Jupiter Fund Management recorded first quarter net outflows of £776m as clients turned their back on UK and European equities. 

The wealth manager said mutual funds saw total net outflows of £848m due to continued lower demand for European-focused equities. It was partially offset by positive net inflows from fixed income. 

Shares in Jupiter fell 0.9 per cent in early trading.

Assets under management (AUM) inched higher to £58.79bn in the first three months of the year, up from £58.73bn at the end of the previous quarter. 

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Other wealth managers have fared marginally better than Jupiter as the vaccine rollout triggered optimism in markets. 

Last week Charles Stanley reported a two per cent rise in total funds under management and administration (FuMA) in the fourth quarter to £25.6bn. It said it was “cautiously optimistic” for the year. 

Jupiter’s overall performance was a marked improvement on the same period last year which saw net outflows of £2.3bn when markets were rocked by the onset of coronavirus. 

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The fund manager has been boosted by its defensive acquisition of Merian Global Investors for £390m last July, which added £16.6bn to AUM its full-year figures showed. 

After scrapping it in 2019, in February Jupiter reinstated a special dividend of three pence per share for the year bringing total dividends to 20.1 pence.