerings and reverse the withdrawals, said in a telephone interview Friday that he expects the flows to normalize over the next few months and the latest performance offers reasons for optimism. Total gross inflows rose to £7.5 billion from £5.5 billion in the same period last year.
(Updates with CEO comment. An earlier version corrected the last paragraph to remove a reference to retail clients.)
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