The British fund firm blamed "a delay" in the funding of some institutional mandates and weaker than anticipated retail sentiment in October and November for the increased outflows, after forecasting "modest net outflows" for the year at the start of 2023.

However, Jupiter said it expects to report performance fees of more than 10 million pounds for the year ended Dec. 31,higher than previous guidance. Its 2023 assets under management would also likely come in higher than 2022 figures, at 52.2 billion pounds, the company said.

All numbers are non-audited and subject to revision, the company said.

Jupiter also said veteran portfolio manager Ben Whitmore, who joined the company in 2006 and manages around 10 billion pounds in assets, would leave the firm in July to launch an independent boutique.

Both parties have agreed his new boutique, once established, will not compete with Jupiter for two years from his leaving date.

Whitmore is the latest high profile manager to part ways with the British investment manager, after former UK equities stock-picker Richard Buxton stepped away from management of its UK Alpha Fund in August.

Alex Savvides is expected to arrive at Jupiter by autumn and will assume management of the 2.1 billion pounds Jupiter UK Special Situations Fund. He will team up with other Jupiter new-joiners Adrian Gosden and Chris Morrison, who will assume management of the 1.6 billion pounds Jupiter Income Trust.

Whitmore will remain with Jupiter until at least end-July, to complete an "orderly and collaborative transition process" in relation to assets he currently manages, the company said.

"Alex's recruitment means that we have an excellent succession plan in place for the UK Special Situations strategy and our clients," Chief Executive Matt Beesley said in a statement.

($1 = 0.7847 pounds)

(Reporting By Sinead Cruise, editing by Elizabeth Howcroft)

By Sinead Cruise