Premier Miton Group plc - Q3 AuM update

Premier Miton Group PLC

12 July 2024

 

Premier Miton Group plc

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

Q3 AuM update

 

Improving fund flow environment for equity and fixed income funds

Premier Miton Group plc (AIM: PMI), the AIM quoted fund management group, today provides an update on its unaudited statement of Assets under Management ('AuM') for the third quarter of its current financial year (the 'Quarter' or 'Period') to 30 June 2024.

·   £10.6 billion closing AuM at 30 June 2024 (30 September 2023: £9.8 billion)

·   Net inflows into equity funds during June 2024

·   Net inflows into fixed income funds during the Quarter

·   Net outflow from multi-asset funds and segregated mandates

·   Successful migration of the Tellworth business onto the Premier Miton platform during the Quarter

Mike O'Shea, Chief Executive Officer, commented:

"The Group's AuM ended the Quarter at £10.6 billion, an increase of 8% on the opening position for the financial year.

"We have seen an improvement in the outlook for fund sales during the Quarter. It is pleasing to note that we have seen continued demand for our fixed income funds as well as a more recent improvement in the flow position for our international equity funds. Demand for UK equities remains subdued despite the strong relative performance of the asset class. In total, we experienced net positive flows across our fixed income and equity funds during the Quarter.

"We have continued to experience a weak environment for multi-asset fund sales, particularly in our multi-manager range, despite our strong long-term performance record in this area. I am, however, pleased to announce that our managed portfolio service, managed by our highly successful multi-manager team, is now live for our first intermediary clients and will be more widely available as we move through this Autumn. We continue to see good interest from advisers for a cost-effective managed portfolio service run by one of the most experienced multi-manager teams in the market. 

"During the Quarter we were pleased to have successfully completed the integration of the Tellworth business onto the Premier Miton platform. This will allow us to right size the cost base of the business and we are confident that with improved access to our distribution and marketing capabilities the Tellworth business will flourish over the coming months and years.    

"As I have mentioned previously, falling interest rates are likely to be the catalyst for an improvement in fund sales more generally and we expect that rates will start to decline as we move through the latter half of 2024 and into 2025. We remain confident that our clear proposition in active management and our belief in the potential of mid-sized and smaller companies to deliver significant long-term outperformance over index strategies, alongside our diversified product range and powerful distribution capabilities will allow the Group to perform well for our clients and our shareholders as this occurs."   

Assets under Management:

On 30 June 2024, our AuM stood at £10.6 billion.

A reconciliation of AuM and flows over the Quarter is below:

	Equity funds	Multi-asset funds	Fixed income funds	Investment trusts	Segregated mandates	Total
	£m	£m	£m	£m	£m	£m
AuM at 1 April 2024	5,244	3,009	1,220	371	868	10,712
Net flows	(77)	(100)	79	-	(41)	(139)
Market / investment performance	(33)	42	9	13	8	39
AuM at 30 June 2024 1, 2	5,134	2,951	1,308	384	835	10,612

A reconciliation of AuM and flows over the nine-month period to 30 June 2024 is below:

	Equity funds	Multi-asset funds	Fixed income funds	Investment trusts	Segregated mandates	Total
	£m	£m	£m	£m	£m	£m
AuM at 1 October 2023	4,563	3,068	1,160	448	582	9,821
Net flows	(337)	(383)	91	(10)	14	(625)
Fund / mandate acquisitions 3	368	-	-	-	192	560
Fund / mandate disposals 4	(42)	-	-	(78)	-	(120)
Market / investment performance	582	266	57	24	47	976
AuM at 30 June 2024 1, 2	5,134	2,951	1,308	384	835	10,612

¹ Comprising of 44 open-ended funds, three investment trusts and seven external segregated mandates. 

² 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 £267 million.

³ Acquisition of Tellworth Investments LLP and appointment as investment manager to GVQ Investment Funds (Dublin) plc in Q2.

⁴ Disposal of Premier Miton Worldwide Opportunities Fund and transfer of MIGO Opportunities Trust plc in Q1.

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) David Anderson / Ben Griffiths	020 7597 4000
Camarco Geoffrey Pelham-Lane / Ben Woodford	07733 124 226 / 07990 653 341

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

 

END