Clients of Jupiter Asset Management pulled a net £1 billion from the business in the September quarter while it warned that revenues would be hit next year as it introduces a new fee structure for its larger funds.

Shares in the embattled fund manager dropped by 9.8 per cent to 79p, their lowest close since it floated in 2010 and half the level at which they traded when Matt Beesley was named chief executive in June last year.

Beesley said his strategy of focusing more on institutional investors was working, even though Jupiter reported that the strong net inflows won from the client category in previous quarters had fizzled close to zero.

But he was confident that new mandates from pension funds, sovereign wealth funds