Premier Miton Group PLC Q2 AuM Update (1941W)

TIDMPMI

RNS Number : 1941W

Premier Miton Group PLC

14 April 2023

Premier Miton Group plc

('Premier Miton', 'Group' or the 'Company')

Q2 AuM update

Premier Miton Group plc (AIM: PMI) today provides an update on its unaudited statement of Assets under Management ('AuM') for the second quarter of its current financial year (the 'Quarter' or 'Period').

   --   GBP11.0 billion closing AuM at 31 March 2023 (30 September 2022: GBP10.6 billion) 

-- GBP40 million of net outflows for the Quarter (GBP32 million net outflows for the financial year to date)

-- Continued strong relative investment performance with 76% (2) of funds in the first or second quartile of their respective sectors since launch or fund manager tenure

Mike O'Shea, Chief Executive Officer, commented:

" The Group's AuM ended the Quarter at GBP11.0 billion, an increase of 4% on the opening position for the financial year. We saw early signs of returning confidence amongst fund buyers in the latter stages of 2022 but this has not followed through into 2023 and the banking shocks that unfolded towards the end of the period have again dented risk appetite. It appears from wider industry data that investors have continued to shun UK equities but have also been more wary on active European and Global equities. There has, however, been an uptick in demand for fixed income strategies where we are well placed to serve our clients.

"Our own experience broadly reflects this backdrop with continued inflows into our fixed income, US equity and Diversified Multi Asset funds and outflows from our European equity and UK equity funds. In total, the Group experienced net outflows for the six months to 31 March 2023 totalling GBP32 million.

"We continue to invest in our business as part of our long-term growth strategy and we will be adding to our suite of dedicated responsible and sustainable funds with the launch of the Premier Miton Emerging Markets Sustainable Fund on 21 April 2023. The fund will be managed by Fiona Manning and Will Scholes who joined the Group at the end of August 2022 from abrdn.

"Our primary focus is to deliver strong long-term investment performance for our investors, and it is pleasing to note that 76% (2) of funds are in the first or second quartile of their respective sectors since launch or fund manager tenure.

" Despite the current headwinds, we continue to have a well-diversified portfolio of actively managed funds which will be attractive to new investors as and when confidence returns."

Assets under Management:

 
                                                                                                    Year 
                Opening     Quarter     Quarter        Year        Quarter        Quarter        to date       Closing 
                    AuM           1           2     to date       1 Market       2 Market         Market           AuM 
                  1 Oct         net         net         net   / investment   / investment   / investment        31 Mar 
                   2022       flows       flows       flows    performance    performance    performance    2023 (1,3) 
                   GBPm        GBPm        GBPm        GBPm           GBPm           GBPm           GBPm          GBPm 
 
   Equity 
   funds          5,631       (169)       (191)       (360)            393           (27)            366         5,637 
 Multi-asset 
  funds           3,263        (17)        (52)        (69)            113           (33)             80         3,274 
 Fixed income 
  funds             750         186         194         380              8           (10)            (2)         1,128 
 Investment 
  trusts            519           1         (3)         (2)             15           (19)            (4)           513 
 Segregated 
  mandates          402           7          12          19             18              4             22           443 
 
   Total         10,565           8        (40)        (32)            547           (85)            462        10,995 
 
 

(1) Comprising of 41 open-ended funds, four investment trusts and two external segregated mandates.

(2) The quartile performance rankings are based on Investment Association sector classifications where applicable. This covered a total of 33 open-ended funds since manager inception. Data is sourced from FE Analytics FinXL using the main representative post-RDR share class, based on a total return, UK Sterling basis. All data is as at 31 March 2023 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s).

(3) AuM and net flows are presented after the removal of AuM invested in other funds managed by the Group. At the Period end these totalled GBP239 million.

ENDS

For further information, please contact:

 
  Premier Miton Group plc 
   Mike O'Shea, Chief Executive Officer           01483 306 090 
  Investec Bank plc (Nominated Adviser and 
   Broker) 
   Bruce Garrow / Ben Griffiths / Virginia 
   Bull / Harry Hargreaves                        020 7260 1000 
  Edelman Smithfield Consultants (Financial 
   PR)                                            07785 275665 / 
   John Kiely / Latika Shah                       07950 671948 
 

Notes to editors:

Premier Miton Investors is focused on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include equity, fixed income, multi-asset and absolute return.

LEI Number: 213800LK2M4CLJ4H2V85

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April 14, 2023 02:00 ET (06:00 GMT)