UPDATE 1-Jupiter sees 1.3 bln stg in Q3 net outflows as manager Darwall leaves

* Darwall ran European team, joined Jupiter in 1995

* European growth strategy saw 1.1 bln stg in quarterly outflows

* AUM drops 800 mln stg on quarter to 45.1 bln stg (Adds detail on Darwall, fund performance)

LONDON, Oct 11 (Reuters) - Jupiter Fund Management saw net outflows of 1.3 billion pounds ($1.62 billion) in the third quarter, mainly from its European growth strategy, it said on Friday, as star fund manager Alexander Darwall prepares to leave the company.

Darwall, who runs Jupiter’s European team and joined the firm in 1995, will leave in mid-November, Jupiter said in a trading statement. He is planning to set up his own firm, Devon Equity.

The transfer of management responsibilities to Darwall’s successors in the Jupiter European Fund and Jupiter European Growth SICAV took place on Oct 1, it added.

Jupiter’s shares have fallen 26% since the company said in July that Darwall was planning to launch a rival firm, compared with a 2% drop in the FTSE mid-cap index.

Jupiter’s assets under management were 45.1 billion pounds at Sept. 30, a drop of 800 million pounds on the quarter, with positive market performance making up for some of the outflows.

The European Growth strategy, focused mainly on Britain and continental Europe, saw outflows of 1.1 billion pounds.

$1 = 0.8025 pounds Reporting by Carolyn Cohn; editing by Simon Jessop and Rachel Armstrong