Premier Asset Management Group PLC 3rd Quarter Trading Update (6527K)

TIDMPAM

RNS Number : 6527K

Premier Asset Management Group PLC

11 July 2017

11 July 2017

Premier Asset Management Group PLC ("Premier" or the "Company")

Q3 Trading Update

Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's quarter ended 30 June 2017.

Highlights

   --     Total assets under management (AUM) increased to GBP5.84 billion as at 30 June 2017 
   --     Total net inflows of GBP231m in the three months to 30 June 2017 
   --     Total net inflows of GBP636m for the rolling twelve months to 30 June 2017 
   --     Continued strong investment performance net of all fund charges*: 

o Over three years to 30 June 2017

96% of AUM were above median

60% of AUM were first quartile

o Over five years to 30 June 2017

97% of AUM were above median

84% of AUM were first quartile

*Performance figures represent 82% of Premier's total AUM as at 30 June 2017 and exclude absolute return funds, investment trusts and segregated mandates. Median and quartile ranking figures are shown relative to respective Investment Association sectors. Source: FE Analytics, data to 30 June 2017, C share class or equivalent, income reinvested. Data shown net of all fund charges.

Mike O'Shea, Chief Executive Officer, commented:

"We are pleased to report another strong quarter for the business with continued good investment performance and net inflows of GBP231 million. This was our seventeenth successive quarter of positive net inflows.

"These results have been achieved in an environment of continued market uncertainty driven by various factors, including the unwinding of quantitative easing and the lack of clarity arising from the UK referendum result last year.

"At the end of quarter, the FCA published their final report on their Asset Management Market Study. We note their recommendations and are now waiting for the outcome of the next stage of consultations.

"We believe that against a background of market uncertainty, low interest rates and the ongoing need for people to invest for growth, income or capital preservation, the value of good, active management is critical. We continue to believe that our strategy of offering relevant investment products, which are designed to meet the different long--term needs of UK investors, backed by good investment outcomes after charges, a strong distribution capability and scalable operating platform, positions us well to deliver for both our clients and our shareholders."

AUM reconciliation

 
           (GBPm)             3 months to 31  3 months to 31  3 months to 30 
                               December 2016    March 2017       June 2017 
---------------------------  ---------------  --------------  -------------- 
       Opening assets 
      under management           4,998.5         5,206.4         5,529.9 
---------------------------  ---------------  --------------  -------------- 
           Sales                  519.0           522.0           578.5 
---------------------------  ---------------  --------------  -------------- 
        Redemptions              (378.8)         (351.7)         (347.7) 
---------------------------  ---------------  --------------  -------------- 
         Net flows                140.2           170.3           230.8 
---------------------------  ---------------  --------------  -------------- 
      Market movements 
  & investment performance         67.7           153.2            81.1 
---------------------------  ---------------  --------------  -------------- 
       Closing assets 
      under management           5,206.4         5,529.9         5,841.8 
---------------------------  ---------------  --------------  -------------- 
 

Dividend policy

The Company has adopted a quarterly dividend policy, expecting to pay three smaller, interim dividends, representing approximately half of the estimated total dividend for the full financial year, followed by a larger, final dividend. The Company's first two interim dividends of 1.25p per share were paid on 3 March 2017 and 2 June 2017.

The Company's third quarterly dividend, for the three months ended 30 June 2017, is expected to be announced on 27 July 2017 with an ex-date of 3 August 2017 and a payment date of 1 September 2017. The exact dividend amount and associated timetable is expected to be confirmed on 27 July 2017.

Enquiries:

 
  Premier Asset Management    Tel: [phone] 
   Group PLC                   Mike O'Shea 
 Stifel Nicolaus Europe Ltd   Tel: [phone] 
  trading as KBW               Gareth Hunt 
  (Nomad and Joint Broker)     Stewart Wallace 
 Numis Securities Limited     Tel: [phone] 
  (Joint broker)               Andrew Holloway 
                               Charles Farquhar 
 Smithfield Consultants       Tel: [phone] 
  (Financial PR)               John Kiely 
                               Andrew Wilde 
 

Note to editors

About Premier

Premier is a fast-growing UK retail asset management group with a focus on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include multi-asset, equity and absolute return funds. Premier had GBP5.84 billion of assets under management as at 30 June 2017.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 11, 2017 02:00 ET (06:00 GMT)