Jupiter Fund Management posted an almost 70% drop in profit last year after markets hit assets under management and investors pulled £3.5bn from its funds.

The FTSE 250 group recorded a pre tax profit of £58m for 2022, down from £183.7m for the previous year. Assets under management also slumped as macroeconomic events took hold, dropping 17% over the year from £60.5bn to £50.2bn.