Jupiter, the FTSE-listed fund manager, said it suffered outflows of £4.5bn from its funds during 2019 because of the exit of star fund manager Alexander Darwall. This led to a 16% decline in profits and lower bonuses for staff.

Chief executive Andrew Formica said the outflows in 2019 were “almost entirely the result of the planned departure of a key manager in our European Growth strategy”, referring to Darwall. “Lower average assets under management resulted in a drop in net management fees and also our profitability,” he added.