Jupiter defied unfavourable market conditions in the first quarter to post net inflows of £723m, bringing the UK-listed fund firm’s assets under management up to £36.2bn.

The investment house saw £443m of net inflows into its mutual fund range between January and March and flows of £0.3bn into segregated mandates.

Inflows in the mutual fund business were into Jupiter's European equity and bond strategies.

“Total AuM increased across the quarter as net inflows more than offset negative market movements,” said chief executive Maarten Slendebroek.

Global equities experienced a torrid start to the year as investor concerns over China’s currency,a possible US recession, falling commodity prices and worries about central bank credibility led to a broad-based sell-off.

Reflecting on the results, Cantor Fitzgerald analyst Keith Baird said there is “plenty of scope” to achieve medium term growth in AUM remains via the international strategy.

“While the medium term outlook remains positive there remain macro uncertainties for 2016 affecting both fund flows and market levels,” he said in a research note.

“Further expense growth is also likely to curb profitability which for FY16 we expect to be flat or slightly lower than last year.”