Fund firm Jupiter posts strong inflows as confidence rallies
LONDON Oct 17 (Reuters) - Jupiter Fund Management, the British asset manager, said clients added 271 million pounds of net new money in the third quarter amid improving investor confidence, its best three-month period since the end of last year.
In a trading statement covering the three months to Sept. 30, Jupiter said assets under management rose to 29.9 billion pounds ($47.63 billion), up from 29 billion pounds at June 30.
Analysts at Numis had forecast net inflows of 27 million pounds. Jupiter said the net inflows were its largest since the fourth quarter of last year.
The inflows, from UK and international clients, were concentrated in its core mutual funds business, Jupiter said, and spread across both fixed income and equity funds.
Improved confidence about the global economy and increased investor appetite for risk have sparked a rally in stock markets this year, boosting managers like Jupiter which invests the bulk of its assets in equities.
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