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LONDON | Thu Jan 19, 2012 10:10am GMT
LONDON (Reuters) - Jupiter Fund Management said it lost 225 million pounds in assets in its fourth quarter, after a worsening environment for its core UK customer base and the loss of an institutional mandate hit its flows.
The redemptions included 93 million pounds from its mutual funds, the largest part of Jupiter's business, the firm said in a trading statement on Thursday.
But the London-based funds house (JUP.L), which invests the bulk of its assets in equities, said positive markets offset the loss of client money, helping assets rise to 22.8 billion pounds at December 31, up from 22.3 billion three months earlier.
The fund group warned on a tough outlook for the industry.
"Given economic headwinds and deteriorating public and household finances across the eurozone and the UK, financial markets are likely to remain volatile and flows subdued," Jupiter said in the statement.
Jupiter shares closed at 210.8 pence on Wednesday, having fallen around 17 percent since the middle of last year.
(Reporting by Tommy Wilkes)
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