Premier Asset Management Group PLC Trading Statement (8461T)

TIDMPAM

RNS Number : 8461T

Premier Asset Management Group PLC

11 January 2017

Wednesday 11 January 2017

Premier Asset Management Group PLC

("Premier" or the "Company")

Q1 Trading update

Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's quarter ended 31 December 2016.

Highlights

   --     Total assets under management (AUM) increased to GBP5.2 billion as at 31 December 2016 
   --     Total net inflows of GBP140m in the three months to 31 December 2016 
   --     Total net inflows of GBP684m for the rolling twelve months to 31 December 2016 

-- The Company expects to announce its first interim dividend for the three months to 31 December 2016 in late January 2017, with a payment date in early March 2017.

Mike O'Shea, Chief Executive Officer, commented:

"The first quarter of the current financial year was overshadowed by the US election and although the early reaction of most major equity markets was to head higher, the uncertainty this created made for a generally difficult environment for fund sales. Despite this, we have continued to increase AUM and had our fifteenth consecutive quarter of net positive sales which is pleasing. Our focus, as ever, remains on achieving good outcomes for clients and it is reassuring to note that our shorter term and longer term performance numbers demonstrate success in this regard.

"Looking forward we expect the political, economic and business environment to remain uncertain as we head into 2017 and therefore we believe the market for fund sales will continue to be very competitive. Despite this, 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 returns, a strong distribution capability and scalable operating platform positions us well to deliver for our fund investors and our shareholders."

Q1 AUM reconciliation

 
 (GBPm)                             3 months to 31 December 
                                     2016 
---------------------------------  ------------------------ 
 Opening assets under management    4,998.5 
---------------------------------  ------------------------ 
 Sales                              519.0 
---------------------------------  ------------------------ 
 Redemptions                        (378.8) 
---------------------------------  ------------------------ 
 Net flows                          140.2 
---------------------------------  ------------------------ 
 Closures                           - 
---------------------------------  ------------------------ 
 Market movements & investment 
  performance                       67.7 
---------------------------------  ------------------------ 
 Closing assets under management    5,206.4 
---------------------------------  ------------------------ 
 

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 Company expects to announce its first interim dividend in late January 2017, which would be paid in early March 2017.

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    Tel: [phone] 
  Group PLC                   Mike O'Shea 
--------------------------  ------------------- 
 Stifel Nicolaus Europe      Tel: [phone] 
  Limited (Nomad and Joint    Gareth Hunt 
  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 GBP5.2 billion of assets under management as at 31 December 2016.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 11, 2017 02:00 ET (07:00 GMT)