Premier Miton Group PLC Q4 AuM Update (8675C)

TIDMPMI

RNS Number : 8675C

Premier Miton Group PLC

14 October 2022

14 October 2022

Premier Miton Group plc

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

Q4 AuM update and notice of results

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

   --   GBP10.6 billion closing AuM at 30 September 2022 (30 September 2021: GBP13.9 billion) 

-- GBP0.3 billion of net outflows for the Quarter and GBP1.1 billion of net outflows for the year to 30 September 2022

   --   Further positive net flows in fixed income funds and Diversified multi-asset funds 

-- Strong relative investment performance with 88% (1) of funds in the first or second quartile of their respective sectors since manager inception

-- New Global Head of Distribution joined in the Period to lead and develop the Group's distribution and marketing strategy

-- New fund manager hire for the Premier Miton UK Value Opportunities Fund announced in the Period

-- Significant investment in fund management talent over the last three years to help create a modern, active asset management business positioned for future growth

Mike O'Shea, Chief Executive Officer, commented:

"The recent fiscal event in the UK combined with the ongoing geopolitical environment have created a challenging and uncertain period for markets both in the UK and globally. Investors understandably have remained cautious about committing new investments during this period and we have also seen outflows across the industry from open-ended funds.

"It is clear that the current market conditions are particularly challenging for the asset management sector and this was reflected in the Group's AuM ending the Quarter at GBP10.6 billion. We saw some outflows from our UK and European equity open-ended funds due to weak client demand across the industry. These outflows were partially offset by inflows into our fixed income, US equity and Diversified multi-asset funds. For the 12 months to 30 September 2022, gross redemptions from open-ended funds run by the Group were down 4% year on year, however, gross inflows into these products were down 35% over the same period.

"We believe that when confidence returns more investors will seek truly actively managed strategies as they look to deliver added value for their clients. Premier Miton is ideally placed to take advantage of this trend given our track record of delivering strong investment performance.

"Across our fund range, our investment performance remains strong, with 88% (1) of our funds in the first or second quartile of their respective sectors since manager inception. Shorter-term numbers also remain encouraging with 86% (1) of funds above median over three years. It was also very pleasing to see that Premier Miton had the highest number of funds in the UK market achieving FE fundinfo's top 5 Crown Rating.

"As part of our long-term growth strategy, we continue to invest in our business. We were pleased to announce the appointment of Jonathan Willcocks as our Global Head of Distribution. Jonathan will play a key role in developing and leading our distribution and marketing strategy as we expand our investment strategies, diversify our client base and seek to grow AuM with both wholesale and institutional investors. During the Period, we also announced that Matthew Tillett will join the Group in October 2022 from Allianz Global Investors. Matthew will take over as manager of the Premier Miton UK Value Opportunities Fund from Andy Jackson who is retiring at the end of the year.

"Against a backdrop of rising inflation and interest rates which are impacting both our clients and our colleagues, I am confident that with our operational and financial strength we are in a good position to navigate these volatile times."

Assets under Management:

 
 
                   Opening     Quarter     Quarter     Quarter   Quarter                        Market     Closing 
                       AuM           1           2           3         4      12 month    / investment         AuM 
                     1 Oct         net         net         net       Net     net flows     performance     30 Sept 
                      2021       flows       flows       flows     flows           (3)             (1)    2022 (3) 
                      GBPm        GBPm        GBPm        GBPm      GBPm          GBPm            GBPm        GBPm 
 
   Equity funds      8,223        (70)       (209)       (340)     (320)         (939)         (1,653)       5,631 
 Multi-asset 
  funds              3,919        (79)        (80)        (51)      (66)         (276)           (380)       3,263 
 Fixed income 
  funds                594          62          73          29        46           210            (54)         750 
 Investment 
  trusts               784       (100)         (1)        (10)      (11)         (122)           (143)         519 
 Segregated 
  mandates             411         (1)           4          37        11            51            (60)         402 
 
   Total (2)        13,931       (188)       (213)       (335)     (340)       (1,076)         (2,290)      10,565 
 
 

(1) The quartile performance rankings are based on funds with Investment Association benchmarks (excluding volatility managed funds) this covered a total of 34 open-ended funds since manager inception and 22 funds over three years. 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 30 September 2022 and the performance period relates to when the fund launched or the assumed tenure of the fund manager(s).

(2) Comprising of 42 open-ended funds, four investment trusts and two external segregated mandates

(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 GBP191 million.

Notice of results

Premier Miton will issue its results for the financial year ending 30 September 2022 on 2 December 2022.

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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October 14, 2022 02:00 ET (06:00 GMT)