However, month to date flows during April so far have stabilised, the company said in a relatively upbeat statement.
Assets Under Management as of 31 March were £35bn, down £7.8bn in the quarter although the fund manager says most of the drop was due to market movements.
In a trading update out today the company said that it faced “challenging market conditions” due to the Coronavirus outbreak along with most fund managers.
However, it believes that during the crisis Jupiter’s relative investment performance as an active manager has been highlighted with 80% of AUM above median over three years.
The company said: “This level of performance on behalf of our clients is testimony to the expertise of our investment teams and reaffirms our belief that active management delivers long term returns to clients and supports our commitment to high-conviction active management.”
Net mutual fund outflows were £2.9bn during the quarter, of which £1bn was from the Fixed Income strategy sector, £0.7bn from European Growth and £0.6bn from Alternatives.
Merian, which is being acquired by Jupiter, saw similar net outflows in the quarter of £2.6bn.
Jupiter said despite the market volatility the acquisition of Merian remained “compelling.” It said operating margins will be lower but still attractive post-Coronavirus.
Jupiter said it had moved all staff to remote working “without any material disruption to our business.” It has no plans to furlough staff or take advantage of any government loan scheme. It made its schedule dividend payment on 9 April.