Premier Asset Management Group PLC Trading Statement (5028V)

TIDMPAM

RNS Number : 5028V

Premier Asset Management Group PLC

09 April 2019

9 April 2019

Premier Asset Management Group PLC

("Premier" or the "Company")

Q2 Trading Update and Interim Dividend

Premier Asset Management Group PLC (AIM: PAM) today announces a trading update for the Company's quarter ended 31 March 2019.

Highlights

-- Total assets under management (AUM) were GBP6.8 billion as at 31 March 2019 (31 March 2018: GBP6.4 billion)

-- Total net inflows of GBP3m in the three months to 31 March 2019 (3 months to 31 March 2018: GBP175m)

   --    Twenty fourth successive quarter of positive net inflows 

-- Total net inflows of GBP67m in the six months to 31 March 2019 (6 months to 31 March 2018: GBP411m)

-- Total net inflows of GBP390m for the rolling twelve months to 31 March 2019 (rolling twelve months to 31 March 2018: GBP847m)

   --    Continued strong investment performance net of fund charges*: 

o Over three years to 31 March 2019: 72% of AUM were above median

o Over five years to 31 March 2019: 83% of AUM were above median

   --    Quarterly dividend per share of 1.70p vs 1.65p for the same period last year 

* Performance figures represent 81% of Premier's total AUM as at 31 March 2019 and exclude absolute return funds, investment trusts and segregated mandates. Figures are shown relative to respective Investment Association sectors. Source: FE Analytics, data to 31 March 2019. Net income reinvested. Data shown net of all fund charges. C share class, or, where a C share class was not available for the full time period, the pre RDR bundled or equivalent retail share class has been used for the period the C share class was not available.

Mike O'Shea, Chief Executive Officer, commented:

"Despite continued political and economic uncertainty caused by the ongoing Brexit negotiations, low investor confidence, volatile markets and record low investment industry net flow figures, Premier managed to produce positive net inflows and has continued to produce good long term investment performance after fund charges.

"Notwithstanding net outflows for the industry as a whole, it is encouraging to note that support for our multi asset funds remained positive, albeit at lower levels during this more difficult period, with net inflows of GBP125m over the six months. In common with much of the industry, we did however experience net outflows from our UK equity funds, a sector which has been out of favour with investors for some months now.

Looking forward, we continue to believe the combination of our relevant product range, investment performance record, strong brand and distribution capabilities, means we are well placed to help our clients in these challenging conditions and when the investment environment and confidence improves."

AUM reconciliation

 
  (GBPm)        Six months ended  Six months ended 
                 31 March 2019     31 March 2018 
-------------  -----------------  ---------------- 
 Opening AUM    6,865.5           6,087.8 
-------------  -----------------  ---------------- 
 Sales          866.0             1,134.7 
-------------  -----------------  ---------------- 
 Redemptions    (798.6)           (723.3) 
-------------  -----------------  ---------------- 
 Net flows      67.4              411.4 
-------------  -----------------  ---------------- 
 Performance    (139.7)           (133.9) 
-------------  -----------------  ---------------- 
 Closing AUM    6,793.2           6,365.3 
 

Dividend

The Board of Premier has approved the payment of an interim dividend of 1.70 pence per share for the three-month period ended 31 March 2019. The ex-dividend date will be 2 May 2019 and the associated record date will be 3 May 2019. The payment date will be 7 June 2019.

Enquiries:

 
  Premier Asset Management Group    Tel: [phone] 
   PLC                               Mike O'Shea 
  Numis Securities Limited          Tel: [phone] 
   (NOMAD and Broker)                Kevin Cruickshank 
                                     Charles Farquhar 
  Liberum Capital Limited           Tel: [phone] 
   (Joint Broker)                    Richard Crawley 
                                     Jamie Richards 
  Smithfield Consultants            Tel: [phone] 
   (Financial PR)                    John Kiely 
                                     Andrew Wilde 
 

Note to editors

About Premier

Premier is a 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 GBP6.8 billion of assets under management as at 31 March 2019.

LEI Number: 213800LK2M4CLJ4H2V85

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April 09, 2019 02:00 ET (06:00 GMT)