Jupiter Fund investments dip due to "difficult" market

A “difficult market backdrop” is being blamed for a dip in assets under management at Jupiter Fund Management.

The FTSE 250 investment firm released its third quarter trading update to 30 September on Monday indicating total assets under management stood at £33.5bn, down £0.8bn from the previous quarter.

Mutual funds also were hit by the market, with net inflows of £196m, but the market causing losses of £719m to leave it sitting at £29.2bn.

However chief executive Maarten Slendebroek said the news is positive for the year to date.

"I'm pleased that our mutual fund franchise again delivered positive net flows this quarter despite a difficult market backdrop, benefiting from the continued delivery of our strategy to diversify by product, client type and geography.

“This has led to cumulative net mutual fund flows of £1.6bn over the first nine months of 2015, resulting in assets under management increasing by five percent this year to £33.5bn despite recent market falls."