Jupiter sees AUM grow in final quarter

Jupiter Fund Management, the investment firm headed by Helena Bonham Carter's brother, Edward, saw its assets under management (AUM) rise in the three months to the end of last year.

The performance was driven by positive market movements amounting to £733m over the quarter, which more than compensated for net outflows of £225m.

Jupiter put the outlows down to the loss of a single mandate from an institutional client and the "poor" retail sales environment.

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By the end of last year total assets under management had reached £22.8bn and the firm was operating a positive cash balance which Bonham Carter described as "pleasing".

Jupiter will, however, be closing its Bermuda office in response to the reduced scale of its hedge funds, incurring a £1m charge to the end of year results.

In its outlook statement Jupiter said markets are likely to remain volatile with "subdued" flows. The firm reiterated, however, that it believes in the long term growth prospects of the savings market.

BS