Jupiter Fund Management reported its fifth straight year of net outflows as the London-listed company was rocked by a market slump and weak investor sentiment.
The FTSE 250 company said total net outflows were £3.5bn in 2022, although it noted a turnaround in the second half of the year.
Net outflows and market downturns reduced assets under management by 17 percent to £50.2 billion in the given period. Pre-tax profit fell 68 per cent to £58m.
Chief executive Matthew Beesley said: “The past year has clearly been a difficult one, with macroeconomic events having a significant impact on investor sentiment and asset valuations.
“While challenging market conditions persisted in 2022, Jupiter was stronger in the second half and posted positive net flows in the last six months of the year and the first time since 2017.”
The company also announced that Chris Parkin, a representative of one of Jupiter’s largest shareholders, TA Associates, will not seek re-election as a director of the board at the upcoming annual meeting.
Parkin joined the board after Jupiter acquired smaller rival Merian in 2020, in which TA Associates had a stake. According to Jupiter, TA, which has a stake of more than 10 percent, will not replace Parkin on the board of directors.
The TA was under a lock-in period until last summer. He has since been able to sell his share.