Jupiter saw outflows of £500m from its European equity and multi-manager strategies in the first three months of 2019.
Overall the company’s assets under management rose by £1.4bn, to £44bn, due to gains on foreign exchange and other market movements, which contributed £1.9bn.
A single client also moved £500m from mutual funds run by Jupiter into a separate segregated mandate, also run by Jupiter, contributing to £1bn of outflows from the mutual fund business, though £500m of these assets have moved into segregated mandates.
Outflows for the three months to the end of January 2018 were £1.3bn
The European equity fund that contributed to the bulk of the outflows was the European Opportunities fund, which lost 0.38 per cent over the past year while its sector, the IA Europe including UK, gained 4.31 per cent.
The investment trust business had net outflows of £4m during the period.
The company also closed its sub scale UK Dynamic Growth SICAV fund, which contributed to an outflow of £3.5m.
Jupiter’s assets fell throughout 2018 as investors withdrew cash from the company’s fixed income funds.
In January, Jupiter announced that chief executive Maarten Slendebroek would be leaving the business in May and is being replaced by former Henderson Global Investors chief executive Andrew Formica.
Mr Formica took over as chief executive in March.