(Reuters) -Jupiter Fund Management said on Tuesday it saw net outflows of 900 million pounds ($1.1 billion) in the first quarter, a sharp reversal from fourth quarter net inflows.
Weak investor confidence and volatile markets, the result of surging inflation and recession fears, have dented funds industry performances, after asset growth during the pandemic.
Jupiter's shares were down 1.4% to 130.2 pence at 0822 GMT, after it reported net outflows of 1 billion pounds from its retail, wholesale, and investment trusts channel.
Total net inflows from its institutional clients were 100 million pounds, down from 1.3 billion pounds in the previous quarter and below Jefferies estimates of 400 million pounds.
Total net outflows of 900 million pounds compared to net inflows of 700 million pounds in the previous quarter.
A monthly survey in March by Bank Of America after the collapses of Silicon Valley Bank and Signature Bank, but before the rescue takeover of Credit Suisse (SIX:CSGN), showed the perception of risk among global investors worsening dramatically.
Jupiter said it continued to see weakness in client demand for UK and European equities, but reported positive net inflows into global equity strategies.
Assets under management were 50.8 billion pounds as of March 31, compared with 50.2 billion pounds at end-December, helped by positive market returns of 1.5 billion pounds.
Fellow asset manager Quilter reported net inflows of 313 million pounds in its first quarter, helped by a modest pick up in equity markets.
($1 = 0.8024 pounds)