(Bloomberg) -- Clients at Jupiter Fund Management Plc yanked a net £1.6 billion ($2 billion) from its funds in the first quarter of 2024 as the asset manager continues to grapple with years of outflows.

Half of the outflows at the London-based firm came from listed fund Chrysalis Investment Trust, which separated itself from Jupiter in recent months. The other half was withdrawn from the firm’s value strategies, according to a statement Wednesday.

However, positive market returns helped push assets under management to £52.6 billion in the three months through March, from £52.2 billion at the end of December. 

Six straight years of outflows have continued to pose a challenge for Chief Executive Officer Matthew Beesley, who has been trying to turn around the firm that was founded in 1985. Since taking over in October 2022, he has sought to streamline and diversify the company’s offerings by pushing smaller funds to build scale.

The asset manager, which is battling the general woes plaguing the industry, is now also bracing itself for the departure of UK equities money manager Ben Whitmore, who runs several of its value strategies and about a fifth of Jupiter’s assets. He is leaving later in the year to set up his own firm.

Jupiter’s Next Big Challenge Is Key-Man Risk After Client Exits

Once a household name, Jupiter has been through a rough patch, with three CEOs since 2018, about £22 billion of client outflows and a more than 80% plunge in its share price in the past six years.

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