Premier Asset Management Share Discussion Threads

[costax1654x] 09/12/2019 12:01

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[cwa1] 15/11/2019 08:18

Morning all. I've set up a new board for the merged entity here:-



All welcome!

[undervaluedassets] 08/11/2019 11:03

The merger with Miton has held both companies' share prices in aspic since it was announced on the 4th of september 2019; with neither share price moving since then.

Meanwhile Aim asset managers have gone up by 6% on a non weighted basis since 4/09/19 when the Premier/Miton merger was announced.

It seems logical to assume therefore, that once the technicality of the merger is done the new PremierMiton group might have a little catching up to do.

[undervaluedassets] 23/9/2019 15:01

Nice results at Miton group today. European and US funds doing esp well.

I think the merger looks smart.

[thaiger] 05/9/2019 18:25

The cost saving is around £7m same as Miton profit....good deal for both

[undervaluedassets] 05/9/2019 15:36

dunno about that ..That new equity is massively asset backed..Miton brings it's entire customer base and assets under management here as part of the merger. Miton has 20p of cash per share on a 50p share price on it's books as well whereas premier only has 27p of cash on a 170p share Price.

The deal is very good for everyone but most sweet for Premier in my view

Then there will be the inevitable synergies and savings of the new whole

makes a lot of sense.

[skyship] 05/9/2019 14:16

Looks like a good merger; however the new equity likely to weigh heavily on the share price here. A drift to c150p on the cards IMO.

[topvest] 04/9/2019 07:19

Interesting merger with Miton announced today. I'm on both sides.

[gsbmba99] 19/11/2018 18:12

Was looking at some of the Investment Association monthly reports, in particular Table 5: Net retail sales of funds by asset class. PAM still seems to have attractive asset class exposure. Number of months of negative net retail sales since Jul-16 (through Sep-18): Property (11), Equity (10), Fixed Income (6), Money Market (5), Other (3), Mixed Asset (0). Monthly net retail sales were: £1.15bn (Jul-Dec 16), £3.97bn (2017), £1.44bn (Jan-Sep 18). Mixed Asset monthly net retail sales were: £0.47bn (Jul-Dec 16), £1.1bn (2017), £0.72bn (Jan-Sep 18).

[gsbmba99] 17/10/2018 12:19

PAM fund factsheets (excl listed ITs) have been updated to end Sep. Sum of fund AuM as at 30 Sep is £6,535.4m as compared to £6,537.8m as at 31 Aug which is -£2.4m or -0.04%. AuM increased at 10 of 23 funds with Defensive Growth (-£17.5) and Global Infrastructure Income (-£6.6m) the largest decliners and UK Money Market (+£10.9m) and Multi-Asset Growth & Income (+£9.5m) the largest gainers. Multi-asset series was +£4.4m or +0.1% MoM and +£653.7m or 21.6% YoY. YoY retail fund AuM is +13.7%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 30 Sep, UK retail funds (excl listed ITs) were 95.2% of the £6,865.5m of corporate AuM.

[gsbmba99] 09/10/2018 08:29

Trading statement out this morning. Q4 Sales of £518.7m, redemptions of £398.4m with net sales of £120.3m. Market performance in the quarter was -£27.7m. FY18 market performance is +£44m. YoY AuM growth dropped to 12.8% and is the lowest in my spreadsheet which dates back to calendar Q413 (second lowest 15.1% in calendar Q118). Pretty clear deceleration in AuM growth coming from both net sales not scaling with AuM and very limited market performance (£300m less than last FY). Liberum note out today with modestly reduced forecasts going forward. Liberum EPS estimates: 18E 13.9p; 19E 16.8p; 20E 20.9p. Liberum DPS estimates: 18E 9.7p; 19E 11.8p; 20E 14.6p.

[gsbmba99] 18/9/2018 07:13

PAM fund factsheets (excl listed ITs) have been updated to end Aug. Sum of fund AuM as at 31 Aug is £6,537.8m as compared to £6,540.8m as at 31 Jul which is -£3.0m or -0.05%. AuM increased at 13 of 23 funds with Defensive Growth (-£18.1m) and Income (-£14.9m) the largest decliners and Multi-Asset Distribution (+£10.4m) and Multi-Asset Growth & Income (+£8.9m) the largest gainers. Multi-asset series was +£27.7m or +0.8% MoM and +£685.0m or 23.2% YoY. YoY retail fund AuM is +15.1%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 30 Jun, UK retail funds (excl listed ITs) were 95.1% of the £6,772.9m of corporate AuM.

