LONDON (Reuters) - Jupiter Fund Management (L:JUP) suffered one billion pounds ($1.29 billion) in net outflows in the third quarter, it said on Friday, hit by investor exits from recent purchase Merian.
Operational integration of the two asset managers was achieved by the end of the quarter, Jupiter said in a statement, lifting its assets under management by 42% to 55.7 billion pounds. Positive market moves over the quarter totalled 800 million pounds.
Net mutual fund outflows from Merian branded products were one billion pounds, Jupiter said, led by 400 million pounds of outflows from Merian's "systematic" strategy.
When the purchase of Merian was announced in February, the combined firm was set to have more than 65 billion pounds in assets under management, but the market slide sparked by COVID-19 and outflows at Merian have pushed that lower.
Veteran fund manager Richard Buxton joined Jupiter from Merian, which was carved out from the asset management arm of Old Mutual in 2018.