Jupiter lift as Brits carry on buying

European investors cashed in mutual funds but Britons carried on buying them during the summer months of turmoil on financial markets, according to figures out from Jupiter Fund Management today.

The firm, one of the largest retail fund managers in London, saw net inflows of £295 million between July and September, not much lower than it achieved in the first two quarters.

Chief executive Edward Bonham Carter said this was "despite one of the worst quarters for equity markets in the last decade and reduced risk appetite from retail investors, particularly in Europe".

Jupiter's total assets under management fell 10% to £22.3 billion when the FTSE 100 index dropped by 14%. It said it had authorised another £60 million repayment on its bank loans, bringing its total debt down to £143 million by the end of this month.