Jupiter’s new boss Andrew Formica is targeting the investment trust market for growth, as the company’s profits fell by 16 per cent.
The asset manager reported a profit of £81.4m for the six months to the end of June 2019, down from £96.5m in the same period last year.
The fall came despite a reduction in the pace of outflows from the company's funds which, at £1.1bn, were less than half the level of the previous year.
Overall assets under management fell to £45.9bn from £48.2bn.
Mr Formica, who joined the business earlier this year and had previously been chief executive of Henderson Global Investors, said he has a “five year strategy” to grow the business.
Jupiter shares have fallen in value from £4.32 to £3.79 over the past year, as investors worried about the level of outflows.
Mr Formica said: “We are looking to bolster some areas of our business which could benefit from greater focus, for example our investment trust business and, once we have established the right breadth of products, our institutional book.
"Geographically, we are keen to consolidate our current footprint, but are alive to the possibilities of entering new markets where we see similarities to the UK and where that will play to Jupiter's core strengths."
Mr Formica's previous employer, Janus Henderson, has a large investment trust business. Jupiter presently manages five investment trusts, though the board of one of those, Jupiter European Opportunities, have indicated that they are likely to move the trust away from Jupiter when its manager, Alexander Darwall, leaves the company in the near future.
Mr Darwall has indicated a desire to quit and set up his own fund management business, which will be known as Devon Equity Management.