Struggling fund manager Jupiter saw underlying profits fall 7% to £97.5m in 2024, down from £105.2m the previous year, as net outflows soared to £10.3bn, up from £2.2bn.

In its annual results published today, it revealed that assets under management (AUM) slumped 13% to £45.3bn, down from £52.2bn.

Jupiter said positive market movements partially offset the fall in outflows.

The dividend for the full year fell to 5.4p per share, down from 9.8p per share in 2023.

The company was hit during the year by star manager Ben Whitmore leaving its Value equity team to set up a boutique firm. He had been with Jupiter since 2006 after joining them from Schroders and looked after around £10bn.

His departure led to £6.2bn of outflows, the company said.

Matthew Beesley, chief executive, said: "We have delivered resilient financial performance this year, despite the ongoing challenges facing the industry.

“Gross flows increased to over £14bn and although we saw net outflows, these were predominantly driven by redemptions from strategies formerly managed by the Value team, which are now complete.”

The company has been busy cutting costs and “ended the year with fewer than 500 full time employees, the fourth consecutive year of headcount reduction.”

Looking ahead Mr Beesley said: “We have made material progress to better position Jupiter for future success and have progressed in each of our strategic objectives. The actions we took during the last year, together with improving performance and encouraging early signs this year, give us confidence that we will see near-term growth in the majority of our investment capabilities.”

The firm launched its first active ETF this month as it “explored new methods of delivery.”

Jupiter said: “As we seek to broaden our appeal to a wider range of clients, we have launched our first active ETF, an actively-managed government bond strategy, which could be the first in a range.”