Shares in Jupiter Fund Management were up on the FTSE 250 in morning trading after the company reported a two per cent rise in assets under management in the quarter ended 31 March.

Total assets under management increased during the period from £24.1 billion to £24.5 billion.

All of the group's products saw small levels of growth during the first quarter, with Mutual Funds accounting for most of the group's assets under management (£18.7 billion).

Net inflows during the period were £333 million. Mutual funds contributed net inflows of £397 million, however the group also saw segregated mandate net outflows of £71 million thanks to one of its clients redeeming part of their portfolio on reconstruction grounds.

Edward Bonham Carter, Chief Executive of Jupiter Fund Management, said, "Against a backdrop of volatile markets and falling UK consumer disposable income, Jupiter has had a steady start to 2011 with net inflows in the first quarter of £333 million."

The group added that it was developing in line with management expectations.

By 11:00 shares in Jupiter Fund Management were up 3.64 per cent to 299.20 pence per share.