Jupiter Fund Management’s chief executive has said a strategy to build its institutional business has started to pay off after first-half results showed an increase in assets under management and profit, sparking a double-digit rally in its share price.

The FTSE 250-listed asset manager pulled in £1.7bn of new institutional money during the first half of 2023, results published on 27 July showed, bringing total net inflows across the segment of the business to £3.5bn over the past 12 months.