Asset manager Jupiter net outflows accelerate, shares fall

MADRID (Reuters) - British firm Jupiter Fund Management Plc reported net outflows of 1.6 billion pounds ($2.04 billion) for the first quarter on Tuesday, amid lower demand for British and European-focused equity products and inflationary concerns.

Assets under management (AuM) were 55.3 billion pounds, down 5.2 billion pounds from Dec. 31, driven by negative market returns of 3.6 billion pounds and net outflows.

The AuM figure was below the 57.9 billion pounds forecast by UBS analysts. Shares were trading 4.8% lower at 0810 GMT.

Global equity funds are facing outflows on concerns over growth due to the conflict between Russia and Ukraine.

Data from Refinitiv Lipper showed exits from global equity funds hit their highest levels since December in the week to April 20, as investors fretted about recession, impending rate hikes by major central banks and a rise in real yields.

Jupiter, the second-largest provider of retail funds in Britain after the acquisition of Merian Global Investors, said its outflows were partially offset by net inflows of 200 million pounds from institutional clients, led by flows into the sustainability-labelled product range.

($1 = 0.7841 pounds)

(Reporting by Andres Gonzalez; Editing by Sinead Cruise and Edmund Blair)