[gsbmba99] 21/8/2018 09:34

PAM fund factsheets (excl listed ITs) have been updated to end July. Sum of fund AuM as at 31 Jul is £6,540.8m as compared to £6,442.9m as at 30 Jun which is +£97.9m or +1.5%. AuM increased at 17 of 23 funds with Defensive Growth (-£13m) and Income (-£13.4m) the largest decliners and Multi-Asset Distribution (+£33.4m) and Multi-Asset Growth & Income (+£30.9m) the largest gainers. Multi-asset series was +£87.9m or +2.4% MoM and +£722.5m or 25.0% YoY. YoY retail fund AuM is +16.7%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 30 Jun, UK retail funds (excl listed ITs) were 95.1% of the £6,772.9m of corporate AuM.

[gsbmba99] 20/7/2018 15:07

PAM fund factsheets (excl listed ITs) have been updated to end June. Sum of fund AuM as at 30 Jun is £6,442.9m as compared to £6,417.2m as at 31 May which is +£25.7m or +0.4%. AuM increased at 13 of 23 funds with Defensive Growth (-£14.6m) the largest decliner. Multi-asset series was +£13.4m or 0.4% and +£698.9m or 24.2% YoY. YoY retail fund AuM is +17.5%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 30 Jun, UK retail funds (excl listed ITs) were 95.1% of the £6,772.9m of corporate AuM.

[topvest] 11/7/2018 17:33

Yes, doing exceptionally well.

[gsbmba99] 10/7/2018 06:33

Trading statement out this morning. I get quarterly sales of £585.2m, redemptions of £383.2m with net sales of £202m. Market performance in the quarter was +£205.6m. YoY AuM growth was a healthy 15.9%.

[gsbmba99] 27/6/2018 08:46

Does anyone understand why PAM has become so volatile? The bid price seems to fall through the floor on pretty minute volumes. It just dropped 14p. Is this now on an order driven system instead of quote driven? Seem to be alot more "algo" trades now. This all seems a very recent phenomenon.

[gsbmba99] 21/6/2018 14:01

PAM fund factsheets (excl listed ITs) have been updated to end May. Sum of fund AuM as at 31 May is £6,417.2m as compared to £6,275.2m as at 30 Apr which is +£142.0m or +2.26%. AuM increased at 19 of 23 funds with Defensive Growth (-£17.1m), Income (-£5.2m) and UK Money Market declining. Multi-asset series was +£116.7m (of which Multi-asset Distribution +£69.9m). Financial year to date, AuM is +£667.2m or +11.6%. YoY retail fund AuM is +16.8%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 31 Mar, UK retail funds (excl listed ITs) were 94.8% of the £6,365.3m of corporate AuM.

[gsbmba99] 09/6/2018 17:05

From IPX thread since the 3 picks are IPX, MGR and PAM. An excerpt: Nickols says it’s seen as a “pretty lean, well-managed business”, which should keep costs to a minimum and help with cash generation. “The key attraction here is that you’ve got an in-house multi-asset proposition, which seems to be delivering consistent performance and certainly is gathering assets consistently as well,” he adds.[end] Nickols is Dan Nickols of Old Mutual Smaller Companies.

[riverman77] 18/5/2018 16:39

Yes I think there will be an increasing demand for all in one investment solutions given the demise of defined benefit schemes and annuities, so PAM look well placed to capture that. Miton also has a multi asset range although I think only around a quarter of their AUM. I switched out of Liontrust to Miton a few weeks ago, as I slightly prefer the funds and was also a lot cheaper, although has rallied quite a bit recently so probably less of a gap now. The other one I was keeping an eye on was Impax - huge inflows driven by the intense interest in responsible investing - my only concern here is whether they can actually invest those inflows in what is quite a niche asset class (I've seen many times where fund managers basically can't cope with inflows and performance suffers).

[riverman77] 18/5/2018 14:58

Thanks for these very useful updates. Inspired by your example have been carrying out similar exercise for Miton, the small cap specialist, and have been seeing some extremely encouraging inflows and strong performance across the range, also a bit cheaper than PAM especially on a market cap to AUM measure, not sure if this name was on your radar?

[gsbmba99] 18/5/2018 14:48

PAM fund factsheets (excl listed ITs) have been updated to end April. Sum of fund AuM as at 30 Apr is £6,275.2m as compared to £6,035.4m as at 31 Mar which is +£239.8m or +3.97%. AuM increased at 21 of 23 funds with Multi-asset Distribution flat and Corporate Bond Monthly Income AuM down 0.4%. Diversified and Diversified Income both had >10% gains in AuM and Optimum Income (which targets a 7% distribution) gained nearly 10% in AuM. Financial year to date, AuM is +£525m or +9.1%. The above excludes listed investment trusts and discretionary mandates. Fund level AuM doesn't distinguish between market performance and net inflows. As at 31 Mar, UK retail funds (excl listed ITs) were 94.8% of the £6,365.3m of corporate AuM.