Premier Asset Management Group PLC Trading Statement (2259N)

TIDMPAM

RNS Number : 2259N

Premier Asset Management Group PLC

24 October 2016

24 October 2016

Premier Asset Management Group PLC

("Premier" or the "Company")

Trading update

Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's fourth quarter ended 30 September 2016.

Highlights

   --      Total AUM increased to GBP5 billion as at 30 September 2016 
   --      Total net inflows over the year ended 30 September 2016 of GBP778m 
   --      Net inflows over the quarter ended 30 September 2016 of GBP95m 

-- Over a three and five-year period to 30 September 2016, 96% and 94% respectively of Premier's retail fund AUM were above median, with 71% and 73% of Premier's retail fund AUM achieving first quartile performance in their respective IA sector over the same time periods (excluding absolute return and volatility targeted funds).

The Company expects to announce its final audited results for the year ended 30 September 2016 in early December 2016.

Mike O'Shea, Chief Executive Officer, commented:

"Premier has enjoyed another year of AUM growth supported by strong net sales and a good long-term record of producing attractive investment outcomes for our clients. Our focus has continued to be on our multi-asset, income and absolute return funds, which address strong demand from retail investors.

Despite the market volatility following the EU referendum decision, we have continued to increase AUM over the fourth quarter and recorded positive net sales in each of the three months, supported by demand for the Company's multi-asset funds, and with an improving net sales trend being experienced from July to September.

We are confident 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 results, a strong distribution capability and scalable operating platform positions us well to deliver for our fund investors and for our shareholders."

Quarterly AUM reconciliation

 
                  Q116      Q216      Q316      Q416 
---------------  --------  --------  --------  -------- 
 (GBPm)           31-Dec    31-Mar    30-Jun    30-Sep 
---------------  --------  --------  --------  -------- 
 
 Opening AUM      4,081.2   4,410.2   4,543.5   4,593.9 
---------------  --------  --------  --------  -------- 
 - Sales          457.7     462.4     565.7     458.2 
---------------  --------  --------  --------  -------- 
 - Redemptions    (223.0)   (274.9)   (304.9)   (363.0) 
---------------  --------  --------  --------  -------- 
 - Net sales      234.7     187.5     260.8     95.2 
---------------  --------  --------  --------  -------- 
 - Closures       (44.3)    -         (129.9)   - 
---------------  --------  --------  --------  -------- 
 - Performance    138.6     (54.2)    (80.5)    309.4 
---------------  --------  --------  --------  -------- 
 Closing AUM      4,410.2   4,543.5   4,593.9   4,998.5 
---------------  --------  --------  --------  -------- 
 

Dividend policy

As detailed in the Company's admission document, dated 4 October 2016, the Directors intend to adopt a progressive dividend policy to reflect the expectation of future cash flow generation and the long-term earnings potential of Premier.

The Company intends to pay quarterly interim dividends, with the first dividend to be paid in relation to the three months ending 31 December 2016. The level of this dividend will be announced in early January alongside the Company's first quarter trading update. As part of its policy, the Company expects to pay three smaller dividends, representing approximately half the estimated total dividend for the full financial year, followed by a larger, final dividend.

Enquiries:

 
 Premier Asset Management Group PLC          Tel: [phone] 
                                              Mike O'Shea 
------------------------------------------  ------------------- 
 Stifel Nicolaus Europe Limited (Nomad and   Tel: [phone] 
  Joint Broker)                               Gareth Hunt 
                                              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 billion of assets under management as at 30 September 2016.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 24, 2016 02:00 ET (06:00 GMT)