Asset manager Jupiter profit slumps as outflows accelerate

(Reuters) – British asset manager Jupiter Fund Management reported a fall in its half-yearly profit on Friday, due to an increase in outflows as key global markets are buckling under rising geopolitical tensions and inflationary concerns.

The company, whose net outflows increased to 3.6 billion pounds ($4.39 billion) for the six-month period ended June 30, saw a 67% plunge in its profit before tax to 18.8 million pounds.

($1 = 0.8201 pounds)

(Reporting by Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips)