Interim figures from Jupiter today underlined the impact of the Coronavirus pandemic as pre-tax profits plunged by 50% to £40.8m and Assets Under Management declined from £45.9bn June 2019 to £39.2bn in June 2020.

The company, which recently bought rival Merian, said despite the decline in profits and assets many funds did well with 80% outperforming over three years and there was some sign of a return to fund inflows in Q2.

Net fund outflows were £2bn in the first half compared to £1.1bn in H1 2019.

The interim dividend per share is unchanged at 7.9p. 

Source: Jupiter

Andrew Formica, chief executive, said: "For the first half of the year, in common with the wider asset management industry, Jupiter has faced challenging market conditions, largely brought about by the global coronavirus (Covid-19) pandemic.

“Although we suffered a significant fall in AUM due to both outflows and markets in the first quarter of the year, the second quarter has seen a return to moderate inflows and a partial recovery in asset prices. Despite market volatility, our investment teams have delivered strong investment outperformance reinforcing our commitment to high-conviction active management."