Jupiter Fund Management suffered net outflows of £4bn last year, despite the FTSE 250 group posting an increase in profits and a fresh record for assets under management.

Jupiter, which published its full year results on 26 February, said investor withdrawals from funds were heavily concentrated during the first three months of 2020 - a period which coincided with the onset of the Covid pandemic. After a three month period of outflows, Jupiter-branded investment strategies went on to gather new money over the next three consecutive quarters.