Jupiter Fund Management said assets under management (AUM) increased £600m in the first quarter of the year to £50.8bn, largely due to positive market movement of £1.5bn.

Full-year profits at fund manager Jupiter slumped more than two-thirds in 2022, falling 68% to £58m.

First half pre-tax profits at fund manager Jupiter have more than halved to £29.7m (2021 H1: £78.2m).

Jupiter CEO Andrew Formica is to retire as CEO in October and return to his native Australia after three years with the fund manager.