Jupiter chief still upbeat

If fund managers were awarded campaign medals in the way the military are, today's current turmoil would barely warrant issuing one, according to Edward Bonham Carter.

The chief executive of Jupiter Fund Management said: "The 2000 to 2003 bear market was pretty brutal and so was the more recent financial crisis of 2008 and 2009. But the current market turmoil is another chapter in the tale of the amount of debt accumulated by the West.

"Companies are actually by a mile in the strongest state that they have been in for a long time. The issues out there are serious but there are clear opportunities for the long-term investor. The British retail investor is pretty stoical."

Jupiter, which floated on the stock market just over a year ago, today announced a maiden interim dividend of 2.5p a share. Assets under management grew by £700 million in the past six months to £24.8 billion while pre-tax profits rose from £14.6 million to £37.3 million.