The final three months of 2016 saw Jupiter Fund Management suffer the first quarter of outflows from its core mutual funds business in five years, and the biggest since the company floated in June 2010.

Net outflows from Jupiter's £35.2 billion mutual funds business totalled £355 million in the three months to December 31, the company said in a January 12 trading update. It attributed the money flows to "institutional clients rebalancing their holdings in our Merlin and European strategies".