Fitch downgrades Jupiter credit rating due to ongoing outflows

The ratings agency said on Wednesday (September 5) that Jupiter’s IDR would be downgraded to BBB- from BBB, reflecting a trend of net outflows over the past five years, including the first half of this year. Jupiter reported total outflows of £3.4 billion in the first half of 2024, reflecting a 2% decline in assets under management, which fell from £52.2 billion at the end of 2023 to £51.3 billion at the end of the period. “While the net outflows were partly related to certain one-off factors, Fitch believes that Jupiter’s still relatively concentrated franchise and business profile…